No matter what type of property you rent to your tenants, it pays to invest some money into your property to keep it updated, clean, and modern. Landlords often focus on landscaping and other basic maintenance tasks, that they forget to actually look at the age of the property and take steps to make sure it is updated accordingly. When you walk through your unit, take the time to look at all of the appliances, the wall paint, countertops, flooring, and more. The goal is to really evaluate how your property is holding up and if it is time to give it a remodel.
Replace the Flooring
One way to invest in your rental property is by changing the carpet to wood flooring. Wood floors look nicer and hold their value longer. On average, wood flooring will last at least 25 years. Carpet in rental units will wear out faster, often only lasting 5 years before it needs to be replaced. Wood flooring is an easy way to upgrade the unit, and to give tenants a cleaner, nicer-looking place to reside.
Is the kitchen starting to show its age? Upgrading the kitchen cabinets will help to given an outdated kitchen a much-needed update. If you do not have the budget to remodel and purchase new kitchen cabinets, stain the existing cabinets.
While you are remodeling the kitchen and replacing or staining the kitchen cabinets, it is a good plan to upgrade the countertops. Granite countertops have been popular for years now, but there are several other countertop selections to consider. New countertops offer a quick facelift, and they are one of the easiest selling points to photograph for rental listings.
Consider purchasing some new appliances to install in the property. Keep in mind, tenants do not have the same loyalty and commitment to maintain the appliances as a landlord does. Some renters have even been known to steal appliances, so it’s common for landlords to hold off buying new appliances for a long time. Depending upon your target demographic, you need to consider what they are looking for. Most younger generations do place value on having modern appliances.
Keep the property looking nice at all times. Landlords can spend a small amount to hire a landscaping company to come out and enhance the property. Landscaping is needed when you are planning to advertise for new tenants soon. The curb appeal of the property will help to attract the right people to your rental property.
Reduce the risk of vacancy! Consider investing in some or all of the above upgrades to give your tenants the best possible place to live. Hiring a property management company is a wise decision if you do not enjoy the day-to-day experience of property management. Keyrenter Property Management Tacoma, WA offers residential property management services to landlords of single family homes, duplexes, condos, and small multifamily units. We are not large apartment managers. Our purpose is to help landlords maximize the return on their investment property while eliminating the stressors associated with being a landlord (including bad tenants and maintenance issues). Services we offer include: property analysis, setting rent, tenant placement, leasing services, maintenance coordination, tenant relations, property inspections, rent collection. We offer superior customer service. Because we know how to find quality tenants that can meet the terms of their lease agreement, using Keyrenter’s 14-point tenant screening process, our eviction rate is below 1%.