5 improvements to make your rental property more profitable

5 improvements to make your rental property more profitable

Maintaining a rental property can be a tricky business. While on one hand, you want to invest in quality features that attract high-paying tenants, you also don’t want to spend so much on maintenance that you’re losing money in the end. To maximize profit, invest in upgrades that essentially pay for themselves. These five improvements ensure both you and potential tenants are satisfied with your rental property.

Rental Property Kitchen Improvements1. Update kitchen appliances and bathroom utilities

Tenants don’t want ancient cooking appliances; they also don’t want to bathe in bathrooms that have stained tubs. When calculating your budget for upgrades, start with the kitchen and bathroom to ensure each room is kept up to date and clean. Take a look at a Floform showroom to get some great affordable ideas for your kitchen and bathroom countertops.

2. Replace fixtures

Oftentimes replacing small details like fixtures can make a big difference to tenants. Get rid of that leaky faucet or install a showerhead with better water pressure to improve their overall living experience.

3. Paint drab walls when necessary

No one likes to live in a drab apartment or house. When the walls are starting to appear dingy, add a fresh coat of paint to maintain your well-kept space. White and off-white are good colors for rental properties, not only because white is trendy right now, but also because the color is versatile and works well with a variety of furniture items and accessories.

4. Decide which flooring makes the most sense for your rental property: hardwood or carpet?

If your rental property is a house and you allow pets, then hardwood is probably the more practical option of the two. Carpet can become easily stained and is expensive to replace. Hardwood floors, on the other hand, tend to be more versatile, as well, because they can be adorned with rugs.

One benefit of carpeting is that it absorbs sound. For apartment units with several floors, carpeting might be a good option to improve tenant satisfaction. It’s also less square footage, which means there will be less carpet you’ll have to replace in the future.

Rental Property Landscaping4. Pay attention to landscaping

First impressions are important, and how well you take care of your property’s landscaping could influence a person’s decision of whether the cost of your rental is reasonable. Keep the lawn manicured and take advantage of a decent-sized lawn to add ornamental flowers. We get quality signage at foamcoreprint.com

To secure a profit from your rental property, sometimes you have to spend a little money. Invest in these five improvements to increase the value of your rental units, as well as your income.

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