Having upgrades for rental properties completed will result in required upfront expenses; however, it will also result in making more money – in the long run. That is what any business is about – the bottom line. Making improvements equals making more money. It is that simple.
Not only can upgrades result in a higher “WOW Factor” among potential tenants, but they will also result in having less maintenance performed on the property. Ultimately, upgrades for rental properties will increase the value of those properties and decrease the associated costs of keeping those properties operational. Continue reading to learn about the top upgrades that may be performed to increase your earnings as a property manager.
So let’s get to it. Here are 10 Top Upgrades for Rental Properties that will help increase earnings as a Property Owner.
One of the easiest and least expensive ways to increase the value of your rental property and attract tenants who are willing to pay more in rent to you is to invest in landscaping. This does not even involve actually touching the structure.
Appearances and first impressions are everything.
What better way to make a wonderful first impression than to make the area surrounding your rental attractive with professional landscaping?
Simply pruning trees and shrubs, mowing the lawn, planting a few flowers for decorative appeal, and adding potted plants and hanging baskets provide a welcoming feel and make people proud to live in such a well-kept home.
Best of all, landscaping services are relatively inexpensive.
2. Pressure Washing
Believe it or not, by pressure washing a rental, you can make it look almost brand new!
Schedule each of your rental properties to be pressure washed at least once a year.
If roof services are included, you should opt for them. Keep in mind, though, roof cleaning may not involve pressure washing as it could be damaging to certain types of materials; however, it is often offered in conjunction with pressure washing services.
This helps eliminate chemical and environmental buildup on the exterior surfaces of your property, keeps it looking fresh and new, and prevents the buildup of moss, algae, and plant growth on the outside of the structure. In the long run, it helps eliminate the need for additional maintenance and repairs.
3. Roof Replacement
If the roof on your rental property is 15 years old or older, it is time to replace it.
Neglecting this component of your property could lead to serious and costly damage during bouts of severe weather.
Have a roofing inspector come out and evaluate the roof for any issues on a regular basis. If a replacement is recommended by the professional, schedule the work to be performed.
To make your rental stand out a bit, you may want to have a completely new type of roof put on – go from a shingle roof to a metal roof – or, you may even elect to add a colored roof instead of a traditional black roof – the choice is yours!
4. Replace the Windows
Every once in a while, it does a property good to have replacement windows installed. In most instances, homeowners may have this done once during their ownership.
If you have yet to have the windows replaced on your rentals, it may be time to consider it.
Not only are there more energy-efficient windows available on the market, but there are many features – such as tinting and double-pane options with argon gas technology placed between the panes.
In addition to this, there are many types of replacement windows available on the market today. Examples include awning windows, bay windows, bow windows, casement windows, sliding windows, picture windows, architecturally-shaped windows, acrylic block windows, garden windows, hopper windows, impact or performance windows, and more!
5. Front Door Replacement
If you’re looking for an easy and inexpensive upgrade, consider replacing the front door! It is easy, simple, and cheap – and best of all, it can completely change the overall look and feel of your rental!
There are iron pivot doors, wood doors, fiberglass doors, steel entry doors, French patio doors, wrought iron doors, and even glass doors!
In addition to replacing the front door on your rental, you may choose to add unique hardware to the door – such as deadbolts or smart lock systems. All of these upgrades are sure to appeal to tenants who see the added value.
6. Change up the Outside Appearance of the Structure
If you are looking for upgrades for rental properties that will help you make a little more money in the long run, consider upgrading the exterior surface of the structure.
You may go as simple as applying a fresh coat of paint that matches the current color scheme, totally changing the color scheme of the house, having siding installed on the home, and even placing shutter systems around the windows of the structure – the choice is yours!
Even the smallest of changes could result in bigger profits!
If you are not too sure of how to go, meet with a property management professional. This individual will know the latest and greatest in home and rental trends and will be able to successfully guide you on the changes that should be made.
One easy strategy for updating your rental property in order to increase your profits is by updating the appliances in the rental.
Try upgrading to newer appliances or even adding appliances that are typically not included – such as an energy-efficient washer and dryer unit.
When replacing appliances or performing updates, consider the color scheme of the room where they will be placed and buy accordingly.
In recent years, many have become fascinated with smart home appliances. If you really want to win over a high-paying tenant, it may be in your best interest to only install the latest and greatest in terms of smart appliances.
Remember, the more convenience that you offer your tenants, the more they will be willing to pay!
8. Floor Replacement and/or Restoration
One of the best investments in rental properties is floor repair or restoration. While it is a large investment, it is also an investment that will pay off for years to come!
You can take a standard room or even an entire home or unit and completely transform it with new flooring!
Not only will this allow you to address any issues that may be developing within the floor, but it will provide a refreshing new look that will stand up to the overall test of time!
If you cannot completely replace the floor, you may restore it. There are many companies that specialize in epoxy floor coating and even vinyl chip flooring systems.
If you cannot replace or restore all of the floors in your rental, place an emphasis on the kitchen, bathrooms, and living space.
9. Remove Carpeting
While we are on the topic of floor repair and restoration, we feel it is important to outline removing carpet.
Today, tenants are turning to properties that are cleaner and healthier. Carpeting is beautiful, but it also takes a lot of work to maintain – in terms of vacuuming and carpet cleaning.
By removing carpeting and replacing it with a type of hard floor – such as tile – you are not only creating a cleaner and healthier environment for your tenants, but you are also saving yourself money as most carpets must be thoroughly cleaned or completely replaced between tenants.
Tenants will also value that you’ve cut down on their vaccuming time!
10. Increase Lighting
People enjoy well-lit rooms in their homes. To increase the value of your rental property, you should make an effort to increase the lighting of that property.
To increase lighting, you can replace windows or add skylights – and also purchase lighting, such as fluorescent fixtures and LED bulbs throughout the structure.
Additionally, you may integrate window treatments throughout the property that will allow your tenants complete control over the amount of natural light that makes its way into the home or unit. While focusing on lighting, be sure to clean fixtures, replace fixtures as needed, and regularly update fixtures. In the long run, you will find that all of these steps offer massive returns on your investment!
Property Management Teams
The next upgrade for rental properties that will help you maximize your profits is to hire a professional property management team. These teams handle a lot of the day-to-day operations of your rental properties – including maintenance and upkeep.
By hiring professionals, you can rest assured that the outside (lawn) and the actual structure of your rental property is kept in optimal working order and looking as beautiful as possible! This takes a lot of the work off of you and increases the value of the property for the tenants.