The US currently has 43,378,800 rental households, which is 34% of its population. These large numbers make it important to maximize the potential of your home by maintaining it well and making upgrades to attract renters.
It is not necessary, however, to replace all the old features. You can simply update the floors, increase storage or add amenities on your own.
These minor changes will not only beautify your property, but they will also make it more appealing to renters and increase its rental value. This is especially true when it comes to residential property management.
Ways to beautify your rental property
The number of ways to improve your property’s visual appeal are many. However, we have narrowed the list down to the top five. Here are the top five tips for making your property more beautiful.
Replaces Old Features
Older homes with outdated features are unlikely to attract quality renters. Old kitchen knobs, handles, faucets, and cabinets can be an eyesore that many aren’t willing to overlook when deciding on where to live.
These dated features can give the appearance that the home has not been updated in a while. They can give the impression that the home is not being maintained and should be updated to modernize the space. Not accounting for these repairs is a common mistake for first-time landlords.
This is an even more important issue than for someone selling their home. Because when a person is buying a home, they know that they can make some of the desired changes themselves after they purchase the property. A renter, however, knows that they cannot make any changes and may not be willing to overlook certain things.
Beautify your rental property with new Floors
A rental property’s floors are a great way to increase the appeal of the home. If the flooring has been around for a while, it can look dated and worn to potential renters. You might consider updating the old floors by installing some new laminate, tile, stone, or hardwood.
These floors are easy to maintain and will make it easier to clean, care for, and repair in the future. The property will be more desirable and thus increase in rental value.
One way that property owners can beautify their rental property is by upgrading the plumbing fixtures. Old-looking showerheads and faucets are not what people want in their home. This will not only make the property less appealing to renters but also could impact how much you are able to ask for rent.
It is important for rental property owners to consider upgrading the plumbing fixtures in their properties to make them more updated and stylish. This will allow you to instantly upgrade your kitchen and bathroom without having to do a major renovation.
It is essential that storage is an important feature of any home. This is why you should upgrade or increase the storage area in your rental, if at all possible. This will improve the property’s appeal and reduce clutter for your tenants.
You can do this by installing built-in cabinets or shelving units that provide tenants more places to store and display their belongings. This improvement not only helps when people are looking to rent the property, but it can also help keep tenants happy and make them want to stay longer.
Property owners should not only be concerned about immediate repairs, but should also consider hiring a property manager who will help with the long-term care of the unit. If there are issues with tenants or the property itself, a property management company can help.
They will also be able handle any damages or disputes that may occur on the property, which could potentially lower its value. Unruly tenants can cause irreversible damage to your property if a property manager isn’t there to intervene.
Ray Wei, a long-time blogger on rental property, says “There are three goals every investor looking to grow their portfolio should desire to achieve: maximum rent, minimize operating expenses, increase the resale value. In order to get the best return on your investment, stay at the high end of rental rates, improve your property value and avoid tenant turnover every term, you will need to invest in the right upgrades.”
Beautifying your rental property conclusion
This list is just a general list of things that should be looked at in every rental property. Each property, however, is unique. Each will have its own advantages and its own problems.
Hopefully, this information at least helps you understand the benefits of improving your rental properties. Attracting higher quality renters will make being a landlord more enjoyable. Please contact us here at Turnkey Property Management, if you have any questions or need help with your rental properties.