Maintaining your rental property is important for multiple reasons. For one, it keeps your tenants happy and your property functioning as it should. It also keeps you on the right side of the law when it comes to big issues that need fixing (we’re talking Warranty of Habitability). But maintaining your rental doesn’t just mean fixing existing systems. Upgrades are also an important part of owning a rental property and can help attract a wider array of qualified tenants. Not to mention that upgrading a few select areas of your rental can also help increase your rent without completing a full-scale renovation. So here are a few upgrades that pay!
Windows play a crucial role in both the functionality and the appearance of any property. Dirty, broken, or drafty windows cause headaches for landlords and tenants alike and can steer a lot of qualified renters away from your property. And while upgrading windows doesn’t exactly come cheap, they’re an investment worth making. New windows provide better insulation, which in turn help keep a tenant’s energy costs down. But if new windows aren’t in your budget, try upgrading your window treatments by installing new, stylish blinds. A little can go a long way.
We give doors very little thought, but they’re one of the biggest, and most important part of your rental property. Not only are they the entry point into your property, they also add a great deal to the overall impression. An old, beaten down front door doesn’t really say much for the property it’s attached to. The same goes for the interior doors, all of which see a lot of traffic. Try upgrading your doors to newer, sturdy materials that will stand the test of multiple tenants, or add a fresh coat of paint to give new life to older ones. And don’t forget to make sure all the locks function properly inside and out!
Experts agree that aside from the kitchen, upgrading your bathrooms are one of the best upgrades you can make to increase the overall value of your property. While full-scale renovation projects aren’t cheap, there are a few hacks to try to give your bathroom a fresh feeling. Try restoring the grout for any and all tiles. This gives a cleaner, fresher look without breaking the bank. Another great, cost-effective upgrade is replacing the toilet seat. This gives the illusion of a newer toilet without having to buy a new toilet. And finally, add a fresh coat of paint, sticking with lighter, neutral colors, to brighten up the room.
Updating your rental property’s flooring is another upgrade that, while not cheap, adds a lot of value overall. If your budget allows, try replacing the old carpet with something more durable, like hardwoods, vinyl, or laminate flooring. There are many stylish options that are also affordable. Upgrading to hardwood, laminate, or vinyl flooring not only requires less maintenance for both you and the tenant, but they save you money in the long run. No more annual carpet cleaning bills or routine replacement costs between tenants!
Finally, upgrading the appliances throughout the property are another great investment that can help increase your rent. Stainless steel and energy efficient appliances are eye catching and add a level of style that you don’t get with older ones. Including a washer and dryer is another great way to increase the rent. It’s a win-win for all!
Making improvements to your rental property benefit everyone. It shows that you care for your property and speaks volumes to tenants looking to rent your home. Just be sure to focus on upgrades that make sense for your property and your budget!