According to data from the Pew Research Center, there are 48.2 million rental units in the U.S. If you own one or more of these units, you know how important it is to invest in maintenance. In addition to routine upkeep, though, you can also invest in upgrades that may reduce vacancy rates and boost rent revenue, too. Consider the following seven improvements that can offer a great return on investment for property investors.
1. Replace Old Doors and Windows
Many rental units feature older doors and windows that are aesthetically unappealing and wasteful when it comes to energy efficiency. The older these fixtures are, the more likely it is that they allow leakage due to a degraded seal. This leakage will make it difficult to keep the home warm or cool because air continuously escapes through the broken seal. You can fix this and ensure that your tenants are comfortable by replacing any doors and windows that are more than 15 year old.
2. Install a New HVAC System
Sometimes the inability to maintain a stable climate isn’t due to old windows and doors. Sometimes it’s because the HVAC system in a home needs to be replaced. If this is the case, you should invest in professional AC installation in Tampa. Partnering with an experienced HVAC professional is the best way to solve this problem promptly. A new HVAC system is also a fantastic investment in the value of your rental property.
3. Get Rid of Old Flooring
Flooring trends come and go, but dirty carpets will always be out of style. If your property features carpets that are obviously worn, it’s time to rip them up and invest in a new form of flooring. Experts say that carpeting may need to be replaced as frequently as every five years. When you’re considering its replacement, it may be wise to opt for a hard surface flooring material such as vinyl or laminate. This type of floor is often appealing to prospective tenants, and it’s also more durable than carpet.
4. Cultivate Curb Appeal
Even if your property has a spectacular interior, it may be difficult to market if it has a drab exterior. It’s important to put time and effort into the curb appeal of your unit and make it look welcoming to potential renters. To do this, you can power wash the exterior to eliminate any grime and dirt that’s accumulated. You can also apply a fresh coat of paint to brighten it up a bit.
5. Landscape the Property Exterior
Landscaping is another effective way to invest in the curb appeal of your property. Indeed, adding a few plants and bushes can be a very impactful upgrade and turn a lackluster property into an inviting home. Some of the most cost-effective landscaping options include planting perennials or planting a mature tree outside the property. These elements add visual appeal to a property and often offer a great return on investment.
6. Add a Washer and a Dryer
When renters are looking for their next home, they want amenities that make their life easier. If you can offer your tenants convenience, you’ll be able to demand higher rent, and you’ll likely see lower turnover, too. This is why adding a washer and dryer to your property is one of the best upgrades that you can make. Nobody wants to walk to a laundromat when they can do their own laundry at home.
7. Renovate the Kitchen
If your property features an outdated kitchen, you’re leaving money on the table. Old appliances, unattractive countertops, and worn cabinets will repel prospective renters and drive down the value of your property. A kitchen renovation is a great upgrade—and a necessity, if you want to maximize the property’s potential. Get a few quotes from local renovation professionals to see how much the job will cost. Even if it’s pricey, you’re likely to earn the money back quickly by setting rent at a higher rate — and you’ll be able to do so when you have an upgraded kitchen.
These upgrades will improve the appeal of your investment property and ensure that it’s in high demand. Partner with qualified professionals to make the necessary upgrades.