Maintaining a rental property takes a lot of time and energy. Regular maintenance and responding to resident’s issues and concerns may seem to be all you need to do to continue to rent your units. However, if you want to improve the look and functionality of your rental property and continue to attract renters, there are several improvements you should consider making.
Install a New HVAC System
One good improvement you can make to your rental property is to install a new HVAC system. New HVAC systems are more reliable than older models and are more efficient at filtering out dust, dirt, and other particles. Newer HVAC models are also more energy-efficient, which is a savings for you and your tenants. Older HVAC units use more energy because it takes them more time to reach the desired temperature. New HVAC units add value to your rental property that will benefit you if you decide to sell.
Make Fixes to the Bathrooms
Bathrooms are rooms in rental properties that sustain a lot of wear. When you turn over a unit, look at making fixes to the bathrooms. Make sure there are no sink or shower leaks, and that the faucet is in good working condition. If the shower or tub has signs of mold, it should be removed, which may include replacing tiles. Showers or tubs that are beyond cleaning and repair might need complete replacement. Installing low-flow toilets in the bathrooms can help save water. Making fixes to the bathrooms in your property will make the units more attractive to buyers.
Replace Your Floors
Replacing the floors in your rental units adds a lot of value. The flooring of units sustain wear from move-in, furniture, shoes, kids, and pets. Over time they can begin to show this wear a lot and may even sustain some damage. Replacing the floors makes the units more attractive and feel fresh again. If you have carpet in your units, you may consider replacing it with laminate flooring that is easier to care for. There is no need to spend a lot of money on real hardwood that is less scratch resistant than dupes that give the same look.
Renovate the Kitchen
A renovated kitchen is another upgrade that renters like to see in a property. New appliances are more energy efficient and make the kitchen look better. If your kitchens do not have nice features like dishwashers and garbage disposals, adding these things can attract renters. Think about other custom features that you can add, like a pull out spice rack cabinet. A custom kitchen adds value to your home that can’t be achieved with stock features. A new sink with a new fixture can add a more modern look and feel to the space.
Replace the Windows
Leaky windows are one of the most complained about items in a rental property. There are several signs of leaky windows, including condensation between the panes of glass, noticeable air leakage, and issues opening or closing the windows. Depending on the window, they may need to be replaced on average every 15 years. It is best to do a total replacement of the windows, that way you keep them all on the same replacement schedule. Windows are rated for both quality and efficiency, so look for windows that have good ratings. Fiberglass windows are usually a great choice because you can customize their exterior appearance, and they are a good value. Vinyl windows are inexpensive, but they are not very good looking, and are almost always white. The cheapest windows may not be the best windows, which can lead to complaints from residents.
Add Exterior Lighting
Exterior lighting at rental properties is extremely important. Sufficient lighting helps residents find their way at night and can help detract criminals from breaking and entering. You do not have to install giant flood lights for them to be effective. Simple downlights along the building and at unit entries is incredibly helpful. Consider adding ground lights along pathways, which can improve their safety at night. Exterior lights make your property more visible at night, which can make it look more attractive. Motion sensor lights are great to use around parking lots or in parking garages.
Updating the landscaping at your rental property provides a facelift that can add real value to your property. Your landscaping helps create the first impression potential renters have when they tour your property. Overgrown, poorly planned, or ugly landscaping sends the message that you do not care about your property. Good landscaping is especially important if your property has any communal outdoor space for residents. Landscaping in this area is important to make residents feel more at ease, and can also provide some privacy. Try to include native and local plants when you can, as these plants require less water and do not need fertilizer or pesticides to do well. You can use artificial turf in place of grass to save water and save on maintenance costs.
Update Electrical System
Upgrading your rental properties electrical system is important, especially if it is an older property. Worn out electrical systems can cause serious problems at your property. Older wiring is not as efficient as it wears out over time. This can lead to increases in electrical costs. If you want to install new appliances in your units, or new exterior lighting, both of these things can strain an already worn electrical system. Old wiring can go as far as to cause fires. A licensed electrical expert can help you make the right decision about your electrical system based on your needs. Make sure the upgrades will be able to support smart home technology that you may want to install in your units.
Making small changes can have a huge impact on the value of your rental properties. Renters will be willing to pay more in rent if they know a property has had these upgrades. Making improvements to your rental properties will benefit both you and your renters.
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