Unlocking Success: A Guide to Acquiring Your First Rental Property in the Austin Area

Posted on February 16, 2024 by author

Embarking on the journey of purchasing your first rental property is an exciting venture, and with careful planning and strategic decision-making, it can become a lucrative investment. As a brokerage that specializes in real estate investments and property management throughout Austin, TX, we’ve witnessed the triumphs of those who navigate this path wisely. In this blog, we’ll guide you through the best ways to buy your first rental property, ensuring a solid foundation for long-term success.

Define Your Investment Goals

Before diving into the market, it’s crucial to define your investment goals. Are you seeking steady monthly income, long-term appreciation, or a combination of both? Understanding your objectives will help shape your investment strategy and guide your property search.

Conduct Thorough Market Research

Knowledge is power in real estate. Conduct comprehensive market research to identify places in the greater Austin area with strong rental demand, potential for property appreciation, and favorable economic conditions. Analyze market trends, vacancy rates, and rental yields to make informed decisions.

Establish a Realistic Budget

Determine your budget for the investment, considering not only the purchase price but also additional costs such as closing fees, renovations, and potential holding costs. This will help you narrow down your options and prevent overextending financially.

Secure Financing

Explore financing options and get pre-approved for a mortgage. Knowing your budget and having financing in place will make your offers more attractive to sellers and streamline the buying process.

Work with a Knowledgeable Real Estate Agent

Collaborate with a real estate agent experienced in investment properties (hint, hint!). We can provide valuable insights, access to off-market deals, and negotiation skills that will maximize your investment potential. Leverage our expertise of the Austin area and its rental property market to make informed decisions throughout the buying process.

Consider the Property’s Potential for Growth

Look beyond the present condition of the property and assess its potential for growth. Properties in up-and-coming neighborhoods or areas undergoing revitalization often offer excellent investment opportunities. Consider the future development plans for the region and how they may impact property values.

Evaluate Cash Flow

Calculate the potential cash flow of the property by estimating rental income and subtracting operating expenses, mortgage payments, and property management fees. A positive cash flow is essential for the financial success of your investment.

Inspect the Property Thoroughly

Before making an offer, conduct a thorough inspection of the property to identify any potential issues. Addressing these concerns early on will save you from unexpected expenses and ensure the property meets your standards.

Build a Reliable Support Team

Assemble a team of professionals, including a property manager (TALK Property Management is our favorite), accountant, and real estate attorney, to support you in managing and protecting your investment. Their expertise will prove invaluable as you navigate the complexities of property ownership.

Plan for the Long Term

Finally, approach your first rental property purchase with a long-term perspective. Real estate is an appreciating asset, and success often comes to those who patiently hold onto their investments through market fluctuations.

Acquiring your first rental property in the Austin area is a significant milestone that can pave the way for financial success. By setting clear goals, conducting thorough research, and working with experienced professionals, you can confidently navigate the real estate market and build a profitable investment portfolio. Remember, patience and strategic decision-making are key to unlocking the full potential of your rental property investments.

Ready to start your first rental property search in Austin, TX? Contact us today–we’d love to guide you through the process: (512) 947-1828 or dbrown@talkpropertymanagement.com.

How Your Home Can Make You Money

Posted on April 4, 2022 by author

Owning a home gives you a sense of security, a place to call home, and regular monthly payments as you build equity and your investment portfolio (investor or not), but there’s another unknown benefit; how your home can make you money. Here are ideas to generate extra cash using your biggest asset: your home!

1. Become an Airbnb host

Becoming an Airbnb host is an excellent idea if you have the extra space. As an Airbnb host, you control how often and when you want to open your home. How much you earn will depend on how much space you’re renting out. Renting a house will get you more money than renting a bedroom. If you have a second property, listing a 4+ bedroom home can get you an annual income of about $29,000. If you go the Airbnb route, be sure to check the local laws to make sure it’s legal and if there are restrictions on home-sharing.

2. Rent out your home

Keeping with renting, renting out unused living spaces is also a great income source. You don’t have to own a second home to be a landlord. If you have a finished basement, tiny home, or accessory dwelling unit in your backyard, these are all rentable options. You can also stick to the classic renting arrangement where you rent out a room and share facilities with the renter in your home.

