Whether you’re a new property owner or a seasoned investor, finding the time and funds to make improvements to your property can be difficult. If you’re trying to increase your profits, it can seem counterintuitive to spend money on seemingly unnecessary upgrades. However, investing money in your property can significantly improve your property’s appeal among existing and future tenants.
Ultimately, spending money on the right projects can make your rental more profitable! If you’re ready to make some changes to your rentals, here’s a list of six worthwhile upgrades to start with.
If your property is showing signs of age and use, replace the fixtures that take the most damage first. Doors–both indoor and outdoor ones–start showing signs of wear and tear sooner than other fixtures. If your property has doors with weather damage, gouges from door stops, or even misalignments due to settling and age, they may be ready for replacement.
Doors are especially important for rentals because broken or damaged doors can compromise your tenants’ security and privacy. Show them that you care by taking steps to keep them safe and comfortable with new and functional features.
Deep Clean the Exterior
Another great way to combat signs of wear on your property is to deep clean the exterior. Pressure wash paved driveways, patios, and siding to give your property a fresh look and improve curb appeal. This is a great way to keep improving your property’s appearance while maintaining your tenants’ privacy.
Focus on Landscaping
If your landlord duties include landscaping and lawn care, add a little extra to your property’s lawn and garden. Plant new trees and shrubs, trim and weed the lawn, and manicure existing greenery to keep your rental looking sharp. If you have the funds, you may also want to add outdoor furniture for your tenants to enjoy. Extra services and amenities like this are always welcome and may even enable you to advertise more features to prospective tenants or marginally increase rental fees to cover your lawn maintenance costs.
Refresh Rooms with New Paint
Interior upgrades are difficult because it’s hard to know what tenants will need or like, but a fresh coat of paint makes a big difference. If you’re repairing wall damage from previous tenants, don’t stop with patching holes and scrubbing away stains. Paint each room a nice neutral color that makes the space look new again. If you hope to prevent or monitor future damage, painting before each new tenant moves in is a great way to keep track of new marks.
Put in New Appliances
Your rental improvement budget may be tight, but consider installing new appliances when you have the available funds. Providing your tenants with new and up-to-date appliances will not only make them happier but also cut down on the maintenance and repairs that old, broken-down appliances require. Ideally, you can put in a new washer, dryer, oven, or fridge and avoid having to address another fix for quite some time.
Update the Bathrooms
Finally, if you’re going to choose any big project for your rental, definitely update the bathrooms. Tenants complain to landlords about plumbing problems all the time, so rectifying any issues with old pipes and fixtures will dramatically improve your tenants’ experiences. You may also want to install a better shower, bathtub, toilet, or sink if the current fixtures are particularly old or run down.
An ambitious bathroom remodel will take a lot of time and money to complete, which could deter you from making changes that would really benefit you and your tenants. If you need to make big and costly changes to your rental, make the necessary adjustments to your budget or even refinance your property loan to ensure that you have the funds to make necessary upgrades and keep your rental running smoothly.
While it can be difficult to sacrifice your rental profits for improvement projects that don’t directly benefit you, smart investors know how to make their money work for them. Refer to this list when you’re ready to start renovating your rental property and reap the benefits for years to come.