4 Simple Ways To Upgrade Your Rental Property

 Finding the right tenants for your rental property can be tough. Making sure your best tenants become lifelong ones can be even trickier. Luckily, there's an easy way to keep your favorite tenants around for a long time. Simply upgrade your rental property.

That's right. When it comes to successfully running your rental property, it's vital you stay on top of necessary upgrades to keep your tenants happy. Regardless of whether you own a single-family home, duplex, townhouse, or apartment complex, it's important that you keep your property looking and running it's very best. After all, the happier your tenants are, the more likely they are to renew their lease with you.

Upgrading your rental property is also a great way to protect your real estate investment. Not only will a state-of-the-art rental property keep your current tenants happy, it will also help you maintain your property more efficiently. This means if you ever decide to sell your rental property, you won't have to waste time making a mountain of repairs. All the hard work will already have been accomplished over years of consistent upgrades and improvements.

In short, you need to upgrade your rental property if you're looking to protect your real estate investment, keep your perfect tenants happy, and effectively maintain your property over the course of many years. Keep reading to learn 4 simple ways you can start upgrading your rental property today.

1.) Give Your Property A Fresh Coat Of Paint

Nothing makes a property look more disheveled than fading, peeling, or chipping paint. Fortunately, this problem is easy to fix. Just give your property a fresh coat of paint. Paint is affordable for most landlords and is an easy way to make a property look more welcoming.

Whether you're painting your property yourself or are having your property manager take care of all of the painting details, it's important to make sure the painting job is done correctly. Remember, sloppy craftsmanship can actually drive tenants away.

When selecting a paint color, go for neutral tones. This will give your property a clean and polished look. It also makes it easier for your tenants to bring their own touch of color to the property.

If you can't paint all of your property at once, make sure you can at least give the following areas a fresh coat of paint:

  • Hallways
  • Bathrooms
  • Kitchens

Freshening up these three areas with a fresh coat of neutral paint can make a huge difference.

2.) Replace Worn Out Doors

A door is one of the first impressions tenants and potential buyers notice when visiting your property. After all, doors that get stuck easily, provide poor installation, or are falling apart from years of use can give your property a negative impression.

A new door can dramatically increase the attractiveness of your rental property. Furthermore, if you look at local hardware stores, you can usually find beautiful doors at affordable prices. Some stores even help with door installation, making things even easier for busy property owners like yourself.

3.) Invest In New Curtains Or Shutters

While it may be tempting to leave the curtains or shutters on your property alone to save yourself a little bit of money, nothing can make a property than frayed, faded curtains or dusty, broken shutters.

Replacing old curtains or shutters with new ones is an easy way to give your property a fresh, modern feel your tenants are sure to love. However, if you're unable to replace all of them at once, at least invest in getting the remaining ones cleaned. Your tenants are sure to notice and appreciate your effort.

4.) Upgrade Your Rental Property's Appliances

One of the fastest ways to impress your current tenants is to give them something they'll really love: upgraded appliances.

It's important to keep track of the general wear and tear your property's appliances receive. Once an appliance gets to a point where it is no longer helpful for you or your tenants, it's time to upgrade. This could mean making repairs or even replacing the worn-out appliance with a newer, more efficient model.

During your scheduled meeting with your tenants, you may notice the various quirks of your property's appliances. For example, perhaps the bathroom faucet is always dripping. Or maybe the oven doesn't heat evenly. Or the dishwasher only works on a particular setting. Take note of all you see. It will come in handy later when you prioritize which appliance upgrades need to happen right away and which ones can wait a little longer.

With the ability to have stores deliver and install appliances, it's easy to make the switch. This makes it easy to keep your tenants happy without requiring much effort. Furthermore, it also gives you more adequate reason to adjust the rent to reflect the improvements you have made to your property.

Getting Started

Not sure where to begin? Don't worry! Many landlords can feel a little bit overwhelmed when it comes to navigating the many aspects of rental property upgrades. If you'd like a little help getting started, consider reaching out to a local property manager. An experienced property manager can have your rental property looking amazing in no time.

However, if you're more of the DIY type, you can browse through our helpful blogs for more useful tips and information.