Easy Upgrades That Can Maximize Your Rental’s Profitability
In an area with an extremely active rental market like Wilmington, finding people who are interested in renting your investment property often isn’t a problem. However, sometimes the problem lies in finding the right, well-qualified tenants. If your home isn't attracting the right tenants, consider making some upgrades. Oftentimes there are relatively easy and inexpensive improvements you can make to your rental property that will make a world of difference in attracting high-quality applicants to your property.
- Kitchen and Bathrooms - If your faucets and sprayers have been in place for years on end, they may be due for an upgrade. The same goes for the knobs and handles on drawers and cabinets. Replacing these items can aid in giving the space an inexpensive facelift. Finishes like bronze or brushed nickel are all the rage these days and can add a luxurious touch to kitchens and bathrooms.
- Light fixtures and ceiling fans - How long has it been since you replaced these items? If your light fixtures are dated, consider switching them out for more modern options. Also, if your property doesn't have ceiling fans, having some installed can be an easy upgrade that many rental seekers find desirable.
- Window Treatments - What kind of blinds do you have on the windows? Replacing thin plastic blinds with wider, faux wood ones can make a room look much nicer and is another quick upgrade you can make that will completely change the look and feel of a room.
What kind of countertops do you have in the kitchens and bathrooms? If you still have lower-quality laminate countertops that can stain easily, it may be a good time to consider having them replaced with granite, slate or another solid-surface material. This will add to the value of your home and these types of solid-surface materials are much sturdier, more stain resistant and easier to clean.
What kind of flooring is in your rental? Do you still have carpet throughout the home? These days many people prefer solid-surface flooring. Switching out carpet for something like ceramic tile, vinyl plank or laminate can dramatically improve the look of the home as well as add to its value. These types of flooring are also much easier to keep clean and repair and will last for years.
Do you have old, mismatched appliances in the home? If so, consider purchasing new appliances. Continually paying for repairs on older malfunctioning appliances will end up costing you more in the long run whereas new appliances will function properly and, if they don't, will typically have warranties. Also, newer matching appliances (think stainless steel) will make kitchens much more inviting and modern looking, thus more attractive to renters.
- Landscaping - Simple things like having the lawn, trees and bushes trimmed and manicured can greatly affect the first impression one gets of your home. Hire a professional landscaper to clean up the lawn, plant some new greenery if needed and create and inviting first look for prospects.
- Pressure washing - Is the home or driveway covered with a layer of dirt or mildew? A professional pressure washer can take care of this easily and having this done will make the home look much cleaner and more inviting before prospects ever step inside.
Are the walls dirty, scuffed or a painted in various bright colors? If so, a fresh coat of paint can do wonders. Consider having the walls painted an inviting neutral color -- this allows renters to make the home theirs by adding in their personal touches of décor throughout.
Sometimes the most inexpensive improvement you can make is simply ensuring the home is clean. Hire a professional cleaner to thoroughly go through the home from top to bottom dusting, removing cobwebs and cleaning places you may not even think of. This alone can make a world of difference to prospective tenants.
This may sound like a lot to coordinate. However, having a professional property manager on your side can greatly help with not only determining what home improvements may work to your advantage, but also with coordinating the work and securing the best vendors possible. If your investment property needs a facelift and you aren't sure where to start, reach out to our team of experts today to find out what professional property management services can do for you and your investment.