To get the most out of your rental property investment, you need to maintain and improve it. You shouldn’t blindly renovate and spend money, though. Some upgrades are more affordable and easier than others. Some give you a better return on your investment than others.
This list of easy rental property upgrades will not only improve the overall value of your rental property investment but will also help you increase your monthly rental rates.
1. Change the Fixtures
Replace the plumbing and electrical fixtures throughout the home. The plumbing fixtures experience a lot of wear and tear, which causes them to age faster than other elements in the home. These are easy to replace and won’t break the bank.
Replace the shiny chrome fixtures as these are associated with cheap builder-grade quality. You’ll instantly increase your home’s perceived value by changing them out for something that looks more custom. Just be sure to keep all of the fixtures similar to create a cohesive look throughout the home.
2. Replace the Flooring
Carpet has a limited useful life, which means it will age quickly and need replacing. Ditch the carpet and replace it with something more durable and longer-lasting. This will reduce your long-term maintenance costs. Choose the right floor as your replacement, and it will also increase the value of your rental property.
Tile, hardwood, laminate, or stone are all great options. These flooring materials are easy to care for, wear well, and give the home a fresh look.
3. Replace the Countertops
Cheap laminate countertops will show their age and date of your rental home. If the counters are chips, scraped, cut, burned, or stained, consider replacing them. Choose a hard material that will be durable enough to withstand the abuse renters give them. Quartz, slate, and granite are all hard materials that will also increase the home’s value. Kitchen upgrades are smart because it’s one of the most looked at and used rooms in the house.
If your budget isn’t ready for natural stone, then consider another hard surface. Stained concrete, ceramic tile, and acrylic/polyester composites are all good options.
4. Create More Storage
Humans like to collect things, and this means they need storage space. You can increase the appeal of your rental property by creating more storage space. This could be as simple as adding shelving in the laundry room or mounting hooks on the wall by the front door.
Another option is to upgrade the storage organizational systems in the closets and pantry. Choose a system that will get rid of the budget wire racks and replace them with something that emulates a custom look.
5. Fix the Landscaping
Outdoor living spaces continue to grow in popularity. Make your rental property stand out by renovating the landscaping. Your rental should already have curb appeal. If not, start here by giving the front yard landscaping a once over.
Then move to the side and backyard. You could create a usable outdoor space in the form of a patio or deck. Add hardscaping to create a solid flat area that could be used as a dining area, living room, or kitchen. Have taller bushes or trees planted around the property perimeter to create a sense of privacy.
Have the Experts Assist
Sometimes it’s tough to have a critical eye for your own rental property investment. This is when it helps to have the experts assist with your rental property upgrades. An experienced property manager can help you evaluate your rental and provide feedback on the best upgrades for the most ROI.
Contact our knowledgeable team of property managers and increase your rental property’s value today.