Image by Michal Jarmoluk
Focus on cosmetic improvements, smart technology and amenities.
With today’s rental markets, it’s important to maintain and keep your property updates as a landlord. Making these necessary upgrades will help you attract potential tenants and stay competitive in the marketplace.
Additionally, renovating your rental property helps it increase in price — thus being a great passive income opportunity for a side hustle.
There are many simple and easy upgrades you can make to your property that can help increase the value of your property without breaking the bank.
To command higher rents, lower the periods of vacancies and attract quality tenants, focus on cosmetic improvements, better kitchens, smart locks and pet accommodations if you don’t mind them on your property.
Interior upgrades
1. Especially for appealing to most women for the kitchen — paint old cabinets, replace the handles and install modern pull-down faucets.
2. For the bathrooms, replace the vanity lighting, rusted fixtures, and install modern mirror.
3. Get rid of old, stained carpets with plank or laminate flooring for easy cleaning.
Convenience and smart technology
1. For improved security and to impress contemporary-minded tenants, install smart locks. That will replace the annoyance of lost keys and will be appealing to renters.
2. To appeal to savvy, cost-conscious renters, install energy-saving temperature controls.
3. For increasing your rental value, as well convenience and eliminating the need for tenants to go to laundromats, add a washer and dryer stack.
Increase curb appeal and appeal to pet owners
1. Add drought-resistant plants and fresh mulch for low maintenance and to improve your landscaping.
2. Of course, you don’t have to do it often, but decide if the house needs a fresh coat of paint.
3. If you allow pets and want to charge extra pet fees, create a fenced area in the backyard.
Renovating a property has many pros and cons. Sometimes, while doing renovations, you can uncover additional damage that needs to be done — it can also be time-consuming and increase property taxes.
However, making these improvements can lead to overall reduced maintenance costs, happier-quality tenants. Such renovations are not only easy and simple, but they add up, making the property deserving of higher rent.
From the Coach’s Corner, here are related strategies:
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