Spring and summer are the best times of the year to get your rental property upgrades and renovations underway.
As a property owner, you probably stay on the lookout for ways to improve your rental properties. We understand and know the best time for tackling these upgrades is the warmer months of spring and summer. Deciding which upgrades are worth the investment is what you must decide, but where to start?
First, consider what’s in your best interest, as well as what will make your tenants happy. Will an upgrade mean being able to raise the monthly rental rate? Will it increase your property value? Following are some renovation/upgrade ideas and suggestions you might want to consider.
- Upgrade flooring from carpet to long-wearing wood or wood laminate.
Wood flooring is much easier to keep clean and spillage can be easily wiped up. Wooden floors don’t soak up anything, hold an odor, or get pulled up by a pet. Plus you can add all types of decorative throw rugs to enhance the decor.
- A fresh coat of paint, inside, outside, or both easily attracts new tenants.
Neutral colors usually work best, with gray, white, or beige as a trim shade. Register the paint brand and color at your local paint store so your contractors can easily pick it up.
- Install Energy-Star Certified appliances.
If your tenant has trouble paying a huge energy bill, it can certainly make paying rent more difficult. And energy-saving appliances are good for the environment. Appliances to consider include a dishwasher, washer and dryer, refrigerator, and any window a/c units.
- Invest in quality landscaping for year-round appeal.
Tenants who are not into gardening will like xeriscaping. Xeriscaping involves using native plants that are natural to the area. Natural stone and succulent plants in low rainfall areas and ivy on slopes to help prevent water damage in heavy rainfall areas.
- Installing low-flow water features saves money.
By installing low-flow shower heads, faucets, and toilets your rental will use much less water, thus saving money for you or your tenant, depending on who pays.
- Energy efficient windows are a plus.
While an investment at the start, energy efficient windows not only make the property cooler in summer and warmer in winter, they also add an aesthetic appeal.
- Kitchen upgrades offer eye appeal.
Clean, updated kitchen cabinets and appliances are very appealing to tenants. After all, the kitchen is where people spend a large amount of time, so they create a fresh, comfortable space.
- Replace old bathroom vanity with a new one.
A bathroom vanity generally consists of a mirror, sink, countertop, and typically room for storage below the sink. Changing this out will transform the look of your bathroom. There are many options available both in style and cost.
- Lighting adds aesthetics and a sense of security.
Light fixtures can upgrade the look of a property instantly and adding rheostats is a big thumbs-up. Exterior lighting or motion detection lighting is an appealing security feature that tenants like.
- Outdoor security cameras are a consideration.
Knowing what is and what is not acceptable when installing security cameras on your rental property is important. Include a statement in your lease agreement and be sure cameras are fully visible when installed. Never install them indoors.
If you have a rental property that you’ve had for many years and you’re ready to sell it and move on, doing property upgrades before listing it is a good idea. Putting some of the revenue back into your property to bring it up to a higher standard will be well worth it before you put it on the market.
Whether you’re a veteran rental property owner or you’re just getting started, consider the advantages of working with a professional property management company. Cousin James Management has the experience and proven track record to step in and get the job done, fast, affordably, and without stress.
To help make your job as a rental property owner a little easier, we have created a helpful Tenant Screening Checklist you can easily download here. We also provide tenant screening as part of our property management services. We know that keeping property rented with top quality tenants is the best way forward for a successful rental property business. Remember, we’re here to help.
Comments are closed.