Hi! Thanks for writing. Below are answers to the questions you asked.
How can we determine the monthly rent to charge for the townhouse, and how can we maximize that rental fee?
There are a number of ways to go about determining the amount of rent to charge for your unit, which in part will be determined by its square footage, # of bedrooms and baths, and other amenities.
If you belong to a homeowners association you can ask the management team. They're likely to know the names of owners renting their units and once you have their names you'll be a step closer to the information you need.
At the same time you can call a real estate agency that specializes in rentals. They'll be easy enough to find on the Internet and will have access to the information you need.
As far as how to determine the best time to make the upgrades, there are too many variables to answer in absolute terms, but generally speaking you want to spend the least amount of money you can for upgrades made on rental properties than for properties that will be sold.
A favored strategy rental units is to limit upgrades to cosmetical improvements; things like paint, cleaning and/or replacing carpet, installing ceiling fans, etc. The goal is to make it look as good as you can for the least amount of money possible for the xplicit purpose of maximizing the rent.
However, upgrades on properties that will be resold are another matter altogether. They can include, but not necessarily be limited to replacing cabinets, doors, remodeling (rooms, kitchens, bathrooms, etc.), making additions and making other renovations. You can drop major money into theses kinds of upgrades and even then you only want to make the kinds of upgrades that will maximize the return on your investment.
Hope this helps and good luck with your investments.
To Your Real Estate Marketing Success Lanard Perry
