You will likely be faced with the need to do a rental property upgrades in the future, so this week’s maintenance tip from Keepe is a look at four upgrades that will help whether you are managing a multifamily apartment, condominium, townhouse or single-family property.
Your tenant has moved out, and your property is vacant. Before you do the typical make-ready projects, put some thought into rental-property upgrades.
These upgrades may be necessary for improving the general condition of the property or its aesthetic appeal. Notwithstanding, certain rental-property upgrades will offer you potential benefits in the long run.
Below is a list of four rental-property upgrades that are likely to offer you ample benefits in the long run.
No. 1 – Apply a Fresh Coat of Paint
Painting has a unique way of transforming any living space.
It is a low-cost upgrade and offers lots of immediate benefits. By using neutral colors on the interior of the home, you’re appealing to the largest possible number of potential tenants.
Remember, the goal is to upgrade the property to attract tenants, not to make a statement. A typical painting procedure for 1,200 square feet with lots of trim details will cost you an average of $1,000 – $4,000 plus materials.
No. 2 – Invest in Basic Security System
Regardless of the degree of safety in the neighborhood, security is one of the top priorities for any property manager.
In addition, the goal of any renter is to live in a well-secured apartment or environment. Installing basic security systems like alarm systems, security cameras, outdoor lighting, and quality deadbolt locks can go a long way in protecting your tenants and property.
Upgrading the security level of your rental property is a great way to attract potential renters. Most importantly, it doesn’t cost a lot to have security in place.The average cost of installing a monitored home-security system can be around $300- $700.
No. 3 – Install Quality Flooring
Flooring can be a tricky upgrade choice, since renters may have different views when it comes to a preferred flooring option.
Usually, the choice comes down to wood floors versus carpets. However, most property managers seem to opt for wood floors over carpet.
While carpeting may be an inexpensive choice, it can easily turn off a majority of tenants and be a pain for property managers. This is because carpet as a flooring option requires regular maintenance and is susceptible to wear and tear.
On the other hand, while wood flooring isn’t cheap, it requires less maintenance and will last longer. An even more economical option is laminate flooring, which gives your apartment units a stylish hardwood appeal.
No. 4 – Install Better Countertops
Upgrading your rental property’s countertops can add value to the heart of the home.
There are a variety of options to choose from, depending on your current kitchen decor. You can opt for high-end materials like quartz and cement, which seem to be popular in rental property kitchen renovations. Generally speaking, though, granite tends to be a superb choice.
When shopping for countertop upgrades for your property, keep functionality, durability, and style in mind. As for kitchen cabinets, you should upgrade to modern and functional ones if the ones you have outlived their functionality.
As a property manager in charge of a rental property, upgrades are a great way to increase the value of your property and improve tenant retention. Renters are more conscious today about their choice of rental properties. And investing in small-scale upgrades for your property may be the secret to an increase in your rental income.