REAL ESTATE INVESTMENT: HOME IMPROVEMENTS TO UPGRADE YOUR RENTAL PROPERTY

by | May 27, 2022 | Investment, Real Estate

If you own a rental property, it’s essential to keep up with the latest home improvement trends. Doing so will make your property more attractive to potential renters. It will also help you keep up with the competition.

Related: Mortgage rates are increasing: Should I change my real estate investment strategy?

But with so many options, it can be tough to know where to start. Here are a few of the most popular home improvements that you can make to upgrade your rental property:

Rental property: Energy-efficient appliances

Tenants are always looking for ways to save money, so energy-efficient appliances are a great way to appeal to them. It lowers your tenants’ utility bills and helps reduce your property’s carbon footprint.

There are several ways to make your appliances more energy-efficient. For example, you can install low-flow showerheads and faucets, which use less water while still providing good performance. You can also replace old lightbulbs with LEDs, which use less energy and last longer.

These are just a few of the many options available to you. By investing in energy-efficient appliances, you can make your rental property more comfortable for your tenants and more environmentally friendly.

Image: Miele

Updated fixtures

Old, outdated fixtures can make a rental property feel dated and run-down. You can give your property an instant facelift by updating light fixtures, plumbing fixtures, and other hardware.

Although you might get tempted to skimp on quality to save money, it’s important to remember that your fixtures will get a lot of use. That’s why it’s important to choose durable and easy-to-maintain fixtures.

It’s also a good idea to select fixtures that complement the style of your property. For example, if your property has a more traditional feel, you might want to choose classic-looking fixtures. Or, if your property has a more contemporary vibe, you can opt for more modern fixtures.

Rental property: Fresh paint

A fresh coat of paint can do wonders for a rental property. It’s an inexpensive way to brighten up the space and make it feel new again. When choosing paint colors, it’s essential to consider the overall style of your property.

If your property has a more traditional feel, you might want to stick with neutral colors like white, beige, or gray. If your property has a more modern vibe, you can experiment with bolder colors. Depending on the colors you choose, you can create various looks.

Just make sure to avoid using any colors too dark or too bright. Otherwise, your tenants might have difficulty relaxing in their rental units.

Photo by Pixabay

New flooring

One of the most important ways to upgrade your rental property is by regularly updating the flooring. Over time, carpets can become stained and worn, hardwood floors can become scratched and scuffed, and tile can crack and chip. These issues make the rental unit less attractive. It can also lead to declining air quality and an increased risk of falls.

By replacing old flooring with new carpet, hardwood, or tile, landlords can significantly improve the appearance of their rental units and create a safer, more comfortable environment for their tenants.

In addition, new flooring can also help increase the rental value, making it a wise investment for any landlord.

Modern doors and windows

If you’re a property owner, it’s crucial to invest in quality doors and windows to ensure the safety and security of your tenants. Modern doors and windows look great, but they also offer increased protection from burglars and intruders. Smart doors and windows are specially designed to resist forced entry. They are impact-resistant, making them an excellent choice for properties in high-crime areas.

For organization purposes, installing an EPT door hardware system can be very helpful. EPT or electrical power transfer allows the transfer of wires from the door frame to its edge. It’s instrumental in residential doors since it can provide power to devices such as card readers, keypads, and intercoms. So, if you’re looking for an upgrade that will provide both safety and convenience, consider investing in EPT door hardware.

Modern doors and windows offer enhanced security, but they can also help improve the energy efficiency of your rental units. If you live in an area with extreme temperatures, insulated doors and windows can help keep your tenants comfortable while reducing your energy costs. Thus, upgrading to modern doors and windows is a great way to save money and make your rental property more appealing to tenants.

As any landlord knows, keeping a rental property in good condition is essential for attracting and retaining tenants. And the above are just a few of the many home improvement ideas you can use to upgrade your rental property. By making even small changes, you can make a significant impact on the look and feel of your property. And when you do, you’ll be able to attract more tenants and charge higher rents.

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