Making the Most Out of a Rental Property

The current real estate market is a booming one for many rental property owners. Whether it’s short, weekly occupancy, or long-term tenants, having an additional property that can be rented out is a smart move, especially considering how many people are looking for places in our area. So whether you’re ready to list on Airbnb or you’re interested in a longer-term commitment, here are a few things you can do to make the most out of your investment property. 

Treat it like a house, not a home. Spending time and money creating the perfect aesthetic is a waste because the people who will be occupying the property likely won’t have the same taste that you do. Instead, focus on function while maintaining an inviting and warm atmosphere. Keep it simple and comfortable to appeal to a wider audience.

Upgrade kitchens and bathrooms. These rooms are key for rentals as they generally come “as-is” with fewer furniture and styling opportunities. With a kitchen, be sure that there is plenty of storage and that the appliances are clean and new. For the bathroom, make sure it’s absolutely mold-free and has good ventilation. Everyone loves a strong, hot shower but no one wants a bathroom riddled with mildew from the heat and humidity. Again, it’s important to remember that no one is going to treat a rental property with the same love and care as their own house, so plan for wear and tear.

Keep it clean. Walls and carpets can get used and abused pretty easily, but most of the time they can look new with a thorough cleaning. Before you go ripping, replacing, and repainting, see what you can do with a Magic Eraser and a carpet cleaner which can be rented from a home improvement store for around $30 per day. If your walls and carpet are damaged and you need to repaint or replace them, stick with simple, neutral colors that are easy to clean and will complement any style.

Fixture focus. One inexpensive upgrade is giving the fixtures a facelift. Cabinet knobs, door handles, blinds, and lighting can give a dated space a whole new look without spending a fortune. I can’t tell you how many homes and apartments I have been in with broken, plastic mini-blinds that make a whole room look dark and dingy. A simple replacement using wide faux wood blinds or a simple and easy-to-clean panel shade can really change a room on the cheap.

A picture is worth a thousand words. Good quality photography can really make a listing shine. Professional images will get more people interested in your space, giving you a wider selection of better prospects to choose from. Attracting good people who will take care of your property is key and will save you a lot of money and headaches in the long run, so it’s important to go the extra mile to find them.

Bob O'Donnell is the owner of O'Donnell Bros, Inc., a Bristol-based home improvement company established in 1975. Email your questions for Bob to info@odonnellbros.com with the subject line “Ask the Pro”. All questions may be considered for publication. To contact Bob for your remodeling needs, call O'Donnell Bros, Inc. at (860) 589-5155 or visit www.odonnellbros.com. Advice is for guidance only.

Home Upgrades To Reconsider

In my column last week, I talked about some of the renovation projects that will pay off if a homeowner decides to put their house up for sale. In other words, investing in home improvements such as new garage doors, vinyl siding, replacement windows, and stone veneer will end up coming close to paying for themselves when your house goes on the market. But what about the projects that don’t recoup their costs? According to the 2022 Remodeling Magazine Cost Versus Value Report, there are quite a few. Let’s take a look at the data. 

Upscale Master Suite Addition

If you’re thinking about upgrading your bedroom to a grand suite, make sure you’re going to enjoy it. According to the data, master bedroom additions in the greater Hartford area only recoup about 38% of their cost. Lavish bedrooms are very personal and a lot of people don’t spend much time in them, so if you’re about to go big with custom closets, extensive storage, and a grand master bath, know that the cost will be a lot more than the value.

Grand Entrance

Sure guests might be impressed with a gorgeous first impression of your home, but people are a lot more focused on useful spaces these days, so a fancy entryway might not go over so well in the real estate market. Here in the greater Hartford area, revamped entrances only recouped about 40% of their cost. 

Bathroom Additions

An extra bathroom might be a must for your family but it’s not guaranteed to pay for itself when you sell your home. In fact, a bathroom addition only recoups about 40% of its cost upon the resale of your home. Bathroom remodels do a bit better, netting about 50% of their cost in value. So if you’re thinking about how to maximize your bathroom potential, you’re better off renovating what you currently have instead of adding another.

