Whether you own a few rental properties or an entire apartment complex, shelling out money for upgrades and improvements are probably not at the top of your list.
But as in any money-making endeavor, sometimes you must pay to play. The truth is, upgrading your rentals could benefit your bottom line long term with potentially higher rent and lower vacancy rates.
Are you showing a property but not getting a prospective renter to sign? In many areas of the county, such as Bethesda and Potomac, competition is fierce with rental properties. A noticeable update could make the difference between a property sitting vacant for months and a quick turnaround time between leases.
Get Out The Paint
A fresh coat of paint will do wonders for your rental. A pleasing neutral color will immediately spruce up a property. Newly painted rooms look cleaner, brand-new, and are enticing to a prospective renter.
Though it might seem extravagant at first, if you are able, buy quality paint in bulk, it will pay off in the long run. Cheap paint could get too thick and hard to mix, which could slow down the painting process. Plus, it’s a good idea to have extra paint on hand for the necessary touch-ups down the line. It’s much easier to use the same color to than to try to match a new color and fail.
Bring In The Greenery
Is the exterior of your rental a little bare and brown? If you have grass, keep the lawn trimmed, fertilized, and well maintained. Consider adding some low maintenance shrubs, trees, and flowers for added outdoor appeal. If they are taken care of, annual flowers will bloom for many years, keeping your landscaping costs low after the initial planting.
Inviting outdoor plants and shrubs are a pleasing first impression to prospective renters, and will provide continual happiness for long-term tenants.
Power Wash The Exterior
Sometimes all you need is a little elbow grease. Power cleaning the exterior of your rental will improve the outside appearance of your property immensely. Hiring an expert is relatively inexpensive, but you can also reasonably rent all the equipment you need if you want to do the job yourself. Make sure all the windows are closed!
Add A New Door
Exterior doors receive plenty of wear and tear from the weather and general use. A new door will not only look good but will create a sense of added security too. Connect with your area hardware or supply stores for the best prices on doors and installation.
Update The Kitchen
Depending on how much you want to spend, or how much time you have between renters, upgrading a kitchen is a sound investment. The kitchen is the meeting place for family meals and entertaining guests, and one of the first areas that pique a prospective renter’s interest.
Potential kitchen updates include painting or replacing cabinet doors, adding a decorative backsplash, installing a new countertop and upgrading the appliances.
Swap Out Wood Flooring For Carpet
Carpets are difficult to keep clean. Every red wine spill, pet accident, or dropped bowl of spaghetti leaves a telltale sign on a light-colored carpet. Carpeting also shows the signs of daily wear-and-tear rapidly.
Ripping out the carpets and installing wood flooring will make your rental a standout. Flooring is much easier to clean, maintain, and holds its value much longer.
Wood floor will put your property at the top of any renter’s list!
Consider Your Options
If your property is looking a little worse for the wear, try these added upgrades for a value-added boost!
If you would like to learn more, contact us. We would be happy to help you maximize your rental. As one of the most well-recognized property management companies in Bethesda and throughout the entire county, we know how take the worry out of having a rental property and work towards top rental rates for our clients.
