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5 Wow Factors to Add to Your Rental Property
I remember clearly the first time I went “apartment shopping.” I had made a list of several complexes I was interested in looking at, and set aside an afternoon to visit each and make a decision. And it was a pretty big decision. It was my first place, my first time being on my own, and my first foray into official adulthood.
After visiting 3 different apartments, they were starting to run together. Similar layouts and colors, same boring views of parking lots, and just a general feeling of blah. And then I arrived at Complex #4, and the very first thing I noticed when I walked in was the amazing screened-in patio located off the living room. I couldn’t believe it!
I walked through the rest of the apartment and it was similar to the others - except for that awesome patio. I just couldn’t get over that. It was a bit higher in rent, but in the end, I decided the patio was worth the higher payment so I signed the lease then and there.
The point of my story is this: people love unique features, and they’re willing to pay extra for them. If you own a rental property and there are any reasonable upgrades you can do to make your place stand out from the competition, do it.
Here are 5 wow factors that you can add to accomplish this. Some are fairly inexpensive, while others are a bit pricier. Always consider the cost-benefit before embarking on any improvements, and consider the short and long term impacts as well.
Outdoor Living
The screened-in patio did the trick for me, and it can for your potential renters, too. If you have an existing patio, deck, or porch (and if you don’t, it’s easy to create new space), it’s simple and inexpensive to add some features to make it more comfortable and inviting. Space for seating, maybe a porch swing, some fun lighting, planters for flowers, maybe even a fire pit...all of these can be added to transform the outdoors into an additional living space with eye-popping features that people will love.
Bathroom Upgrades
Bathrooms are one of the rooms that people focus on the most, so definitely consider painting and re-caulking between tenants. To really add that wow factor, though, take it a step further. You could swap your standard tub for a deep soaking one, or replace a boring showerhead with a handheld or rainshower style. Give it something special that the other bathrooms people are looking at won’t have.
Kitchen Upgrades
Like the bathroom, the kitchen is an area that people won’t make exceptions for. No one wants to cook in a dirty, nasty kitchen with poor lighting. Again, fresh paint can do wonders, but if you really want to make the room pop, you need to do more. If there’s space, adding a portable island will provide more prep area and storage. A pot rack hanging from the ceiling will also free up valuable cabinet space. An updated faucet and cabinet hardware are also inexpensive and can help freshen up a kitchen with a more updated look.
Updated Lighting
Light fixtures are one of those items that people don’t necessarily think of as design pieces - but they are! Boring fixtures that don’t throw off a lot of light can really make a place seem dull and dreary. Swap them out for new pieces that will really stand out in the space. It doesn’t need to be an expensive chandelier or anything, either. IKEA has some very affordable fixtures for kitchen/dining spaces as well as entryways and other living areas that look great and will instantly brighten up your place.
Modern Appliances
This one is a bit pricier, but it can pay off. People like nicer appliances, so you’re more likely to land and keep tenants when you have them. Plus, they’re more efficient, so there’s a cost savings there as well. While a stove and fridge are standard in a rental, if you can add appliances that not every unit has, like a dishwasher and washer/dryer, you’ll be the star of the neighborhood. People will pay a premium to have these in their unit, so do the math to see if these upgrades will be worth it.
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