Room Modifications

With people spending more time at home over the past few years, lots of homeowners have made modifications to make their homes more comfortable and accommodating. While I understand making adjustments such as a dining room conversion to a home office, these changes should be considered temporary. Permanent alterations of a standard room could be costly when it comes time to sell. 

We all want our homes to be a reflection of our unique style and a place that suits the way we live, but dramatic changes can be costly once you decide to move on. Keep that in mind when you’re taking on a renovation project and you’ll be sure to reap the benefits when you eventually sell. 

Bob O'Donnell is the owner of O'Donnell Bros, Inc., a Bristol-based home improvement company established in 1975. Email your questions for Bob to info@odonnellbros.com with the subject line “Ask the Pro”. All questions may be considered for publication. To contact Bob for your remodeling needs, call O'Donnell Bros, Inc. at (860) 589-5155 or visit www.odonnellbros.com. Advice is for guidance only.

Ways to Save on Skyrocketing Winter Energy Bills

Holiday lights, Christmas trees, and colder temperatures mean that December is usually one of the most expensive months in terms of utility bills. Last month, energy companies said that the average Connecticut electric bill would jump around $80 per month per household come January, so now is a great time to start thinking about ways to save. 

One resource that not enough people take advantage of is an audit by Energize Connecticut. For a fee, a home energy consultant will come to your home and conduct a full assessment, covering your furnace and water heater, air ducts, windows, doors, and more. Plus they can offer rebates for upgrades and repairs. To apply, visit the EnergizeCT website and choose your service provider. 

If you’re not interested in an assessment but would still like to winterize your home to save, here are the top five spots I always check for air leaks and heat loss. 

1. Windows. Believe it or not, hanging heavy fabric drapes can help you retain up to 25% of the heat in your home. This is especially true with large glass doors that aren’t being used in the winter months. Also, be sure to check for gaps. Wooden window frames get warped with age and can lead to serious air leakage. For cracks smaller than a quarter of an inch, a silicone caulk will plug up areas where heat is escaping. Also, if you feel air coming through your single panes and the glass rattles with the wind, beef them up with some shrink film. This product can be found at any home supply store and can be cut to size. 

2. Doors. We don’t often open the windows in the winter, but doors are a different story. They let lots of air escape, but they can’t be sealed completely because we need to use them. I always suggest inspecting your door sweep to ensure it’s not damaged and replacing it if the bristles have come loose. A door snake or seal can also come in handy, which can be purchased at any big box store or even made at home with an old pair of stockings and some rice, beans, newspaper, or another filling.

3. Attic. Those of you with an attic hatch are likely losing a ton of warm air through its frame. We all know that hot air rises, so close off that hatch with an insulated box that fits over the entryway. It's a great way to retain heat in the home and you’ll still have full access to the attic to get holiday decorations, luggage, and storage items.

4. Water Heater. Insulate your water heater’s tank and pipes with fiberglass. For the tank, fit a fiberglass blanket using foil tape, but be sure not to cover any valve or pipe openings. For the pipes, you can use fiberglass wrap or foam insulation. By adding a layer of insulation to your water heater, you’ll keep the warmth from escaping into the air and you’ll protect the machine from condensation in the summer months. 

5. Insulation. Most homes simply do not have enough insulation in the walls and attic, which is probably the number one contributor to sky-high energy bills. Insulation acts as a barrier against heat flow, helping to keep the warm air inside the house by slowing the flow and stopping the heat from getting outside. The United States Environmental Protection Agency says that with proper insulation, the average home in our area can save approximately 16 to 50 percent in total heating and cooling costs depending on the age and condition of the home. Plus it’s one of the highest-rated home improvements in terms of real estate resale value. 

Rising energy bills will be no joke this season. Take a few steps to winterproof your home and the impending increase won’t hit your wallet as hard in the new year. 

Bob O'Donnell is the owner of O'Donnell Bros, Inc., a Bristol-based home improvement company established in 1975. Email your questions for Bob to info@odonnellbros.com with the subject line “Ask the Pro”. All questions may be considered for publication. To contact Bob for your remodeling needs, call O'Donnell Bros, Inc. at (860) 589-5155 or visit www.odonnellbros.com. Advice is for guidance only.