By investing in property upgrades for your rental property, you will be able to command a higher rental rate and hopefully a higher level of tenants.
The question is not whether to upgrade, rather what to upgrade. The following are the areas that are most popular for the renter and the areas you should spend your time and money upgrading.
5 Upgrades The Increase Income & Value
- Appliances- Appliances are relatively cheap in terms of remodeling/upgrades and something that should definitely be upgraded and matching in your rental property. The appliances do not have to be top of the line, but they should be new and in great condition. The tenant wants to have high quality equipment to work with and one less thing to worry about breaking while they are in your property.
- Kitchen- The kitchen is considered one of the showcases of a home and should be equipped well and have nice surfaces. If you do not have high-end countertops, consider replacing them. You can even go with tile, which is a much cheaper alternative to granite. The point is to have nice countertops that look clean and inviting. You should also have nice cabinets in the kitchen as well. If your cabinets are very dated, consider replacing the doors and hardware to add a nice new look without a lot of cost.
- Flooring- The flooring should be clean and intact in your rental property. You would not want to invest in high-end wood floors that are going to be scratched and worn, but you also do not want cheap flooring that peels up and exposes the concrete. Consider replacing linoleum flooring with tile or laminate to give a clean appearance and to advertise as pet-friendly. The cost is well worth the aesthetics it will give and the increased rental price you can acquire with tile flooring.
- Landscaping- Ensuring that your front lawn is in good shape, has nice and attractive shrubs, and trees is a way to invite tenants to consider your property. The curb appeal is very important, so take extra care to make sure that your yard is in good order and has nice greenery.
- Exterior- Invest in vinyl siding, which improves the exterior appearance of any house. It also cuts down on the maintenance of having to paint every few years. If there is trim to the house, ensure it is painted and that there is no evidence of neglect on the exterior. This is the first thing a tenant will see and if it is not in good order, they will assume the interior is of the same quality.
Regardless of what options you choose to upgrade, ensure that you are upgrading something in your rental property. Without the update in flooring or exterior aspects of a property, you cannot demand a high rental rate or quality tenants. Keeping the property clean and orderly will help in getting tenants that respect that look and property. ALHPodland Rental Homes Property Management recommends that you take your time and update as you can, especially between tenants, and you should have a steady flow of great tenants that enjoy the high quality property you are providing.