Maintaining your rental property is essential to protecting its condition and retaining good tenants. Sometimes, you have to think beyond routine maintenance however and take some steps to increase your cash flow and improve the asset.
Every investor wants to increase their Roseville rental home’s value. Making smart upgrades can immediately raise your rental value and set you up for some impressive ROI in the long term.
Here are five cost-effective upgrades that will attract great tenants and support a higher monthly rent.
1. Upgraded Flooring
One of the best ways to upgrade your Roseville rental property is with flooring. Most rental homes have standard carpet and sometimes, that can work just fine, especially in bedrooms. If you’re going to stick with carpet in all or part of your house, make sure it’s clean and durable. Replace it every five years, sooner if it’s stained or worn.
A better idea, however, is to replace that carpet with hard surface flooring. Hardwood floors or tile floors are beautiful and extremely attractive to renters. They’re also expensive. Instead, look at some faux hardwood options. Consider high-quality laminate floors as well. There are some great options out there that are reasonably priced. Hard floors are easier for tenants to maintain and you’ll spend less repairing and replacing them during turnover periods. They’re less likely to trap odors and allergens as well.
2. Kitchen Fixtures
Tenants especially value their kitchen spaces, and if you’re looking for one ideal place to invest most of your renovation dollars, it would be in the kitchen. There are so many options for improvements. Consider putting in a backsplash behind the stove and around the counters. This will bring a classic and modern look to the kitchen and depending on its size, will cost less than $1,000.
Consider new fixtures as well, which will also add up to only a couple hundred dollars. Install a new faucet and freshen up the drawer pulls and cabinet knobs. Consider better lighting overhead.
3. Energy-Efficient Appliances
While we’re on the subject of kitchens, let’s take a look at your appliances. Are they functioning well and do they all match? A white refrigerator with a black dishwasher will just look strange, so make sure everything is uniform. If you’ve been called to repair the appliances or they’re aging, consider replacing them. Energy-efficient models are a great choice because they will last longer, keep electric and water bills down, and provide a perk for environmentally-conscious tenants.
If you don’t already provide a washing machine and dryer, consider installing those appliances. Tenants will always pay more for in-unit laundry.
4. Offer Security and Smart Home Features
Security is something all tenants are looking for, even if your Roseville rental home is in the safest possible neighborhood. Consider installing a security system. Even a low-cost, basic system will provide tenants with peace of mind. You might get an insurance discount, and you’ll also have the ability to monitor your property when it’s vacant.
Smart home technology is now topping the list of features renters are looking for when they rent a home. This could easily make your rental home more competitive in the market and you’ll be able to charge higher rents. Consider smart doorbells, smoke detectors, door locks, and other affordable upgrades to technology.
5. Fresh Paint
Fresh paint is easy because it easily offers the highest return on any investment in upgrades. New paint will not cost a lot and it’s also a quick improvement to make. Your rental property will look newer, cleaner, and more attractive to visiting tenants.
Always choose a neutral tone to attract the largest possible pool of tenants.
There are dozens of cost-effective improvements you can make, and we’d be happy to share more of them with you. Contact us at Action Properties when you’re considering upgrades or facing any Roseville property management questions.