3. Store other people’s stuff

If you don’t want people in your home, how about their stuff? People have a lot of things and do not always have the space to store them. Take advantage of that extra garage or shed space and rent it out. This is the easiest way to get some extra dough since there’s no maintenance or repairs compared to being a landlord. The space you have will depend on how much you can charge. Closet space can be $5 to $10 a month, while a garage or shed can be $100 or more a month.

4. Charge for parking

If you have a prime location in a popular area of town, especially where parking is limited, like near a college university or downtown, you can capitalize on the need for parking! Neighbors, students, and office workers are a great source of reliable income since they’ll need a safe area to park their car regularly. According to specialized sites like Neighbor or Spacer, you can make as much as $200 to $500 a month renting out your parking space. Again, it all depends on location, though.

If you’re looking for an investment opportunity or want to become a homeowner, contact us today!

Benefits of Month-to-Month Tenants

Posted on March 22, 2022March 22, 2022 by author

Now that you have a property, you need tenants! But what kind of tenants? Do you want short-term or long-term? Month to month or fixed-term lease? Long-term and fixed leases are the most common, then short-term for vacation rentals. In this blog, we’ll discuss the benefits of having month-to-month tenants.

What are Month-to-Month Tenants?

Month-to-month tenants are renters who pay rent monthly to stay on the property without an expiration date. This means the lease doesn’t have a fixed end date and it will automatically renew at the end of each month. Typically, the renters will pay their monthly rent until either party gives a 30-day notice.

Benefits of Month-to-Month Tenants

More control over timing and financial flexibility are the significant benefits to month-to-month tenants. Month-to-month means the landlord can end a rental agreement at any time very quickly and usually doesn’t need a reason to terminate the lease. With month-to-month tenants, landlords have more financial flexibility as the landlord can change the rent easily. This is usually why monthly leases have higher rents than long-term leases. But most renters who enter this lease understand that they’re paying higher prices for the short-term lease. It is a great option for buyers waiting for their house to be built or people testing out living in a new city. There’s flexibility for both the tenant and the landlord.

Drawbacks of Month-to-Month Tenants

We want to be fair and explain both sides before landlords decide this is the leasing option for them. There are some drawbacks to month-to-month tenants like sudden vacancies and uncertainties. When landlords offer a short-term lease like this, they have to be aware that there might be sudden vacancies since the tenant is allowed to leave at short notice. If they want to fill the vacancy, this can be stressful for the landlord (unless you have a property management company like us!). Second and tied in with sudden vacancies are uncertainties like when the landlord will receive rent and finding short-term renters. On top of spending more time and money to prepare the property, advertise the property, screen new tenants, and show the rental (did you know TALK Property Management does all those things for you?).

As a landlord or investor, it’s up to you to choose the best lease option for you and your property. There are benefits and drawbacks to a short-term lease and rental with month-to-month tenants. If you need help discussing your leasing options, contact TALK Property Management!

5 Steps to Fix & Flip Houses The Right Way

Posted on December 17, 2021January 14, 2022 by author

Deciding to purchase a home as an investment property is one of the most important financial decisions in a lifetime. Whether you’re a seasoned investor or a newbie, flipping houses can be a little scary. But it doesn’t have to be! With over 12 years of property management experience, we have learned a few things over the years. Here are five steps to fix and flip houses the right way.

1. Create Your Budgets

Before even shopping for a home, you need to create your budgets. One budget should estimate how much it will cost to purchase the home and close on it. The next budget should account for the renovation. When it comes to budgeting, it’s always better to overestimate and have more money than less. If it’s your first time fixing and flipping, a professional contractor should be your first stop to get accurate pricing. When you work with TALK Property Management, we can help you find credible contractors.

2. Find Fix & Flip Properties

Now that you’ve done the beginning research, you’ll want to continue finding outdated properties to remodel. It requires a particular skill to find these undervalued opportunities, evaluate them, and manage them, so they’re completed on time and within budget. We can handle remodeling on your behalf when you choose TALK Property Management to help you on your fix and flip journey. The secret to finding a good fix and flip property is to find off-market homes and homeowners who are highly motivated to sell. As your REALTOR®, we can help you find these covert opportunities.

3. Make the Right Offer at the Right Price

The price you pay for your property will determine the profit you’ll make when you sell in the future. So if you overpay, it’s likely you won’t make any profit at all. If it’s in good condition, it means you’ll have to do less work. If it’s in bad shape, you can make a fair offer that’s under the market value as you’ll need to put in more time and money to fix it up. It could mean you could have a lower offer accepted. Essentially, the better the condition, the closer you’ll want to pay to market price, and the worse the state it’s in, then the less you want to offer.

