- Replacing old cabinets, countertops, appliances, toilets, sinks, and showerheads in the kitchen and bathroom can make a big difference.
- Painting walls with neutral colors or adding an accent wall to add personality to the property.
- Installing new floorings such as hardwood, laminate, or luxury vinyl planks can significantly upgrade your rental property.
- Fixing damaged siding, repairing the roof and trimming trees in the yard are ways to improve the exterior of your rental property.
- Installing smart technology such as thermostats, security systems, and appliances can add convenience, safety features, and energy savings.
Owning a rental property can be a great investment, but it requires upkeep and improvements to keep it attractive to potential renters. Upgrading your rental property not only helps retain current renters but can also attract new ones. Here are five tips to upgrade your rental property.
1. Upgrade Your Kitchen and Bathroom
The kitchen and bathroom are two of the most critical areas in a rental property. Upgrading these spaces can increase the value of your property and attract potential renters. One way to upgrade your kitchen is to replace the old cabinets and countertops with new ones. You can also update your kitchen by adding new appliances such as a fridge, oven, or dishwasher. Replacing an old and worn-out toilet, sink, or showerhead for your bathroom can make a big difference. Adding new tiles, a fresh coat of paint, or updating the lighting can also help upgrade the bathroom.
2. Repaint the Walls
Painting the walls is one of the most cost-effective ways to upgrade your rental property. A fresh coat of paint can make the rooms look brighter, larger, and cleaner. You can choose neutral colors like white or beige, which are versatile and appeal to a wider range of renters. If you want to add personality to your rental property, use bold colors on an accent wall.
3. Improve the Flooring
Old, damaged, or stained flooring can make a rental property look unappealing. Installing new flooring can significantly upgrade your rental property. Hardwood floors, laminate, or luxury vinyl planks are popular for renters. These materials are durable and easy to maintain, making them ideal for rental properties. Carpeting is also a popular choice but requires more maintenance.
4. Improve Your Home Exterior
The exterior of your rental property is the first thing renters see. Maintaining and upgrading the exterior is essential to make a good first impression.
Here are tips to improve your home exterior:
Fix Your Siding
Repairing any damaged siding is one of the most important ways to make a good first impression with your rental property. Cracked, broken, or warped siding looks bad and can also be a sign of structural damage that could lead to costly repairs. To ensure your home’s exterior looks its best and lasts for years, hire a professional siding repair service as soon as possible. A qualified service will diagnose any underlying issues and use high-quality materials to fix the problem quickly and correctly.
Repair Your Roof
Make sure that the roof on your rental property is in good condition. Regularly inspect the gutters and downspouts for clogs that could cause water damage or leaks. Also, look for missing shingles or other signs of disrepair, like broken tiles or exposed nails. Having a well-maintained roof can help protect your rental from weather hazards like storms and snowfall.
Update Your Landscaping
Landscaping is another way to spruce up the exterior of your rental property. Start by examining the current layout and deciding what you want to change. For example, adding flower beds or bushes can instantly brighten up the look of your home. Adding mulch around existing plants helps remove weeds and gives a polished appearance. If you have trees, trim them so they appear neat and uniform. Consider adding outdoor lighting to make your rental property stand out even more.
Install Outdoor Lighting
Outdoor lighting can provide a unique touch to the exterior of your rental property. You can install motion-activated lights for safety or decorative string lights for a cozy, inviting atmosphere. Solar-powered lights are also a great option because they are energy-efficient and won’t add to your electricity bill. Before installing lights, know the rules and regulations of your rental property’s city or neighborhood.
5. Install Smart Technology
The use of smart technology is on the rise and can be a great way to upgrade your rental property. Smart thermostats, security systems, lighting, door locks, and appliances are some popular options that renters look for when searching for a rental property. These features make the rental more attractive and offer convenience, safety, and energy savings.
Upgrading your rental property can be an investment in the long run. The tips above can help make your rental property more attractive to potential renters and retain current ones. Upgrading the kitchen and bathroom, repainting the walls, improving the flooring, upgrading the exterior, and enhancing the curb appeal are simple yet effective ways to upgrade your rental property.