Keeping up with current trends and upgrading your property is essential when renting your property. As new tenants enter the market, the things they look for in a rental evolve. And having what people are looking for also means you can keep up with market prices and earn top dollar for your property. So what upgrades can you look into for your Denver rental property to try and increase the rent?
Upgrading Your Rental Can Lead To Increases
When you offer all the bells and whistles tenants look for, often times you have the chance to charge a higher rate or increase your rent. People will more likely pay more for a property that is up to date. So what upgrades can lead to increases in rent?
#1) Update Your Flooring
Nothing turns tenants away more than ugly, outdated flooring. Whether it’s old carpet that has seen better days or outdated vinyl, updating your floors can have a huge effect on what you can charge for rent. While you don’t necessarily want something that isn’t cost effective or harder to maintain, there are options available that look stylish and don’t cost an arm and a leg. One of the top options is laminate flooring. Laminate is affordable, durable, and can look great!
#2) Update Your Kitchen
Giving your kitchen a makeover can also lead to increased rent. Get rid of those mis-matched appliances and choose one style for a seamless look. Refinish the counters and cabinets for a refreshed look. Updating your kitchen is one of the most cost-effective changes you can make and adds the most value to your home. Updating your appliances also means you may not have as many maintenance issues to address, saving you money later down the road. After all, appliances have a useful life expectancy. The older it is, the higher the potential for something to break.
#3) Update Your Bathroom
Next to the kitchen, bathroom renovations add the most value to your home. You also have the potential to install greener upgrades, such as low-flow toilets, dual-flush plumbing, etc., which can actually qualify you for government grants, rebates, and more. Let’s look back to flooring, here, too. If you still have carpet in your bathroom, you may want to redo the floors here, too. Choose something that’s durable and water resistant.
#4) Redo the Roof
If you own a condo or townhome where the roof is covered by the HOA, then this is a section you can skip. However, if you own a single-family home as your rental property or if you’re responsible for the roof of your multi-family investment, redoing the roof is another upgrade that can save you money in the long run. While it’s not a cheap renovation and many landlords are turned away by the costs associated with updating the roof, it’s an essential upgrade to take into consideration. Redoing the roof can save you on maintenance both inside and outside of your home, preventing leaks and other potentially costly issues. It can also help lower heating and energy costs by installing new underroof installation. Not to mention the added resale value a new roof provides when it comes time to sell.
#5) Update the Landscaping
With Colorado’s 300 days of sunshine, many tenants spend a lot of time outside. Having a nice backyard with attractive landscaping increases the appeal of your home and can potentially increase your rent. Fill in those dry patches with new grass, trim any overgrown bushes and trees (remember, this will be your responsibility throughout the lease, as well!), and clean-up any debris. If you want to add a bit of style, look into mulch or rock beds, stone paths, or other aesthetically pleasing additions.
Being Realistic is Key
Owning a rental property is a great, long-term investment. Like any investment, you have to put time, money, and effort into it to see returns. While you may not always see increases you may have hoped for as the market changes, updating and maintaining your rental is still a great idea. Just make sure to be realistic. Don’t over-extend yourself with expensive upgrades that won’t attract a renter, or even spending a ton on upgrades that will be harder to maintain in the long run. Do your research and make informed decisions. Look at what comparable properties offer in your area and stay current on what renters look for. And when you’re ready to start making your updates, make sure to plan and budget accordingly.