Are you a new rental property owner, or have you added to your portfolio of investment properties? One of the best decisions you can make is to hire a property manager to help you make the most of your investment. For a relatively small percentage of the monthly rental income, a property management firm can make your life as a rental property owner much less complicated and stressful. Of course, your tenants will benefit as well. You’ll see that whatever you spend to retain a property manager is money well spent.
But do you know how to up the ante and maximize your earning potential? Pursue some upgrades. The good news is you can get advice from a property manager like Green Residential if you’re unsure about which upgrades will give you the biggest bang for your well-earned buck.
Keep reading to see seven rental property upgrades that will not only make your life easier as a property owner, but will also make the rental property more enticing to tenants.
Does your rental until have carpeting? If it does, you can make your life easier by upgrading to a more durable flooring material. Instead of sticking with carpeting that stains easily and is harder to clean, consider wood or laminate flooring. It’s a more premium flooring category. You can up the aesthetic with wood or laminate flooring, making maintenance easier. So, if tenants leave at the end of their lease, you’ll find it relatively easy to clean the wood flooring. You can avoid the prospect of ripping out the old carpet whenever new tenants move in.
You can give your rental property a facelift, making it more attractive to tenants with a few coats of premium paint. It’s one of the most cost-effective upgrades you can pursue. According to one source, painting the interior and exterior of your home can offer returns on investment of 107% and 55%, respectively. So, you won’t just make the investment property more attractive to renters. You’ll also boost your home’s value overall.
Did you know that an attractive lawn can deliver an ROI of a whopping 256% and that trees can add between $1,000 and $10,000 in value to your residence? But proper landscaping is more than having a green lawn with some trees. Do you know what landscaping features will add the most value to your space? You can count on Green Residential to maximize your landscaping efforts. We can transform the exterior of your home and add curb appeal.
Consider adding a sprinkler system to your investment property to help maintain your landscaping investment. With the right strategy, your investment property will be worth more.
If your rental property has older appliances, you can bet that the utility bills are higher than needed. Whether you cover the electric bills or the tenants foot the costs, upgrading to appliances with Energy Star certification makes sense. They’ll make your investment property more energy efficient. Appliances with the Energy Star rating must meet stringent benchmarks proving energy efficiency. You can bet that some of your tenants are mindful of their impact on the environment, so they’ll like knowing that their appliances are eco-friendly.
If you’re concerned about energy efficiency, consider your windows. How long have they been in place? Depending on the type of windows you buy, the quality of the installation, and the regularity of maintenance performed, windows can last between 15 and 20 years.
Changing your windows is a good idea if they are close to the end of their lifecycle or aren’t performing well. Another reason to upgrade your windows is if they’re of the single-pane variety. Those types of windows offer little energy efficiency, so your utility bills will be higher. Upgrading to double-pane or triple-pane windows will give you more insulation. And your heating and cooling bills will be lower due to upgrading your windows. Your tenants will be especially pleased since their utility bills will be lower if the rental unit has quality windows.
Another upgrade worth mulling over — if you want a more eco-friendly investment property — is installing equipment with low-flow water capabilities. Are the toilets in your rental property older? If so, the chances are that they’re using way may more water than necessary. But upgrading to toilets with low-flow water will reduce water use. You can also install low-flow faucets and shower heads to make better use of water. Considering the cost savings and the environmental benefits, you’ll see that upgrades on this front will make a lot of sense.
Upgrading the lighting can be a cost-effective project. Some properties don’t offer nearly enough lighting. In addition to having a good amount of windows to let in natural light, you’ll want to go through your rental property to see where lighting changes can make a big impact.
Would a chandelier make sense in the lobby way or dining room? Do you want to change the light fixtures in the bathroom? While you’re at it, swap the incandescent bulbs for more energy efficient lightbulbs. They’ll cost more but will last longer and use less energy.
Pursuing these types of upgrades can make your life — and by extension the lives of your tenants — easier. That’s where we come into the picture.
At Green Residential, we pride ourselves on offering property owners a wide range of services to make their lives easier. You can pass those benefits on to your tenants. Do you need property management services? Are you looking for help with maintenance or inspections? Do you want to learn about our tenant screening process? Those are just some of the ways we can help.
Whether you want to offload property management or want a property management firm that can handle specific tasks, you can count on us. A lot goes into maintaining a property. Get in touch to see how we can enhance your rental property ownership experience.
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