A rental property is like a business. Sometimes you have to spend money to make money. But, with so many landlords struggling to make a profit, that’s not always easy.
So, we’ve compiled a list of 9 improvements to increase your rental’s value, including intelligent and cost-effective ideas for any budget.
Improvements to Earn More Income From Your Rental Property
When it comes to making upgrades or repairs to increase your Chandler rental property’s value, there are a lot of things to choose from. Some are a bit pricey and some are surprisingly cheap.
What matters is that the improvements are focused on what tenants want and what will make your rental property more attractive.
Here are some of the best rental property improvements you can make:
1. Upgrade the kitchen:
The kitchen is one of the most important rooms renters look at. It’s where they’ll spend much of their time and it can be a deciding factor when they choose a place to rent.
Luckily, there are things you can do in the kitchen no matter your budget.
If you have a large budget you can install brand-new appliances and update the cabinetry and countertops. You can also change out the lighting fixtures to modernize the look of the kitchen.
If you have a smaller budget, you can change out the handles on doors and cabinets, add a backsplash behind the stovetop, or a fresh coat of paint.
2. Add a DIY fresh coat of paint:
Speaking of a fresh coat of paint, that can work in any room. A fresh coat of paint will make a big difference in the appearance of your property. It’s smart to use neutral colors to appeal to as many prospective tenants as possible.
Bonus: While not appealing to everyone, freshly painted walls can make your rental property smell “new.”
3. Improve the landscaping:
How your rental property looks when prospective tenants arrive is very important. That’s why landscaping can make a big difference.
It can be as simple as keeping the lawn trimmed and well-maintained or planting new flowers or shrubs.
But, if you have the budget, you can install extensive outdoor lighting and have professionals come in and redo the beds and tree wells. You can also build an outdoor seating area that feels like an extension of the living room. It’s also a good idea to repair any sidewalks.
4. Install new flooring:
Flooring can make a big difference when it comes to making your rental property more or less appealing. Floors with stains in the carpet or warps in the laminate can make your rental property look dated and uninviting.
The best choice for flooring for your rental property is probably luxury vinyl flooring. They look like hardwood floors without having to maintain them, and at a much cheaper price.
If you don’t want to install all new flooring, have the floors professionally cleaned and repaired if necessary.
5. Upgrade the bathroom:
Much like the kitchen, the bathrooms in your rental home can make a big difference. Small, cramped bathrooms with old appliances can immediately turn prospective tenants off. Any lingering stains in the tub or shower walls will make conducting tours a waste of time.
So the first thing you can do is make sure the bathroom is spotless. This can be done with elbow grease or by hiring professional cleaners.
Other simple things you can do is update the lighting fixtures, paint the cabinets, and add new hardware on drawers.
Of course, a full bathroom remodel always helps if you have the budget for it.
6. Increase storage space:
Storage can be at a premium when it comes to rental properties, and it’s probably one of the reasons tenants are moving to a new place. By adding extra shelves or turning a coat closet into a utility closet, you can provide extra storage space with what you’ve already got.
If you have the budget, walk-in closets are on many tenants’ must-have lists. Built-in bookcases also add ample storage space. A shed in the backyard is also a great idea.
7. Upgrade the lighting:
You can upgrade the lighting by switching out fixtures in all living spaces.
New lighting can change the whole look of a room. You can make your property more modern, rustic, or minimalist just with light fixtures.
Prospective tenants will also appreciate new energy-efficient light bulbs because it saves them money on utility bills.
8. Improve security:
Tenants like to feel safe and secure. A security system can bring a lot of peace of mind, as can outdoor automatic security lights. Upgrading the locks on doors and windows can also make a big difference in the perceived value of your property.
9. Upgrade technology:
There are all kinds of technology upgrades you can make to your rental. Some include biometric locks on the front and back doors. You can also allow tenants to install a Ring® doorbell.
Upgrading technology can also include the rental process. Virtual tours or self-guided showings can save you a ton of time while making viewing your property much more convenient for prospective tenants.
Choosing the Best Improvements to Increase Rental Value
Every improvement to your rental property should be an investment that pays off over time. Think about how much the improvement will cost and how much rent you can charge afterward.
Also, look at similar properties in the neighborhood to find which upgrades could set you apart from the competition. For example, if most rental homes in the area don’t have upgraded appliances in the kitchen, you can increase your rental’s value by installing new ones.
Keep in mind that any improvements should be about giving the tenant a better experience, from touring your property to day-to-day living.
Ask a Chandler Property Manager for Advice
Every dollar you spend on your investment property is important. Not understanding what tenants want can end up costing you thousands of dollars.
At Brewer & Stratton Property Management, we’ve worked with tenants in Chandler, AZ, for over a decade. We know what attracts Chandler tenants and can help you decide which rental property upgrades will be the most cost-effective.
We’re here to help. Get in touch and discuss options with the best Chandler property management.
Check out this blog if you want to learn more about improvements to increase rental value.