Upgrading your rental property is something that most landlords should do over time and as needed.
There are a lot of inexpensive upgrade options for your rental property as well. These upgrades can not only improve your property value, but these upgrades can easily attract new renters or keep your current resident leased. When it comes to what you can upgrade, the list is long. You want to make sure what you choose to do is cost-efficient and has the right return on investment if it is costly. Some of the upgrades we will discuss are five budget-friendly and fast aesthetic upgrades that will quickly turn a new tenant’s head when they do a walk-through.
No state law requires landlords to repaint a rental unit in between tenants. However, most property owners choose to repaint every 3-5 years. Fresh paint is one of the most cost-effective remodeling projects for any investment property. If you haven’t painted in several years, think of choosing a neutral color. Not only has it been a trend for several years, but it will connect with prospective renters and make your property much more versatile.
Install New Cabinet Handles
This simple and inexpensive update can take 30 minutes out of your time and, especially in a kitchen, can be a proven head turner. This fast and easy change can give your rental kitchen the facelift it needs without installing new cabinetry, which generally can be the bulk of the expense when updating a kitchen.
Update your Curb Appeal
Are you having a hard time renting your home? Try updating the outside. Start right when they pull up to see the house- wow them with thought-out flower beds. Depending on the season, you may not have an abundance of blooming flowers, but a location landscaped out, and fresh mulch does a lot for the imagination. You can also think about staging your front porch, adding a simple wreath on the door, or a welcome mat. Give your potential renters the feeling they are walking in their ideal home.
Add entertaining space outback.
With the pandemic of COVID-19, people have to make do with staying home more, which means entertaining themselves. If your rental property has a large backyard or an existing patio – think about building permanent seating. Maybe a pergola for shelter that your renters can enjoy your property they are calling home. The cost of lumber has increased since the pandemic; when looking for cost-effective sources, look at wood composite as an option.
Update your thermostat and technology
Everyone has a budget, and everyone has smartphones nowadays. Knowing that a potential rental property has a newly updated thermostat that is easy to control and has a schedule, they can program helps those on a budget and concerned with conserving energy. You can also upgrade the locks in your home with smart locks. If you offer an alarm in your home, many of these technologies mentioned can “talk to one another,” making use convenient giving a potential tenant peace of mind and really could make your home the one they want to call theirs.
Update your bathrooms
How old are your toilet and vanity in your rental property? A great way to update your bathroom starts here. Local hardware stores have sales all the time on new bathroom vanities and toilets. You can get both replaced with a wall mirror for under $250.00. Add in an updated light fixture, and you have a renovated bathroom that really could wow a tenant. When replacing faucets, showerheads, and toilets, look for low-flow versions that cut water consumption by as much as 30 percent.
Choosing inexpensive upgrades for your rental property can also be done while your tenant is living there and sometimes is appreciated. Some of the simple, quick changes can be done and arranged through your property manager as well. They can keep you, as the landlord, out of the project. Contact your property manager and see what options you have and check out 4 more upgrade options for your rental property here.