Posted over 8 years ago

Must Have Property Upgrades

One of the decisions you’ll likely encounter as a rental property investor is whether or not to upgrade certain parts of the home. This can be a tricky area, as some improvements can translate into bigger profits for you, but others are a complete waste of money. If you’re on the fence about a certain upgrade and can’t decide whether it makes financial sense or not, check out the information below. These are are few of the upgrades that we’ve seen pay off time and again, and are definitely worth considering for your rental property.

Landscaping - This is one that most investors vacillate on, because too little and the yard is sparse and uninviting, and too much and you’ve got your hands full maintaining it. With landscaping, you want a happy medium that will make both you and your tenant happy. Do some research into what plants perform best in your area, and focus on those that are more low maintenance. A few shrubs, a mulched bed or two, and some perennial flowers can transform a yard and seriously maximize appeal.
Fresh paint - It’s amazing how a new coat of paint can make a place seem brand new. Paint is easy to apply and inexpensive (although you shouldn’t necessarily buy the cheapest paint that’s out there, as this won’t perform over the long haul nearly as well as higher quality brands). It may also be one the main deciding factors for a tenant opting to go with your unit.
Good quality locks - Security is another huge factor. If someone feels unsafe in your property, guess what? They probably won’t want to live there, or at least not for long. Consider upgrading the home’s locks to something that is higher quality, especially if it’s in a less desirable area. Bonus upgrade: Install an alarm system.
Newer appliances - Nobody expects you to always have the newest models when it comes to appliances, but keeping up with appliance trends is not a bad idea. Having a nice refrigerator, oven and range, dishwasher, etc. is a major selling point for many renters, who appreciate both the aesthetic and functional appeal of more modern appliances. If you’re able to keep these pieces relatively up-to-date, you’re more likely to land and keep renters.
New window treatments - Window treatments are often overlooked, which is unfortunate because they’re one of the most frequently used parts of a home. Think about how many times a day you open your curtains or blinds - at least twice, right? With this much use, it’s no surprise that they get dirty and broken more often. Take the time to update them with newer treatments, or at the very least, give them a thorough cleaning.

Most of these upgrades can be done for minimal cost, and the potential income boost and increase in property value make them more than worth it. Take an objective look at your property to see which areas are in need of an upgrade, and then tackle those that make the most financial sense for you.