When it comes to adding upgrades to your rental property, it’s important to make smart choices to increase rent and your bottom line. Rental property improvements need to find that perfect balance between investing enough to increase the value, but also avoiding spending money on the wrong things. Avoid over-improving your rental property and pricing yourself out of the neighborhood.
Top Upgrades to Increase Your Rental Property Value
Upgraded Plumbing Fixtures
Over time, bathroom and kitchen fixtures can become grimy and outdated. For a quick and easy update, consider changing out faucets and shower heads. Avoid the standard grade chrome and upgrade to a more modern finish such as brushed nickel or oil-rubbed bronze for a more refined look.
While it may not be necessary to completely gut the bathroom, replacing the vanity and light fixture is a quick and easy upgrade that can bring new life to your outdated bathroom. Many home improvement stores offer complete kits with vanity, sink, mirror and lighting. Add the upgraded plumbing fixtures and matching towel racks for a completely new look!
A new kitchen will add instant value to your rental property! Stock cabinets can be purchased from your local home improvement store and easily installed. However, if a whole new kitchen doesn’t seem affordable, freshen the cabinets with new hardware and possibly even some paint. The one place to spend a little extra in the kitchen is a nice new countertop. Laminate may be the less expensive option, but they just don’t hold up, as they are easily stained, discolored or even burned. Consider granite, ceramic tile or another solid surface. Not only does this provide a more expensive look, but they are also more durable and stand the test of time.
When considering flooring options, look not only at price but also durability. Carpet is often the less expensive option, but requires professional cleaning and generally more upkeep from both you and your tenants. An LVT, or luxury vinyl tile will cost a little more upfront but will prove to be more durable and last longer. Cleaning and maintenance are easier and will last longer, ultimately saving you money.
When budget is a concern and there just isn’t enough money for upgrades, a fresh coat of paint throughout the home goes a long way to making a home look clean and inviting. Remember to keep the paint color neutral and consider a better grade of paint so that marks and stains can be easily wiped down. This will minimize painting between tenants.
Are your light fixtures from the 80’s? Swap out those dated fixtures for a more modern look! Add lighted ceiling fans to also increase comfort as well as provide increased energy efficiency. If your property is lacking light, consider adding some overhead lighting to brighten the space and make it more appealing to prospective tenants.
Don’t Forget the Basics
While providing cosmetic upgrades is a great way to increase value, make sure basic maintenance items are addressed first. Granite countertops won’t matter much if you have a leaking roof or mold in the basement. Don’t forget cleaning! Always present a clean and fresh smelling home because first impressions make a huge difference in attracting the right tenants.
A professional property management company can guide you in making the right choices in improving your rental property value. Bay Management Group has professional maintenance technicians on staff to assist with all of your maintenance needs. We also contract with a variety of professional contractors to get the best rates and pass those discounts on to our owners.