As a property owner, keeping your rental in good condition can help attract better tenants and higher rents. Rental upgrades during turnovers can help. Here are 9 affordable upgrades that will add value to your rentals.
Keeping your rental flooring looking nice through multiple tenants is hard. Carpeting is easily stained and with pets can take major abuse from claws and teeth. Tile can crack and is not cheap or easy to replace. Wood flooring used to be all there was back in the day. Wood is durable and beautiful. When waxed and sealed regularly or between tenants, can last a lifetime.
Updating your kitchen and bathrooms
In a rental, you don’t need to put in luxury items like granite unless it’s a luxury rental. Nice, affordable improvements will look classy and boost the value. Consider resurfacing the cabinet doors and resurfacing the counter tops. This is far less expensive than replacing all the kitchen and bathroom cabinets and counters. With most resurfacing applications, you can’t tell the difference between quartz and a surface enamel. Cabinets and drawers can come to life with a little paint and new hardware. Adding a back splash to your kitchen walls will also add the rooms appeal and value in the renter’s eyes.
Molding on baseboards
Continually replacing flooring can have its toll on baseboards. They scratch and break during tenant turnovers. Replace any abused baseboards with new pre-painted or pre-sainted baseboards from your local home improvement store. It will add a touch of class to the paint and flooring and show you like the rental to look good.
Spacious closets or built-in storage
Rental property often lacks storage. If you find you have some useless space in a corner or along a wall, consider adding a closet or built-in. You may even consider enlarging a closet in the bedroom if the area doesn’t work well with other furniture. If possible, add storage to the garage attic or basement with shelving and fencing if you have multiple tenants. When you look at the budget for repairs, an exterior shed will add value and storage options for your tenants.
Most landlords repaint between tenants. The most popular color is white. It’s easy to match. It’s easy to grab and brand and repaint. However, white gets dull and boring when used all the time. Consider other colors. Visit new construction homes or parade homes to get ideas about what they are using for color schemes. The tan or warm grey makes the house feel homey and cozy instead of the cold, drabness of white.
We’ve discussed how new handles and pulls can make your kitchen look updated. You should also consider swapping out door handles and other cabinet pulls throughout the house. Brass finished handles were trendy in 1975. You can find affordable replacements, that fit the era and give an updated look to the home.
Energy efficiency should be high on your list when considering affordable improvements. While the upfront costs might be a little higher, they will pay for themselves over time. New LED lighting and fixtures last longer than incandescent bulbs by 25-80%. Saving you 3 times the energy costs. Updated lighting also looks nicer than the standard brass fixtures and can add value and class to any room.
While this might be a little more expensive than the rest of the affordable updates listed, tech adds value to your tenants. Tenants can control a smart thermostat from any device and online. If a tenant goes on vacation or is away for a few days, they can easily lower the temperature with their phone or computer. Smart door locks adds built in security. They are re-programmable. Tenants can control them with any device. Of course you can still use a key instead of the code to lock and unlock the door. If you offer internet as an amenity, installing a WiFi router would add value to your tenants.
In unit washer and dryer
Visiting a Laundromat to wash and dry clothes is a hassle. If you have the space, consider providing a washer and dryer for your tenants. It could be coin operated if you think there will be high usage and to help with replacement and repair costs. Tenants will appreciate being able to clean their clothes at home.
When considering upgrades that add value consider items with durability and will last long term. They may have a higher upfront cost but will be worth it over time.
Day Property Management can help you decide which improvements would be the best for your rental property. Give us a call at 920-968-0626
or fill out our contact form.