One of the best things a landlord can do during a soft economy is pay careful attention to the upkeep of their properties in order to ensure they are able to get the most out of each unit. Here are some examples of smart renovation investments in a rental property.
Install New Windows: Older properties are prone to drafty windows, which make rooms colder and also drive up the heating bills New windows will bring heating bills back to where they should be and can be used as a selling point when meeting with potential renters. Vinyl windows are popular in rental properties because they can come with lifetime glass breakage warranties. Having vinyl windows also eliminates the possibility of mold around the window frame. It may be worth considering adding a window to reveal a park, woods, etc. in order to increase the rent you are able to ask for.
Upgrade Appliances: Dated appliances can cause renters to doubt whether other aspects of the building have been maintained. New, stainless steel appliances show potential renters that you take pride in your property and that you’ll be likely to maintain it. When selecting appropriate appliances, choose ones that are energy efficient with basic features so that repairs down the road won’t be too costly or complicated. New appliances allow landlords to justify premium rates; it is something that will set you apart from others, something that tenants will appreciate.
New Paint: In most cases, potential renters view an apartment when it is empty. Because there is no furniture to distract the prospective renters, chipped or faded paint is extremely noticeable. For optimum presentation, apply a fresh coat of paint each time your property is vacated. Neutral colors will give your property an inviting look. If you’d like to be more bold with your color choices, know that dark colors make small spaces look even smaller and light colors give the illusion of spaciousness.
New Carpeting: The quality of carpeting is also something that prospective tenants will notice immediately when viewing an empty rental property. Medium grade carpeting in browns and beiges can be a great choice because of the neutrality of the color and its ability to hide stains better than lighter colors. Opting to lay down padding prior to installing carpet will make carpet feel softer and feel like a quality product.
Increase Storage: Extra closet space, shelving and built-in bookcases will provide additional storage space for your tenants. This will overcome an objection that many renters have which is a lack of storage space.
Functional Outdoor Living Space: Adding a deck or patio will give your property a homey feeling and allow tenants to envision entertaining friends and family at their new home.
Upgrade fixtures: Adding stainless steel outlet covers, new lighting and plumbing fixtures will set your property apart among others that potential renters are looking at. It will also show that you are detail oriented.
The type of rental space that you build will directly affect the type of renter that you attract. If you’d like high-quality tenants, upgrade your rental property with the features they are looking for. The money you spend will increase your ROI on the property.
Call us now at 1-800-873-1451 or check us out on the web at www.lindusconstruction.com to schedule a free in-home. Tune into AM 830 WCCO on Saturdays from 9:00-10:00am hosted by Denny Long and Andy Lindus to ask questions regarding your home improvement projects.