Over the summer, Rent Portland Homes by Darla Andrew and Pumpkin Ridge Construction teamed up for a quick Beaverton condo remodel. If you subscribe to our YouTube page, you may have already seen the video that walks viewers through the transformation. This project demonstrates that even small improvements make a significant difference in how a property looks and feels.
This 1,400 square foot, three bedrooms, and two-and-a-half-bath condo sits in a larger development just south of Cornell Road in Beaverton. The location is ideal because it offers easy access to the retail shops at the Streets of Tanasbourne shopping center, along with a host of other nearby dining and entertainment options. Highway 26 is a short drive away, which means commuters can be on their way to Portland in just a few minutes. The home is also close to other major local employers. The Nike World Headquarters is a short ten-minute drive away, as is Intel’s Ronler Acres Campus. Weekend warriors can rejoice as well. Head west on Highway 26, and you’ll reach Cannon Beach in just over an hour. In short, Tanasbourne is one of the most desirable areas in the Portland-metro rental market.
A Dated Beaverton Condo
While the location is critical for ideal rental properties, a home’s condition plays a big role in its desirability. There’s plenty of new construction happening in Beaverton. However, much of Tanasbourne was built up in the ’70s and ’80s and is now showing its age. This condo, for example, was built in 1974. Over the years, the carpet began the degrade, and other minor cosmetic damage added up to make the home feel very outdated. At this point, it becomes difficult for older homes to compete with newer rental properties. Without making smart upgrades, the condo’s monthly rental rate begins lagging behind other local properties, and you can no longer attract the best tenants. Fortunately, refreshing an older home doesn’t always require a costly remodel.
Add a Fresh Coat of Paint
Adding a fresh layer of paint can be one of the cost-effective ways to spruce up an older home. In this Beaverton condo, the homeowner opted to replace the tired white paint with a tan shade that added warmth and sophistication to the living area. They also used the remodeling period to repair damage to the banister on the staircase, which gave the space fresh new life. Painters also repainted the bedroom walls in the same tan shade, which provided a nice contrast against the bright white baseboards and trim.
When it comes to selecting paint for your rental property, experts offer a few handy tips.
- Avoid bright or bold colors, which may turn off potential renters.
- Instead, opt for neutral colors like beige, tan, taupe, or grey. Stark white walls may not be a good option either, because tenants find color more inviting and sophisticated.
- Choose a high-quality paint. This will reduce maintenance costs and provide longer-lasting quality.
- Select a washable, medium gloss paint. This will help hide dirt and damage while reducing maintenance costs.
Depending on the type of paint you choose, and if you hire help, you can typically finish an interior repainting project for somewhere between $2.00 and $6.00 per square foot. This is a bargain compared to other remodeling projects.
New Carpeting Adds Easy Luxury
In addition to a complete repainting, the Beaverton condo owners opted to replace the carpet throughout the unit. Over the years, the condo’s existing carpet became stained and worn down. After the Pumpkin Ridge Construction team pulled up the old rug and padding, they replaced it with a darker shade carpet with a more luxurious pile. Now, when potential tenants tour the home, they’ll immediately smell the distinct odor of fresh carpet and understand their new home comes with tons of added value.
When it comes to selecting the carpet for your rental, owners have many factors to consider. The first is durability. While some property owners might gravitate towards the least expensive option, they should instead choose the most cost-effective option. For example, if a $5,000 carpet is rated for five years, while a $6,000 carpet is rated for ten years, the least expensive option is probably not the smart choice. That’s because the least expensive option costs $1,000 per year, while the more expensive option costs $600 per year. Under these circumstances, the more expensive option is more durable and, therefore, more cost-effective.
Many experts suggest choosing a closed-loop carpet — like a Berber — for rental properties. Closed-loop carpets are denser than their cut-pile cousins, making it more resistant to heavy traffic, furniture marks, and staining. While it adds additional up-front costs, rental owners should also consider stain treatments. This will improve durability and reduce maintenance costs. Experts also suggest choosing a neutral color that won’t clash with every new tenant’s unique decor.
As with paint, there’s a wide range of prices consumers can pay for their new carpeting. Depending on what you choose, you could end up paying $7.00 and $12.00 per square foot.
Plan Ahead to Save Money
While painting and carpeting are typically less disruptive than other remodeling projects, they do require careful planning. It would be complicated to accomplish these projects with a tenant in place. That’s why homeowners should plan ahead and complete these projects between tenants. Typically, most owners know well in advance when their property will turn over. As soon as you receive notice from your tenants, start scheduling the work. That way, construction teams can access your unit right away to complete the job as fast as possible. With careful planning, you can make these critical improvements while reducing the amount of time your home is unoccupied.
Pick the Right Partner
Self-managing owners typically have to make these improvements themselves. That often adds a layer of stress to what is already a very tough job. However, rental owners who partner with a property management company enjoy additional support. Rent Portland Homes by Darla Andrew has its own in-house construction and maintenance division, which is available to our owners. Our experts can make improvement recommendations that will help your property stay at the top of the rental market. Then, our construction team can manage most improvement projects from start to finish. If there’s a job too complicated for our in-house team to handle, we turn to our trusted vendor network.
Combine those added services with our day-to-day property management offerings, and you begin to understand why professional property management is so useful. Owners can sit back and enjoy the benefits of investment property ownership, with much less of the hassle. If you’d like to learn more about how we can help, call or text Darla today at (503) 515-3170. Or fill out the contact form on our website. We can’t wait to hear from you!