Making a rental property investment is always a great decision – it can provide you with a steady income and the potential for significant long-profits. But that doesn’t mean you should just buy any old property. Upgrading your rental property will increase its value, attract higher-quality tenants, and generate more money over time. Here are five key upgrades to consider for your rental property investment.
Make improvements to the interior
Making improvements to the interior of a rental property is one of the best investments you can make for your rental property. Upgrading and remodeling the interior can help increase its appeal, usability, comfort, and value. Not only will it attract more potential tenants, but it will also provide them with a better living experience. You can make several upgrades to the interior of your rental property-from simple fixes like painting and refreshing wall decor to larger projects such as installing new appliances, updating the flooring, or remodeling bathrooms.
Rental property: Improve the exterior
One of the best ways to improve your rental property’s exterior is by sprucing up the landscaping. Ensure you mow the lawn frequently and trim hedges and shrubs to maintain a neat appearance. Planting flowers, trees, or bushes can add instant curb appeal to your property. Replacing the front door, installing new shutters and/or siding, and even painting or staining the exterior can help increase your investment’s value.
Upgrade security system
An important upgrade that should not be overlooked is the security system of your rental property. Ensuring your tenants and the property are safe from intruders or other threats is essential. Upgrading the security system with a Rex motion sensor can help provide additional protection for your investment. This sensor detects any movement in the property, sending an alert directly to your phone. You can also install video surveillance and entry systems to monitor activity on your rental premises further.
A secured rental property adds a layer of comfort to tenants, boosting the chances of retaining them for longer periods. Furthermore, in some instances, installing security systems may qualify you for discounts on your insurance premiums, further increasing the return on investment.
Improve energy efficiency
Ensuring your rental property is energy efficient can save you money in the long run. Investing in upgrades such as installing insulation, replacing windows and doors with more energy-efficient counterparts, and upgrading heating and cooling systems are great ways to reduce energy costs. LED lightbulbs or motion sensor lighting can help reduce energy usage and make your rental property more attractive to potential tenants.
Investing in water-conserving plumbing fixtures is another way to save on energy costs. Taking the time to inspect and replace worn or outdated appliances can also help reduce energy consumption.
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Add upgraded amenities
Adding upgraded amenities can be attractive to potential renters. Investing in amenities now can help increase profits in the long run. Here are some upgraded amenities you might consider for your investment property:
Smart home technologies
Smart home technologies such as automated thermostats, voice-activated security systems, and connected door locks can make life easier for tenants and potentially save you money in energy costs. Installing these systems can be a great way to give your rental property an edge over other local options.
Rental property: Updated appliances
Outdated appliances can be a major turn-off for potential renters. Investing in updated, energy-efficient appliances can be a great way to attract the highest caliber of tenants and save money in the long run.
In-unit washer and dryer
Providing an in-unit washer and dryer is another great way to make your investment property stand out. Not only is it convenient for tenants, but investing in a washer and dryer now can save you the trouble of installing them later on down the line.
Hot tub or sauna
Adding a hot tub or sauna to your rental property can be a great way to attract tenants and create an inviting atmosphere. Not only that but providing a hot tub or sauna also allows you to charge extra for convenience. Investing in upgraded amenities now can help increase profits in the long run.
Upgrading your rental property investment is an excellent way to increase its value and make it more attractive to potential tenants. By making the improvements mentioned above to your rental property, you’ll be able to increase its value while attracting more tenants.
I am a 50-something Torontonian who loves everything about my city. It’s been my home, my playground, for my entire life. I went to school here. I met my wife here. I own real estate here. I love writing about the transformation of my city on the world stage, which hasn’t been anything short of dramatic. That continues on, as I write this. I write on the real estate scene. I write on travel and fashion. I like following the world of luxury watches.
But I love writing about cars – check that, luxury cars, a level of superior, engineering sophistication, high performance and style, that transports you not just from one destination to another but also out of whatever you are going through on a particular day, whatever mood you are in, all to another head space. It’s complete and total exhilaration, head to toe.
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