4. Hire Contractors & Begin Remodeling

After closing, the property is yours and ready to be broken down and brought back to life! Don’t make the newbie mistake of trying to tackle everything by yourself. An investor is only as successful as their team, and part of your team is your remodeling crew.

In an ideal remodel, you’ll finish remodeling the property in five or fewer weeks. Again, timing is crucial because the longer you hold onto a property, the more it will cost. Because, as the famous saying goes, “time is money.” Make sure your time and money are going to a credible and efficient contractor, so get several quotes.

5. Market & Sell Your Fix & Flip Property

Now that the property is remodeled, it’s ready to go live! Any good REALTOR® will tell you that marketing is essential if you want your property to sell. That’s why you can’t skimp out on marketing your newly renovated place. With TALK Property Management, we run a Comparable Market Analysis to get you a fair rent price based on the current market trends and photograph your property for advertising on social media, the Multiple Listing Service, and our website.

Contact us today if you’re ready to buy your next investment property or need help creating a plan! Reach out to TALK Property Management–we are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

Homebuyers Want Home Offices…Again

Posted on December 15, 2021 by author

The home office trend didn’t stop like the homemade bread trend that started at the beginning of the pandemic. Home offices are now considered a necessity for homebuyers as many work remotely or have relocated during the pandemic.

Why Does a Homebuyer Want a Home Office?

The “Emerging Trends in Real Estate® 2022” reports that “almost two-thirds of real estate professionals believe that fewer than 75% of workers will come to the office at least three days a week in 2022.” Additionally, a recent McKinsey survey found that nine out of 10 companies will keep their remote work arrangements even after the pandemic.

A home office has become an essential part of a homebuyer’s needs. It’s as critical as other home-defining criteria like location, square footage, and price. The National Association of Home Builders found in their survey that 64% of today’s homebuyers want a home office. Almost a quarter of them call a home office essential.

What Do Homebuyers Want in a Home Office?

After talking to several agents, Money.com found that real estate agents agree that homebuyers are very particular about the home offices they want. One agent said buyers want a closed-off space for privacy that still allows for natural light. Another REALTOR® noted the size and style of the home office are essential to most homebuyers since Zoom has become the primary form of communication, and they want a neat and professional space to make calls from.

They also want answers to technical questions like the strength of the internet connection, download and upload speeds, internet providers, fiber connections, and cell phone carriers. This is novel since many haven’t provided such specific information before.

KB Home, the fifth-largest builder in America, has caught onto the trend and is capitalizing on it. In August, they launched a home office package for buyers to add to homes. It ranges from $2,000 to $3,000 and will include extra-wide counter spaces, USB charging outlets, data ports, and open shelving. If homebuyers want to get technical, they can pay extra for upgrades like soundproofing, phone jacks, and custom lighting packages.
As you can see, the home office trend is returning, and it’s staying. Contact us if you need help marketing or selling your home with a home office! We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

Hot Summer Color Trends for Austin Investors

Posted on July 13, 2021 by author

If you’re looking to spruce up your home for summer or need some summer inspiration for decorating your investment property, check out these hot summer color trends from HGTV.

1. A Touch of Spring Green

Spring Green is a vibrant mix between turquoise and sea green. This color works best as an accent when surrounded by primarily neutral colors. It can be just a pop of color like pillows or larger by choosing a furniture piece with this color.

2. Regal Purple

Regal purple can easily be used all year round for decor, but it especially pops during summer. You can even incorporate outside when you use fresh lilacs or liatris to accentuate the purple in the room.

3. Blue

Blue is a great accent color as well since it can have a masculine and feminine appeal. If you don’t want to commit to painting with this color, let accessories do the job for you. A blue rug with matching pillows and accented table settings is a great option.

4. Sunny Yellow

Mimic the sun’s bright hues with a shade of daffodil to brighten up any all-white room. This color pairs great with white, black, or navy and can quickly transform a space into a cheerful room.

5. Turquoise

We already mentioned blue, but we need to mention this particular shade of blue: turquoise! This color complements mid-century modern furnishing to help give the room a retro, urban feeling. The beauty of this color is its versatility in using it by itself or toning it down with muted hues.

