Are you looking for the best new upgrades for your rental property? If you want to increase the amount of resale value, this will be an absolute must. And if you want to charge a higher rate with total justification, you’ll need to make some renovations.
Investing in rental properties can be one of the most rewarding and lucrative types of investments that are available on the open market right now. With the world opening back up and many people looking to make up for lost time, rental properties can be a great way to see some major return on investment as the demand is incredibly high. You want to make sure to keep your property up to date with working appliances, plumbing, furniture, amenities, and everything else that is essential to a home. Here are the 5 best cheap upgrades that you can make to your rental property.
1. Fix Up the Sinks and Faucets
Once you have your property in hand, it will be time to renovate it. One of the first things you can do is to fix up the sinks and faucets in your kitchen and bathroom. This will be a quick and cost-effective repair.
Sometimes, plumbing considerations can slip your mind and it will end up costing a whole lot more if there has not been proper management for some time. Odds are there are many plumbers available for hire in your local area. It could save you a lot of time and heartache by giving one of them a call to come to inspect and see if the pipes and foundation are still working as they should.
Once you determine that your plumbing and waterlines are sound, you can even consider replacing the sinks, toilets, bathtubs, and showers to really boost the value of your property. There are many kinds of unique sinks and faucets that can add some amazing decor to your house. For example, there is an infinity sink that pours over the edge and is collected by a larger sink bowl that re filters the water. These are often found in fancy restaurants, hotels, or even the most desirable rental property locations. These can be somewhat of a pricey addition, but if you are willing to put in more then you are more likely to get more out.
2. Give Your Home a New Coat of Paint
One of the first things you will want to do to the exterior of your new property gives it a fresh coat of paint. This will increase its appeal to renters as well as its resale value. Your property will soon look a great deal newer and cleaner. It will blend into the other homes in the neighborhood yet carry its own unique look and appeal.
When considering this step, you want to think about whether you want to hire a professional painting crew to ensure the job is done right. This can be somewhat of an expensive process depending on the size, location, and duration of the job. You might even want to consider if you can complete the job with yourself and perhaps a few friends or family members. All you need to do is head to your local home improvement store and get whatever shade of paint you desire. Don’t worry, they can help you decide the shade and tone for whatever project you have and even offer a professional opinion about what color scheme would fit the best. You also need to make sure to get masking tape so you do not get paint on any areas that are not meant to be painted. Line the spaces between the walls and ceilings with tape and get to painting. This can be a cost-effective way, but time-consuming.
3. Make Sure the Lawn is Neatly Mowed
You want to give a potential renter the best possible impression of your property. This begins at the front lawn. It’s a good idea to make sure that this area is neatly mowed and trimmed. Remove dead patches, fill in the bare bones, and keep them reliably watered.
You may not have to consider this step if depending on what type of area you live in. There are some locations that are managed by the Home Owners Association that provide a lawn care service every so often to maintain the image of the community. This can be quite a beneficial asset to have but may come at a higher cost of renting.
If you own a rental property in a complex that is managed by another person, you can reach out to them and see if they have any connections to lawn care specialists. Oftentimes there are landlords who can help you find the right people you need.
4. Renovate the Lighting System in the Home
Another key repair that you can make to a rental property is to fully refurbish the lighting system in the building. Chances are good that this will be the first time such a repair has been made since the home was originally built. Depending on the age of the home, this may have been as much as half a century ago.
With this in mind, getting in a new lighting system will do wonders. You can get rid of harsh glares and inefficient energy usage. Your utility bills will plummet as you use energy in a much more effective manner. The look and feel of the home will be much friendlier, giving it a much more welcoming nature that will appeal to a renter.
It might even be a good idea to consider having solar panels to be more eco-friendly and cost-effective. This is also a good idea because people appreciate a home that is contributing to green energy and may make your rental property more enticing to renters. Although installing solar panels may be a hefty investment, it is a good idea if you plan on holding the property for the long term.
After you have renovated your lighting system, you can also consider having a Bluetooth system that allows tenants to remotely control the lights. These remote-operated systems can also have a speaker system that adds even more value to your home. Renters appreciate the hands-free attributes very much.
5. Install a Fully Modern Security System
One of the very best things that you can do to increase both the appeal and the resale value of your property will be to install a security system. The people that rent your property need to know that they are safe from burglars and home invaders. Meanwhile, as the property owner, you need to know that your investment is safe from all harm.
It doesn’t cost a great deal of time or money to install a fully modern security system. You can get an excellent setup, complete with cloud oversight, for a decent investment. Once installed, you will have the satisfaction of knowing that your property is being looked after. It will also force criminal elements to look elsewhere.
There are many different options available when it comes to an in-home security system. You can have video-recorded doorbells, security cameras, and motion-sensing systems. These are all great investments that can also boost the property value of your home. It makes sense to put some capital into these elements of your property because you are not only protecting your own investment but also protecting the people who live inside it. Your renters will appreciate knowing that you went the extra mile to ensure their safety and protection.
6. Fix Up or Replace the Furniture
The furniture and decor in your property are what really make a home feel like a home. If you have outdated furniture and decor it can make a nice home feel cheap and not well kept. One option may be to hire an interior designer to make sure your home is as nice as it can be. You can always complete this step by yourself, but if you don’t really have a handle on what fits well with what then it can hurt you in the long run.
There are cheap alternatives to finding nice furniture that will last a long time. For example, there are websites and marketplaces that offer used furniture at a discounted price. All you have to do is get in contact with them, pick up the furniture, and drive it over to your place. Another benefit of this is that you can bargain with the sellers for an even lower price than listed.
7. Get Started on Raising Your Property Value
Raising the value of your rental property doesn’t have to be a long and costly process. If you start slowly with some key renovations, you can get the job done on time and under budget. There are ways to find existing properties in desirable areas that have a high property value, to begin with. For example, Florida tends to be a hot vacation area and all you’d have to do is go on the internet and search for Daytona Beach homes for sale in Florida to find exactly what you need. The key will be, begin with, common sense repairs that add a significant amount of resale value. From there, you can enjoy a high level of profit.