A number of our customers have rental homes, and following the installation of granite counters in their own homes, they turn to us and ask us to install granite counters in their rental home.
While not all rentals will benefit from this type of upgrade, the price for a rental in a trendy area can make it well worth an investor’s money to add granite in the kitchen and bath for several reasons. Here we review some of them:
Upgrading counters with granite represent a capital improvement to the rental property. Particularly in the growing Phoenix market, a landlord of a luxury rental can be confident in having higher standards, including using better-quality building materials for improvements. Population estimates are forecasting a massive influx of residents in the next few years, and higher home prices because of demand and the construction labor shortage. As a result, investors are confident that property values will continue to climb, including rental properties.
Quality sells--and rents, as it turns out
Aside from being a capital improvement to their property, landlords find that, in many areas, they can ask a higher price for a well-renovated rental, not only because of the growing population here but also because properties which have been significantly upgraded are in high demand. Upscale renters are willing to pay for upscale facilities, particularly those with luxury upgrades in the kitchen and bath areas.
An upgrade in the kitchen has more impact than any other single remodeling project in the home. So, dollar for dollar, the most impact per square inch is going to be found in the kitchen first, and the bathroom second.
The durable properties of granite countertops, such as strength and heat resistance, which homeowners dearly love, are also qualities which ensure that their rental is built to withstand the potential hardships of careless renters. Renters can pose a lot of wear and tear on a property, so durability is king when it comes to keeping a rental property in the best shape possible.
Damage such as a cracked tile or burn in Formica will cost more than the repair itself since the rental can’t be let out for the duration of the repair. In the case of an Airbnb, this type of time lost during the repair can represent a significant amount of money.
If you have a rental property in the Metro Phoenix area and are considering upgrading with granite countertops or other stonework features, call us! We’re here to help at JDM Countertops at 602-461-7559