6. Slate-Blue

The opposite of turquoise is slate blue, and it’s also a great color for summer too! While not as bright and cheerful as its blue cousin, slate blue can represent coastal inspiration and ocean waves, making it a hot summer color style. This color works best when paired with neutral furniture and accessories.

7. Yellow Green

If you’re looking for another color to make your home pop, yellow green is the color for you! This bright color pairs well with browns and creams and can be combined with darker shades of greens as accents. Yellow green will add a whimsy, graceful touch to your room.

If you need help with your rental property, contact us today! Reach out to TALK Property Management– We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

10 Popular Decorating Styles for Austin Investors

Posted on June 10, 2021 by author

If you need help decorating or furnishing your property for future tenants, try one of these popular decorating styles!

Transitional

Transitional can be defined as an elegant combination of traditional and contemporary looks. Because of its simple style, it can appeal to people with different design styles. This style featured sophisticated furniture, serene hues, updated classics, and materials like marble and quartz. It works well with coastal or farmhouse styles too.

Traditional

Tradition is a blend of history, heirloom antique, rich woods, plush carpets. A traditionally designed room should feel warm and welcoming. A traditional design style will have antiques, a refined color palette, intricate architectural details, and materials like marble and wood. This style works best with these styles: rustic, coastal, or Mediterranean.

Contemporary

This style is whatever is current and new. This style is the complete opposite of traditional style because it embraces negative spaces, strong shapes, and clean lines. Contemporary style is defined by current trends and designs, open space, and minimalism. This style works best with rustic or coastal styles too.

Modern

A modern design style focuses on form and structure like smooth surfaces, glass, chrome, and black leather accents. This style has an emphasis on ample negative space, a clean color palette, and minimalism. This one works best with industrial, midcentury, and farmhouse styles.

Midcentury

This style emphasizes strong shapes and clean lines and combines the past with the present. Decorate with a midcentury style by having clean, uncluttered spaces, natural wood, graphic patterns, and organic shapes. Modern and industrial styles work best with this one.

Farmhouse

Farmhouse combines rural architecture with modern comforts by utilizing hardworking furnishings and natural materials. This style features wall paneling, sliding barn doors, natural and historic colors, and simple, functional furniture. It works best with modern, rustic, industrial, and transitional styles too.

Rustic

Rustic is inspired by Mother Nature’s woods, plains, rivers, and lakes. Popular features of this style are exposed wood beams, brick and stone, natural hues, and rugged furnishing. This style works well when combined with farmhouse, traditional, contemporary, or industrial styles.

Industrial

Industrial is usually seen in urban lofts and converted industrial spaces but can be used in a home when you use industrial finishes and decor. Typically defined as gritty, industrial is also characterized by salvaged and found elements for decor, wide-open space, exposed raw materials, and a neutral color palette. It combines well with modern, rustic, farmhouse, and midcentury styles.

Mediterranean

Just the word itself makes people think of sandy beaches and vivid oceans, and the goal is to recreate those cool and breezy or rich and warm locations in a property. Key elements of this style are a rich, earthy color palette, natural materials like wood, brick, and stone, and colorful tile. It works well with traditional and coastal styles.

Coastal

Don’t get Mediterranean confused with coastal! Coastal style is inspired by the beach and utilizes natural light, natural materials, and a casual tone. You don’t have to live by a beach to make coastal work for your property. If you decorate with coastal colors, whitewashed surfaces, bare wood floors, natural materials like linen, cotton, and wicker, you’ll get the theme across. Coastal style works well with traditional, transitional, contemporary, and Mediterranean.

If you need help with your rental property, contact me today! Reach out to TALK Property Management– We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

5 Trends in Kitchen and Laundry Appliances for 2021

Posted on May 14, 2021 by author

Whether you’re renovating or an investor that just bought a place and needs to make it move-in ready for future tenants, read about the latest trend for kitchen and laundry appliances to help!

1. Steamed

LG’s newest QuadWash dishwasher utilizes steam to get the dishes clean. This specific dishwasher features a TrueSteam feature that blasts steam at the beginning of the cycle to loosen caked-on food and another steam blast at the end to reduce water spots on dishes and glassware.

Sharp’s SuperSteam built-in wall oven has superheated steam to reach 485 degrees Fahrenheit. This option lets the user brown meats, caramelize sugar, and grill food without smoke. The steam bake option is also suitable for lovers of bread. I never knew steam could do so much!

