Many people think landlords have it easy: all you need to do is rent out your property, sit back, and collect the money each month without much thought. However, that is far from the full story. If you want your rental property to yield its full potential, you need to think carefully about investing in it. However, it might be difficult to decide where your money should go as it is impossible to appeal to all potential tenants. This is only natural since we all have different needs and preferences. But there are certain things any of us would appreciate in a rental. From basic things such as cleanliness and functionality all the way to little perks and amenities that simply make life easier, there are a lot of upgrades for a rental property that can help you drive up your rent and make sure your tenants are satisfied. Here are a few of them.
Make Sure Everything Is Spotless
Of course, before you throw money on less than essential upgrades for rental property, you should make sure the property is immaculate inside and out. If you are renting an apartment in a building, there is not much you can do about the latter, which only means that making sure the interior is spotless is even more critical. If you are renting out a house, on the other hand, you have to devote ample attention to the curb appeal as well. A rather cost-effective way to make the outside walls come to life is pressure washing them and getting rid of any dirt that might be making them appear older and more run-down than they actually are. As for the indoors, pay special attention to moisture-prone areas such as the basement. Brand new furniture won’t charm your potential tenants if there are mold issues beneath the surface.
Take Care of the Windows
Some of the most essential features of any property are its windows. And while upgrading them is not exactly cheap, the impact new windows make is unmatched. Old, drafty windows are a deal-breaker for many tenants as it means the rental property will have problems retaining warm and cool air, making it uncomfortable to live there. New windows, on the other hand, are not only great at insulating the property, but they also look much better, allow in more light, and you will have the chance to boost the interior design with stylish window treatments. Something as little as installing practical, minimalistic blinds will make the room feel much more upscale, and there are certainly people willing to pay a higher price for style and comfort.
Related: A Guide to Making More Money with Your Long Term Rental Properties
Change the Doors
The doors of a rental property see a lot of traffic, so it’s only natural they wear out after a while, which can give a bad impression of your property. You cannot expect tenants to be satisfied with the price of rent if the doors in the property are old, damaged, or even faulty. Changing the front door to a new, sturdy one is an excellent investment that has a huge effect both in the case of an apartment and a house. Potential tenants will feel that they will be safe and sound inside a property with such a door. Also, make sure all the doors inside the rental are in good shape and functional – things such as a creaky door or a broken lock can be fixed in no time but mean a lot.
Fix Up the Bathroom
There is no doubt that besides the kitchen, the bathroom is one of the most important aspects of a home. Overhauling the bathroom is a costly project that would take a while to pay off. But there are also small things you could do to make the space feel new. Firstly, refer to the first paragraph where we mentioned cleaning. In a bathroom, the first thing that ruins the spotless look is the grout. Thankfully, it’s not too difficult to restore the grout to its former glory. Another small upgrade for rental property that you should implement is getting a new toilet seat. It makes the toilet look brand new, which is a huge plus in the eyes of tenants.
Related: Investing in Rental Property: Renovating for Smooth Rent Increase
Upgrade the Flooring
While small fixes can undoubtedly give you a little boost, there are also investments that are worth the money in the long run. One such investment is the flooring of the rental property. Carpet is not recommended since it’s not really practical, neither in terms of cleaning nor in terms of lifespan. A high-end material such as timber flooring, on the other hand, is known to last for generations and requires little maintenance while also being easy to clean. It also immediately gives the entire space a luxurious appearance, which, combined with the ease of maintenance, is a big advantage tenants might be willing to pay a higher price for. After all, everyone loves a stylish flooring solution.
Think About Investing in Appliances
Finally, another investment that might require some capital but will pay for itself sooner than later is equipping your rental property with some appliances that will make the life of your tenants easier. Having new, modern appliances will not only attract tenants who value comfort, but it will also justify increasing the rent considering just how much money your tenants will be able to save by not having to visit a coin laundry and such. So, if you have space, adding a washing machine and a dryer to your rental property would be a game-changer. Still, even if there is not much room to work with, a small washing machine still scores excellent points with your potential tenants. The kitchen could also greatly benefit from a dishwasher that not only saves water but also precious time for your prospective tenants.
No matter what a great shape your rental is already in, there is always room for improvement that will bring you in more money in the long term. Once your investment starts to pay off, you will have the capital to make even more upgrades, and your rental property will reach a whole new level. Make sure you don’t focus on the wrong thing, though, and put cleanliness above all other fancy upgrades so that you can attract the right people to your property.
This article has been contributed by Mia Ackerson.