One of the keys to maintaining a profitable rental property is minimizing vacancy times. besides doing your best to retain good tenants, you need to know how to attract new tenants quickly when your property is vacant. Here are some great property upgrades to help you stage your property effectively.
A Fresh Coat of Paint
As most seasoned property owners know, adding a fresh coat of paint between renters is a pretty standard, and very affordable, way to improve the look of any indoor space. Sometimes it's simply a necessity, as scrapes and scuffs on walls are common occurrences.
One of the quickest ways to turn off a prospective renter is to have outdated appliances in your property. Kitchens are a major selling point, even for renters. ENERGY STAR appliances are the way to go and can be touted as a money saver for renters on their monthly utility bills. Aesthetic appeal and practical modern features on appliances, like front-loading washing machines or a large-capacity dishwasher, are also alluring to prospective renters.
Additional Kitchen Upgrades
There's no sugarcoating it… some upgrades don’t come cheap. Kitchen cabinetry and countertops are among those likely to be pricey. However, granite/stone countertops and new cabinets can transform a kitchen from average to stunning. Besides the building up your property as in-demand, these upgrades can help you justify premium rental rates.
There are other kitchen upgrades that aren't expensive, but can give you a lot of bang for the buck. New sink fixtures are a nice addition, but one of the more underrated amenities that you should consider, if it's missing, is a garbage disposal. A survey from the National Multifamily Housing Council found an overwhelming 88 percent of apartment renters were interested in a kitchen with a garbage disposal. Even if your property isn't an apartment, this is the kind of perk that would translate to any rental property type.
In addition to kitchens, bathroom upgrades compete as a top priority for your rental upgrade dollars. They both have one need in common: renters want both of these rooms to feel clean and inviting. While you may need to do a major upgrade overall, even simple and inexpensive modifications like new fixtures or vanities can upgrade the bathroom significantly.
Doors and Windows
Your property's doors and windows can impact a prospective renter's decision, even if they aren't consciously considering them. Updated doors and windows can make your property's facade pop! Plus, if they look great, they can set a welcoming tone, right from the start.
Property owners can only expect to get as much from their investment as they are willing to put into it. That includes making sure it's presented in such a way that your property will always be in high demand and occupied by quality tenants. Looking for tips to help you improve the look and marketability of your property? Contact Zenith Properties today!