As a property investor and a landlord, increasing rents and your bottom line might be at the forefront of your financial goals. Unlike improvements made to a primary residence, rental property upgrades should achieve a realistic balance. This means that owners should strive to make enough smart improvements that count without putting in too much time and money on things that aren’t likely to see a solid return. Here are five upgrades recommended for landlord’s rental properties that increase home desirability and overall value.
Kitchens are often the heart of the home and a place where friends and families gather. This means that many renters are willing to pay more for a home with attractive cabinets, vanities, and matching appliances. Many properties are obtained with mismatched appliances, and replacing older ones to match newer ones is a great investment. Cabinets can be sanded and refinished to improve the functionality and aesthetics of the kitchen. Consider replacing countertops crafted of cheaper material with solid surface materials such as granite, quartz or slate.
Better Quality Windows
Old windows tend to detract from a home’s beauty, and most lack the efficiency of modern options. Landlords should contemplate upgrading to double or triple-paned windows that offer insulation. An additional upgrade that renters might appreciate is windows with blinds inside the panes. As a bonus for owners, renters likely won’t need to put holes in the walls to hang curtains, and the chances for leaky windows are minimized.
Smart Upgrades For Baths
Remodeling at least one of the home’s baths to include a few modern amenities is appreciated by renters. Easy improvements include installing a new toilet, showerhead, cabinet hardware on vanities and a nice faucet to make the space more functional and comfortable. Small bathrooms can be updated by converting a tub into a walk-in shower, switching to a sliding pocket door, and adding shelves for storage.
Install New Floors
Renters command good quality flooring. The number one choice for floors today is hardwood, which can be expensive. However, options that mock the look with stunning realism are more cost-effective, easier to clean, and just as resilient such as waterproof vinyl plank. Other good options are laminate, tile and stone floors that most landlords can install themselves.
Replace Interior & Exterior Doors
Doors are one of a home’s most visible installations. Not only do they protect occupants from the elements but also from potential intruders. Invest in good quality security doors such as those that are reinforced. These doors need not be unattractive, as there are models with decorative windows that still offer a great deal of intrusion protection while adding curb appeal.
A Bit of Last Minute Advice for Landlords
Many of these upgrades can be handled by landlords with a few DIY skills and a bit of extra time to spare. Be prepared to pay more if hiring a contractor for part or all of a job. While this can cut into immediate returns, quality and proper work is vital. That being said, most landlords ultimately see rental profits increase between 10 and 20% with these smart rental property upgrades.
About The Author
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