You will likely be faced with the need to do a rental property upgrades in the future, so here are three upgrades that will help whether you own an apartment, condominium, townhouse or single-family property.Your tenant has moved out, and your property is vacant. Before you do the typical make-ready projects, put some thought into rental-property upgrades.These upgrades may be necessary for improving the general condition of the property or its aesthetic appeal. Notwithstanding, certain rental-property upgrades will offer you potential benefits in the long run.Below is a list of four rental-property upgrades that are likely to offer you ample benefits in the long run.
No. 1 – Apply a Fresh Coat of Paint
Painting has a unique way of transforming any living space.It is a low-cost upgrade and offers lots of immediate benefits. By using neutral colors on the interior of the home, you’re appealing to the largest possible number of potential tenants. Remember, the goal is to upgrade the property to attract tenants, not to make a statement.
No. 2 – Install Quality Flooring
Flooring can be a tricky upgrade choice, since renters may have different views when it comes to a preferred flooring option.Usually, the choice comes down to tile, laminate or wood floors versus carpets.While carpeting may be an inexpensive choice it is a pain to maintain long term. Carpet as a flooring option requires regular maintenance and is susceptible to pet damage plus normal wear and tear.On the other hand, tile, laminate or wood flooring isn’t cheap, it requires less maintenance and will last longer. Laminate is a more economical option and can give your rental unit a stylish hardwood appeal.
No. 3 – Install Better Countertops
Upgrading your rental property’s countertops can add value to the heart of the home.There are a variety of options to choose from, depending on your current kitchen decor. You can opt for high-end materials like quartz and cement, which seem to be popular in rental property kitchen renovations. Generally speaking, though, granite tends to be a superb choice.When shopping for counter top upgrades for your property, keep functionality, durability, and style in mind. As for kitchen cabinets, you should upgrade to modern and functional ones if the ones you have outlived their functionality.
As a property manager in charge of a rental property, upgrades are a great way to increase the value of your property and improve tenant retention. Renters are more conscious today about their choice of rental properties. And investing in small-scale upgrades for your property may be the secret to an increase in your rental income.