6 Property Upgrades to Increase Your Monthly Income and Property Value, Winston Rowe and Associates
Investing in upgrades for your rental property, you will be able to command a higher rental rate and higher quality tenants.
By: Winston Rowe and Associates
6 Upgrades to Increase Income, Value and Retain Tenants
1] Appliances are relatively cheap in terms of remodeling/upgrades and something that should be upgraded and matching in your rental property. The appliances do not have to be top of the line, but they should be new and in great condition.
2] The kitchen is considered one of the showcases of a home and should be equipped well and have nice surfaces. If you do not have high-end countertops, consider replacing them. The point is to have nice countertops and kitchen cabinets that look clean and inviting.
3] The flooring should be clean and intact in your rental property. Consider replacing linoleum flooring with tile or laminate to give a clean appearance and to advertise as pet friendly. The cost is well worth the aesthetics it will give and the increased rental price you can acquire with tile flooring.
4] Ensuring that your front and back yard is in great shape, has nice and attractive shrubs, and trees is a way to invite tenants to consider your property, the curb appeal is very important. Also, adding a fenced garden is trendy at little cost.
5] Invest in vinyl siding, which improves the exterior appearance of any house. It also cuts down on the maintenance of having to paint every few years. This is the first thing a tenant will see and if it is not in good order, they will assume the interior is of the same quality.
6] Don't rent to smokers of anything, you will never get rid of the smell without spending thousands of dollars to get rid of the smell and damage to the property. Quality tenants will quickly move or not renew their lease.
Regardless of what options you choose to upgrade, ensure that you are upgrading something in the interior and exterior your rental property.
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