Are you looking to upgrade certain features of your rental property to make it more attractive?
There is no denying the fact that a well-kept rental will attract more bids and enquiries than a run-down property. With over 27% of Americans renting their home, the need for high quality rental properties is extremely high. People are prepared to pay top dollar for decent housing. If you want to make the most from your investment, here are the top five must-have upgrades to beautify your asset.
- Install a Modular Kitchen
Modular kitchens are trending these days. Fitted cupboards, kitchen islands, range hoods, false ceilings, the list of renovations you can make on your current rental kitchen is endless. You’ll obviously want to keep renovation costs low. We advise that you spend time browsing sites like Pinterest to get ideas of what type of renovations you can make to the kitchen. Gather a few pictures and talk to renovation experts to chart a way forward.
- Update Bathroom Features
When was your rental property built? When was the house last renovated? These two questions will help you see the need for updating bathroom fixtures. Did you know that 47% of people will judge a house based on the state and condition of its bathroom(s)? Features that you might want to replace include faucets, tiling, vanities, mirrors, and basins.
- Upgrade Lighting Fixtures
No one likes a dull home. You’ll be surprised by how much a good lighting fixture can dramatically change the look-and-feel of a room. Lighting fixtures are especially important if your rental has small rooms. Well-placed lighting fixtures can make rooms appear bigger and brighter than they really are. What’s great about upgrading your rental lighting fixtures is that it doesn’t have to cost you a fortune. With several websites selling pre-loved goods, you’ll be able to find exactly what you’re looking for on a reasonable budget.
- Consider Adding an Alfresco Area
If your rental has a sizeable backyard it might be worth considering adding an alfresco kitchen. It will cost you a couple of thousand dollars to install, but families looking for a home to move into will definitely take notice of this added feature. Because who doesn’t love relaxing in their own backyard on a beautiful summer day? Once again, Pinterest is your number one inspiration go-to website. You don’t have to install a pool or anything of this magnitude. A barbecue area, fire pit, stringed fairy lights, and a good seating area are just some of the additions you can consider installing.
- Re-tile/Re-carpet the House
Does your rental have tiles or carpets? It’s worth checking what the state landlord-tenant guidelines are concerning this highly neglected area. In California, for example, landlords are expected to replace the carpets in their rentals every 8 to 10 years. No one likes to see cigarette burns in the carpet, chipped tiling, or discolored wooden floors. You’ll be amazed how big of a difference a new floor will make in your rental.
Need Someone to Manage Your Rental?
We understand just how busy life can get. Leave your property management to the pros. Here at PMI Colorado Front Range we offer investors full-service real estate asset management services. We take the hassle out of managing residential and commercial properties. If you would like to talk to someone about your property management options contact us and one of our friendly staff members will get back to you soon.
Did we miss any key rental upgrades? We’d love to hear from you! Leave us a comment below.