Rental Property Upgrades That Will Save You Money
If you own a rental property, keeping cash flow in the green is essential to the property’s success. Not only will you increase your profit, but the additional boon will make it possible to handle emergencies and unexpected expenses with ease. Investing in your rental property with money-saving upgrades is a great way to improve cash flow and make your unit more attractive to tenants. Let’s explore what upgrades you should consider!
High-quality appliances are a great way to impress your tenants and even command a higher rent. You don’t have to spend a fortune, either — second-hand appliances in good condition are often just as nice. A refrigerator with minor dings or scratches works as well as a brand-new one, but might save you hundreds of dollars in upfront cost.
Quality appliances aren’t just nice for the renter; they save you money as well! By spending less resources on repairs, you can avoid major mishaps, like a washer flooding your unit. If you help pay for utilities, Energy-Star rated equipment is a great investment.
Some landlords think that fancy, beautiful landscaping will impress renters and bring in better tenants. Unfortunately, an overly complex yard can intimidate a great renter. If the tenants are responsible for maintaining it, they may not want the extra work of keeping up with Joneses.
Simple, low-maintenance landscaping, however, is often the best way to go. You can save exorbitant expenses; the tenants can spend less time on mowing, weeding, trimming, and so forth. It’s a win-win! Also, the tenants will be happier to have more flexibility when it comes to using the outdoor space and feel at home.
Install Durable Laminate Flooring
Flooring can be complicated. Whether you put down carpet, wood floors, or laminate — it falls to you, the property owner, to repair and clean the floors between renters. Carpeting is easily dirtied, stained, and absorbs odors. Wood floors scratch and need frequent refinishing. Skip them both and go with beautiful, durable laminate flooring. It’s less expensive, easy to care for, and will require less work between tenants.
Make Sure the Market is Receptive to Your Upgrades
It’s easy to want the most beautiful rental in the neighborhood, but there’s no use in making upgrades that you can’t recoup in higher rent. If you make an upgrade, it should allow you to save money or charge more — ideally both!
If you’re looking for help with your property management process, let us show you what we can offer. Our management and real estate services can reduce the stress of being a landlord while still affording you a great income.
Contact us for more information today!