Owning rental property means staying up to date with maintenance as well as overall property needs. It is important to have detailed information about every property you own, ensuring that you complete upgrades when needed. From appliances to painting and new flooring, upgrades help you to make money on your property, as well as keep tenants happy.
So, what upgrades can you make that will add value and make you money? To begin, you can make upgrades to the kitchen and bathrooms. These are the real money makers. Potential tenants are looking for updated kitchens and spa-like bathrooms. Upgrading these areas when a rental property is empty can help you to increase the total rent you collect each month as well as attract premium tenants.
When updating a kitchen, be sure to use neutral designs and avoid staying on trend too much. Trends can come and go, and you want the kitchen to stay in style for years to come. By remaining neutral, you appeal to more renters as well as avoid the need for updates on a regular basis. With the kitchen, consider adding premium appliances. This decreases the amount of maintenance needed as well as creates an appealing space.
In a bathroom, choose updates that make the space light and airy, not dark and dingy. Bathrooms can become dirty quite quickly, so installing bright tile flooring can help with making the space feel larger as well as cleaner. Add a linen closet nearby or additional storage so tenants have plenty of space for towels and other essential bath items.
Another area to consider when upgrading the property is the exterior. From landscaping to replacing siding, there are many ways you can update your investment to appeal to more renters. The goal is to create an inviting exterior, helping potential tenants to envision themselves living in your property. Take a look outside to see what you might change that would make your property more appealing. Even the smallest of changes can have a big impact and help you to make money on your investment property.
Before starting any upgrades, take a look at your property management software. You want to look at how the property has performed in the past, how much rent it took in and how any changes might be of benefit. By using the information you have and considering how much value will be added with upgrades, you can determine a new monthly rent price and hopefully earn even more from your investment property.
VerticalRent® is not a law firm, and the employees of VerticalRent® are not acting as your attorney. Our educational blog or landlord forms engine is not a substitute for the sound advice of a local attorney, whom is familiar with your local laws and regulations. VerticalRent® cannot provide you with legal advice, nor are we permitted to engage in the practice of law.
We are prohibited from providing you with any sort of advice, opinion, explanation, or recommendation about your possible legal rights – which may include remedies, options, defenses, or the selection of landlord forms available on the VerticalRent platform. Our platform is designed to provide landlords and property managers with powerful online tools to screen applicants, collect rent online, advertise vacancies, and generate free landlord forms. To that extent, our blog often publishes general information on issues commonly encountered by landlords – such as evicting tenants.
Although VerticalRent takes every reasonable effort possible to ensure the accuracy of its consumer reports and landlord forms, we do not guarantee or warrant the information to be correct, complete, or up-to-date. The law changes rapidly across the United States, from jurisdiction to jurisdiction. We will not be held responsible for any loss, injury, claim, damage, or liability related to the use of our blog, landlord forms or consumer reports generated from this platform.