Good morning, Multifamily! Please welcome guest blogger, Jessica Kyriakos, to the Property Management 2.0 Blog! Have a prosperous week, _Trevor
Easy Rental Property Upgrades
The rental property market can be very competitive. Sometimes you need to make upgrades to keep your current tenants happy and attract new ones. When you don’t have a large budget, here are some easy and affordable upgrades to consider.
Reface the Cabinets
If the cabinetry in your units is in need of an upgrade, consider refacing them instead of replacing them. You will get a great modern look with a much lower price tag. In fact, with a professional refinishing of quality cabinets, and the addition of a few new fixtures to the bathroom or kitchen, your space can look brand new at a fraction of the cost.
Focus on the Exterior
The look of your property’s exterior is essential to attracting potential renters. Consider adding a few touches outside to make it look great while also adding function to the space. For example, setting up an outdoor courtyard with picnic tables, grills, benches or patio seating invites your community’s residents to spend some time outside.
Do you need new flowers in your garden? Plant them to help entice interested tenants, and to encourage them to look closer at your property.
As you look at the property’s exterior, don’t neglect the building itself. If the trim or shutters need a new coat of paint, you can add it affordably to help spruce your unit’s exterior.
Upgrade Appliances
Are the appliances in your unit in need of attention? People want appliances that work well, and you can upgrade more affordably than you might think. Instead of buying the latest and greatest, upgrade — but upgrade to a simple, yet attractive model. Your current tenants will appreciate the new appliances, and you will be able to advertise “upgraded kitchens” when you look for new tenants.
Investing in New Flooring
Flooring may not seem like a budget-friendly investment, but the right flooring can be in the long run. For example, if you make the switch from carpet to hardwood, you will pay more upfront. Yet, hardwood flooring is highly desirable to potential tenants, and when you have a tenant leave behind a mess, it’s simple to refinish the hardwood. If you can spare a few extra dollars, splurge for hardwoods in your rental properties for lower maintenance costs in the future.
Budget-Friendly Fixtures
If the space needs to be modernized, lighting fixtures are the way to go. These can be quite affordable, especially if you don’t go for the high-end options, and can make a huge difference in the way the space looks. Clean, functional and new lighting fixtures will dress up the space significantly.
When swapping fixtures, don’t forget about the faucets. These are cheap and easy to replace, if you have some basic DIY experience, and make the space look fresh and clean.
Remember, upgrades to your rental property do not have to be costly, but they can make a huge difference in how satisfied your tenants are and how quickly you find new ones when you have vacancies. A little bit of money spent now can lead to much less money lost in the future.
About the author:
Jessica Kyriakos is Brand Manager for Webcoat, Inc. (www.webcoat.com) in McAlester, OK. She has 15 years of experience in the site furnishing industry, which brought her to her current role at the company. Webcoat provides outdoor amenities, like picnic tables, grills, trash receptacles and more for your outdoor space.