Home up-gradation plays a significant role in boosting your property’s rental value. It helps landlords attract quality tenants and earn consistent income with long-term tenancies.
As an investment rental property owner, expecting maximum rental income, minimal expenses, and increased resale value is fair, home upgrades can be a crucial step towards fulfilling these investment goals.
Upgrades make your rental property more attractive and livable for your renters. They also add to the aesthetic appeal of the house. Here are five home upgrades that can help you to increase the rental value of your Merced rental property.
Improve The Flooring of Your House
Flooring is an integral part of the house and, therefore, must be strong, durable, and attractive. There are options to upgrade your flooring – carpet flooring, laminate and wooden flooring. Many landlords prefer carpet flooring due to its cost-effectiveness. However, you may be required to change it at the end of every lease.
Besides, washing carpets can gradually make them dull and tone down the aesthetic of your living room. If you have a sufficient budget, use laminates, hardwood, faux wood, bamboo, or planks to improve the quality and appearance of your flooring. You can also opt for ceramic tiles or travertine tiles, for long-lasting flooring.
Illuminate Your House with Bright Lights
Replacing the old lighting with new and bright ones throughout the house can transform the unit’s appearance. It can add to the ambiance of your rental and make it appear larger and more spacious. Also, old bulbs and lights can consume more electricity and provide dull light. Therefore, consider using energy-efficient lights such as dimmers and LED lights.
There is a wide variety of lighting available in the market. If you have enough budget, consider adding lights to the front and back yard. You can select ambient lighting, accent lighting, and task lighting based on the requirement of your house. Adjustable track lights or single spotlights are more options you can think of. Upgrading the lights can change the aesthetics of your home and earn more return on your investments.
Upgrade The Bathroom
Upgrading your bathroom can be a differentiating factor for your tenants. You can replace the mirror, sink, dressing table, countertops, and storage to make your bathroom fresh and modern.
Adding toiletries, a towel rack, light fixtures, and plumbing are easy and affordable upgrades that can dramatically change the look of your bathroom.
Upgrade Kitchen Appliances
Keeping old and non-functional appliances in your rental for years can put your rental value at risk. Potential tenants will appreciate the look of well-furnished cabinets, attractive countertops, and smart home appliances in your kitchen.
Besides, upgrading the kitchen with smart and compact devices, such as a microwave, oven, dishwasher, refrigerator, and others, can improve space utilization and make your rental eco-friendlier and more sustainable. Consider upgrading faucets and fixing the repairs and leakage in your kitchen, if any. Make sure you add hanging light over the countertops. It will make your kitchen more aesthetically appealing, and further add to the value of your house.
Upgrade Your Windows
It is essential to upgrade windows and doors to make your rental look more appealing and facilitate ventilation. Old or cracked windows might break after some time and pose a safety risk for your tenants. Consider replacing cracked windows, sidings, and door handles to ensure maximum security. Make sure you wash the glasses of your windows during maintenance. It will allow more light into the house and provide your tenants a nice outdoor view.
Apart from this, coating the walls with fresh paint, landscaping and upgrading the lawn, installing safety devices such as door phones, fire extinguishers, smoke alarms, and installing smart technology are some other ways to increase the value of your rental property.
Investing in upgrades may seem costly and time-consuming. However, it will assist you in attracting potential tenants, retaining the renters, and optimizing your rental income in the longer run.
For more advice regarding home optimization, cost-efficient home upgrades, or rental property maintenance, contact us at River Drive Properties.