In The US, there are currently 43,378,800 renter households (or 34% of the population). Given these large numbers, it’s important to maximize your home's potential with regular maintenance and upgrades to attract renters and maximize profits.
Unlike lengthy renovations, simply replacing old features, to updating the floors, increasing storage, adding amenities and speaking with a professional property manager are simple and easy to do on your own.
Not only will these minor improvements help to beautify the property but it will make it easier to maintain it term-term, appear more desirable to renters and boost the rental value of it.
Replace Old Features
Renters are not going to be attracted to older-looking homes that are filled with dated features. Having old kitchen knobs, faucets, handles and cabinetry can be an eye-sore that some are not willing to look past when viewing it.
Having these dated features in a home can also give the impression that the home is not well cared for and hasn’t been updated in a while. Therefore, owners should consider updating these minor features to help modernize the space and bring some appeal back to dated areas.
The floors of a rental are an excellent way to beautify the home. Certain types of flooring can appear dated and unappealing for potential renters if it’s been a while since it’s been replaced. Consider switching these dated floors for something easier to maintain such as laminate, tile, stone or hardwood.
These types of floors are not only easy to maintain but will make cleaning, caring and repairing easier in the future. Plus, the upgrades will likely increase the desirability of the property, and therefore its value.
Upgrade Plumbing Fixtures
Another tactic that owners can use to beautiful their rental property is to upgrade the plumbing features in the property. No one wants to use old-looking faucets or showerheads in the home they are living. Not only will this seem unappealing to potential renters, but it may impact the amount of money you can rent the property out for.
Therefore, it’s important that owners consider updating the plumbing fixtures in their home to more modern and sleek additions. This will instantly help to upgrade the kitchen and bathroom areas of the space without an invasive renovation.
Storage is a vital feature of any home which is why it’s important to upgrade (or increase) the storage areas of your rental. Upgrading these areas will help to beautify the property because it will help to minimize the amount of clutter around the property. This can be accomplished by adding built-in cabinetry, more functional furniture and shelving units to keep items from spilling onto the floor.
Not only should owners be concerned about the immediate repairs of the home, but they should consider speaking with a property manager who can help with long-term maintenance of the home. A property manager will be able to help monitor the property in case there are any issues that arise with the tenants.
Plus, they will be able to handle any disputes, damages, or problems that occur in the property that would potentially decrease its value. Without their help, an unruly tenant may cause a severe amount of damage that’s irreversible if you’re too late.
According to long-time rental blogger, Ray Wei “There are three goals every investor looking to grow their portfolio should desire to achieve: maximum rent, minimize operating expenses, increase the resale value. In order to get the best return on your investment, stay at the high end of rental rates, improve your property value and avoid tenant turnover every term, you will need to invest in the right upgrades.”
There are ultimately a number of the right things you can do to a home to beautify it. Not only will these tactics help to make it more appealing, but it can increase your property value. To learn more on this topic, get in touch with a member of our team who would be happy to help.