Are you planning on making upgrades to your rental in 2020? If only your budget could be as limitless as your imagination. While you may be dreaming of fitness centers, swimming pools, and game rooms, they aren’t necessary for your bottom line.
These reasonable rental upgrades can increase your rental property value and attract new tenants.
Choosing the right flooring can be tricky simply because there are so many options. While the most optimal choice for your rental property’s flooring is often hardwood, many believe it to be too expensive. However, hardwood flooring ranges from reasonable to pricey and increases the property’s value immediately. In fact, hardwood can be restored multiple times and can save you money in the long run.
Many landlords have chosen carpet flooring in the past because of the price, however, this poses to be a mistake soon after. Carpet flooring will most likely have to be changed after every tenant, leading to actually be a more expensive choice and has a negative impact on your annual rate of return. From pets, to children, and to simple spills or lack of maintenance, can ruin your carpet forever.
Now, there is a happy medium here! Many choose to go with laminate flooring to get more bang for their buck. Laminate has significantly improved since the burnt orange floral designs. It is actually one of the most affordable and best at mocking the look of hardwood flooring. The material is invulnerable to most wear and tear and it’s easy to install. Laminate provides a stylish look and middle ground between tenant desires and landlord practicality.
We’ll admit it, upgrading your appliances push the boundaries of affordable. However, it has often posed a good return on investment.
When you are wondering which upgrades you should make to your rental in 2020, appliances are among the first thing a renter typically looks at after entering a potential home. Old, half-functioning, and mismatched appliances will not get you value. New appliances, repaired appliances, or quality secondhand appliances give the impression that you’re willing to make an investment in your tenant’s comfort.
In addition, a unit set up with a washer and dryer can increase the value of your rental property even further.
Paint is a low-cost, not a drastically time-intensive way of making a home look clean and inviting, and has one of the best returns on investment of any other project you do. Neutral paint colors are highly recommended as you will be appealing to the largest population of potential clients. This way, you are allowing tenants to bring their own color to the home as well.
To enjoy an even higher return on investment, buy your paint in bulk. Negotiate a discount for a large bulk order of paint in the case you will have to do any touch-up work in the future. You should be able to get another discount by opening a company account where you buy paint.
Details can give your rental property a more polished, pulled-together look. Tenants notice details such as door handles, locks, and window blinds. In fact, you may notice that these inexpensive, cosmetic changes are exactly what you need to flair your rental units.
Kitchen and bathroom fixtures like faucets, sinks, and showerheads can get old and dingy very quickly, not to mention out of date. A shiny chrome finish is currently associated with standard grade, so moving towards more refined finishes like brushed nickel will boost the look of rental property. Just be sure that all fixtures are the same to bring harmony and unity to the home’s decor.
Investing in upgrades will allow you to develop a healthy, legal relationship with your tenants. Other upgrades you can do to have your unit stand out include
First impressions go a long way. Many investors forget to perform the details of the landscape that brings everything together, like painting, potting flowers, or grooming shrubs and trees. Without simple details like these, this can portray a lack of maintenance style to a potential tenant.
The landscape should be well maintained, driveways should be free of potholes, and areas of the property should have ample lighting. In addition, make sure your front door is fresh and all exterior storage is clean and usable. Make sure all balcony and patio space is functional and safe for the tenant, and you may even consider adding a patio table or extra lighting.
You may even consider planting new grass, pouring new concrete, or installing new pavers or bricks.
Regardless of whether a neighborhood is good or bad, security is a top priority for any landlord or tenant. To ensure the safety of the tenants, protect against intruders, and dissipate criminal activity around the premises, invest in a basic security system to monitor your property day and night. It doesn’t have to cost a lot to appeal to prospective renters.
Simple actions such as adding deadbolt locks to your tenant’s doors and for the outside of your building, and installing sufficient lighting to keep the area bright can help keep a tenant safe and happy in their home.
Whether you decide to make an investment in the minor details or bigger investments in the appliances, you will see a noticeable difference in tenant interest with these upgrades to your rental in 2020. Upgrades are a great way to increase the value of your property and improve tenant retention. Get the most out of your rental property with these upgrades.
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