2. A Nice Night In

Many did and still opt for a nice dinner at home instead of going out, and now there are new appliances to help recreate a night out. Plum has a unique integrated wine dispenser to hold two opened bottles of wine for up to 90 days. It also uses artificial intelligence to automatically identify varieties and chills the bottle to the proper temperature.

A new ice maker can help create the perfect ice for your cocktails or mocktails. GE Profile’s Opal 2.0 is designed to fit on countertops and low enough to fit under cabinets. It makes one pound of chewable nugget ice per hour and holds up to three pounds. It even has built-in Wi-Fi, so you can set up an ice-making schedule via their app.

Signature Kitchen released a new undercounter wine refrigerator. Some features include: storing bottles at optimal humidity, protecting bottles from vibrations, temperature changes, and light exposure, and an app to manage the collection.

3. Healthy and Hygienic

Beko’s new French door refrigerator has the technology to keep the food inside healthy and hygienic with features like maintaining temperature and humidity to preserve the food longer and a natural light simulator to help fruits and vegetables retain their nutrients.

GE’s new washer has solved the age-old problem of too much moisture in the wash, which creates mildew and odors. They solved this problem by including a design to wick away water at the end of each cycle and has a venting system to pull in outside air, removing moisture from inside the door, gasket, and basket. Miele’s washers have been updated with an allergy wash and sanitize option. Talk about a clean wash!

4. More Drawers

Drawers are becoming the popular storage option now, versus storing things in a cabinet. Drawers help bring items to the front, making them easier to access. A lot of new appliances now feature a drawer option to capitalize on this growing trend. Some devices with these features are Fisher & Paykel’s Series 11 DishDrawer, Sharp’s new smart convection microwave drawer, and Signature Kitchen Suite’s dual refrigerator drawer.

5. Varying Size

Manufacturers have finally realized that kitchens come big and small, and they finally have appliance options to fit those varying kitchen sizes. Forza has a new 48-inch gas range oven, Miele G 5000 dishwasher is 18 inches, making it perfect for smaller kitchens, Thor has a new 24-inch gas range oven, and Fisher & Paykel released a new 24-inch bottom mount refrigerator.

As you read, there are several new and up-and-coming options for kitchens and laundry rooms. But don’t let it overwhelm you! As your real estate agent, we can help you choose what appliances are suitable for your property, finances, and goals. We can help maximize the return on investment of your property. Reach out to TALK Property Management– We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.

Important Factors to Consider When Buying a Foreclosed Home

Posted on March 1, 2021 by author

Foreclosures are often the investors’ go-to’s when they’re seeking a bargain-priced home or wanting to flip a house. And while they’re a solid option, foreclosed homes are very different from traditional resale homes. Let’s take a look at some of the important factors to consider when buying a foreclosed home.

The Dangers of Foreclosed Homes

While foreclosed homes can save you money, they come with baggage. Most foreclosures were not cared for properly and will require some work before becoming livable or sellable. This is common with vacant and abandoned homes, which makes up almost all foreclosed homes since the pandemic began.

Foreclosures are sold “as-is,” meaning that the owner of the property will not perform any repairs on the property. Another challenge could be the legality tied up into the property. Sometimes foreclosure properties have liens or judgments filed against them. This is a claim for the home due to unpaid taxes, repair bills, and more. When that’s the case, you’ll need to pay these off before buying the house.

How To Get A Good Deal

If you find a foreclosure property that catches your eye, here’s what you need to do next.

1. Get Pre-Approved for a Mortgage

Unless you have an all-cash offer for the seller, getting pre-approved is a crucial first step. All cash offers are appealing because they usually mean a quick close.

A loan pre-approval letter shows the seller you’re qualified, prepared, and are a safe bet to follow through on the deal. As your real estate agent, I have a list of reputable lenders, and I’m happy to share that information with you.

2. Research

You’ll need to research the home and the area. You can investigate the house through property records found at the county clerk’s office, and you may be able to avoid paying for liens placed against the property. You’ll also want to look for any improvements to the home, its ownership and sales history, and its assessed value with the county.

3. Get a Home Inspection

A home inspection will help you better understand the property and its flaws. As your real estate agent, I can also help with evaluating the property.

Once you have more information about the property, work backward to come up with an offer price. The rule of thumb for home flippers is purchase and repair costs should not exceed 70% of the home’s expected after-repair value.

