Important Property Upgrades to Increase Rental Value
Every landlord wants to get the maximum rental income from their rental property. Of course, regular maintenance is necessary to protect your investment. However, it won’t necessarily earn you top bucks especially when competition is tight.
So now the lease has come to an end and your property is unoccupied. What next? What rental property upgrades should you invest in to remain a cut above the rest?
It’s fairly usual to give your carpets a detailed cleaning and to slap some paint on the walls. However, doing what everybody else is doing won’t give you better returns. It won’t increase tenant occupancy either.
If you don’t invest in your rental property, you won’t be able to increase the rent over time, but worse yet, you’ll be forced to lower the rent simply because the property will start losing its perceived and real value. Needless to say, you can’t allow this to happen, especially when you consider the fact that, with regular investments, renovations and improvements, you stand to maximize your ROI and create a hefty income stream. Not to mention that you will be able to attract more affluent, long-term tenants to your doorstep.
This doesn’t mean that you should break the proverbial bank to remodel or upgrade parts of your rental property, as there are plenty of affordable projects that will elevate its value and allow you to raise your rent safely. Here are some great rental upgrades you should consider.
Start with the curb appeal
The majority of landlords will focus solely on the interior and the improvements necessary to increase the value of the property, but in reality, true value starts with the exterior. Boosting the aesthetics and functionality of the property’s curb appeal should, therefore, be one of your top priorities if you are to even attract long-term tenants to your doorstep.
Be sure to start at the far corner of the street, where the property comes into view. From there, you will note down everything that needs to be fixed and improved in order to improve the look and feel of the house. You can fix the potholes and the driveway, repaint the fence, and tend to some meticulous landscaping to frame the design of the entire property.
Upgrade Plumbing Fixtures
Kitchen and bathroom fixtures like faucets, sinks and sprayers can get old and dingy very quickly, not to mention looking out of date. For fixtures that are around 10 years old, no matter what condition, landlords should consider changing them out. A shiny chrome finish is currently associated with standard grade, so moving up to more refined finishes like oil-rubbed bronze or brushed nickel will boost the look of the rental property. Whatever landlords choose, they should make sure that all the fixtures are the same to bring harmony and unity to the home’s décor.
Introduce smart and sustainable features
The modern real estate market is big on smart and sustainable living, and that goes for commercial as well as residential properties. Nowadays, tenants want to live and work in spaces that not only look good, but also boast the smart features necessary to make life more enjoyable, comfortable, and stress-free. And what better way to achieve this than to invest in smart technology.
Consider investing in programmable lighting and thermostats, introduce a smart home hub that your tenants can sync their smartphones to, and if you really want to maximize your property’s potential, be sure to upgrade old appliances to smart models. Look for the Energy Star rating on the new appliances as well in order to maximize energy savings over the long term.
Fix and upgrade the plumbing system
One of the most important improvements that landlords don’t really think about when planning a remodel is to fix and upgrade the plumbing system. The common mistake many landlords make is to wait until a problem with the drains or the sewage becomes apparent, at which point you may have to disturb your tenants’ peace until you’ve fixed it, not to mention that the costs of the repair may rise if you let the problem worsen over time.
This is why it’s important to tend to preventive drain repair in order to avoid bigger plumbing problems down the road. What’s more, it’s also important to upgrade your plumbing system and replace old pipes, fixtures, and other plumbing features in order to elevate the realistic value of the property. This will also prevent plumbing problems come those cold autumn and winter months.
Install Better Countertops
The lowest quality countertops are the plastic laminate ones that don’t stay nice for long as they are subject to discoloration from liquids and burns. Over time, laminate countertops just don’t hold up. Installing countertops made of granite, slate, quartz, or other solid surface material will boost the look of any kitchen and bathroom. Stone alternatives for countertops include acrylic/polyester composites, ceramic tile and stained concrete that are durable and beautiful.
Replace The Floor
Putting in a new floor in certain areas or throughout the rental property is an excellent way to boost property values. Replacing standard grade carpet and linoleum with higher end material like laminate, tile, stone or even hardwood will not only add value, but it will make caring, cleaning and repairing the floor so much easier for tenants and landlords.
Repaint the interior
Finally, there’s nothing as refreshing as giving the interior a new, exciting paintjob. This is one of the most cost-effective ways to revitalize the interior, so grab your paints and blushes, and give every room a fresh coat of paint that the new tenants will love.
In the end, rental upgrades don’t have to cost you an arm and a leg, so follow these simple tips and you will have no problem elevating the value of your rental property.