This is just the tip of the iceberg, and there are many more important factors to consider when purchasing a foreclosed home. Contact us today, and we’ll happily guide you through the process: (512) 721-1094 or dbrown@talkpropertymanagement.com.

The Top Kitchen Trends of 2021

Posted on February 5, 2021February 5, 2021 by author

With a significant amount of time spent inside over the last year, homeowners are more discerning when it comes to kitchen preferences. In fact, Houzz surveyed over 2,000 U.S. homeowners to see what projects they’re tackling in their kitchens this year. So, if you’re looking to revamp your kitchen, these ideas make the cut!

COVID-19 Trends

Storage

94% of surveyed homeowners said storage was their priority. They’re expanding their storage by replacing their kitchen cabinets (63%). And those who did a partial cabinet upgrade (31%), almost 30% of them added cabinets to their newly renovated kitchen. This is four times the amount compared to last year! For those who partially replaced cabinets, the number one improvement was refinishing the exterior (60%), then adding cabinets (28%).

Pantries

46% said they are adding or upgrading their pantry to include more space. This is up by 3%. There’s also an increase in walk-in panties by 3%.

Changes in Open Layouts

Open-concept was a popular layout in the past, but it has decreased by 10% compared to 2019’s percentage of 53%. People are no longer wanting to renovate their open-floor plan by opening up their kitchen to other interior spaces.

Outdoor Connection

One in 5 homeowners wants to open the kitchen to an outdoor space. 22% of homeowners are more open to outdoors, with the majority choosing to open via double doors or having a row of doors.

Design

Backsplashes Extended

Homeowners are increasing their backsplash to include from the countertop all the way to the upper cabinets or range hood (68%). White is still the number one choice for a backsplash color (37%). Still, multicolored is second. 54% of homeowners chose ceramic or porcelain tiles are their preferred material.

Flooring

Ceramic or porcelain tile ranked number one for flooring (24%). Hardwood is second at 23%, and vinyl continues to grow in popularity at 19%, which is 6% higher than the previous year. The top flooring color for renovated kitchens was wood at 51%. The second place was gray (14%) and beige at third (10%).

Island Cabinet Colors

Almost half of homeowners renovated their kitchen to have a different color island cabinet from the rest of the kitchen to make it pop (41%). The top color choices are blue and gray for their contrasting island cabinets.

55% of homeowners chose to add an island or upgrade their current island. The popular layout choice is to add an island to create an L-shaped layout (38%).

High Tech Faucets

Many homeowners want high technology in their kitchen, and a faucet is one of them. More than half of upgraded faucets have high-tech features. 26% claimed to be water-efficient, 22% said there’s a no-fingerprint coating, and 21% are touch-free activation.

Neutral Colors

Gray, white, and beige colors continue to dominate in the kitchen. But a small percentage wants to mix it up by including blue walls (7%), gray flooring (14%), colorful backsplashes (18%), and black appliances (16%).

Why They Remodeled

In this survey, Houzz also asked why they decided to remodel. The majority said they’ve wanted to do it all along, and now they finally have the means to do so (40%). 35% said they could no longer stand the old kitchen and 30% said their old kitchen was deteriorating or broken down. 28% said they wanted to personalize their newly purchased home, and 14% were inspired to change certain items.

The most popular renovation was countertops at 88%. The second was backsplash at 83%, and the third is 80%. Other popular renovations were faucets (78%), light fixtures (74%), flooring (65%), all appliances (51%), wall finish (46%), some appliances (33%), windows (28%), exterior doors (19%), interior doors (17%), and electronics (10%). Upgrades to light fixtures, appliances, wall finishes, and interior doors decreased compared to last year.

When changing the kitchen layout, 44% opted to change the kitchen layout: 38% and 34% upgraded systems and modified walls. Al little more than two-thirds kept their kitchen the same size, where almost 30% opted for larger. Over a quarter opted to make it up 50% larger, and 7% chose more than 50%. 200 square feet or more accounted for the renovated kitchen’s final size for 51% of homeowners.

After their kitchen renovations, 97% reported their number one activity is cooking. Dining and eating are second at 70%, a tie with 2020’s percentage. Third place was baking at 69% (remember all the bread we baked at the beginning of 2020?). Besides cooking and baking, the top activities after their kitchen renovation were eating and dining (52%) and entertaining (50%).

As we can see from the data, homeowners want a space with a closed layout to personalize. If you need help deciding what home designs increase your rental property’s ROI, reach out to TALK Property Management– We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.