Congratulations, you purchased your first rental property! As a landlord, you’re probably wondering what upgrades you can make that will help increase the value of your property. You can do many things to a home to make it feel more welcoming and inviting, but which upgrades will add value? Let’s take a look!
Landscaping
Nothing is worse than pulling up to a rental property and it being a complete eyesore. Make potential renters want to look inside your property by adding some landscaping and sprucing up your curb appeal. It doesn’t have to be expensive or time-consuming, but adding fresh mulch, planting a few flowers & shrubs, and accenting the porch or entryway with potted plants will make a huge difference.
Paint
Adding a fresh coat of paint is relatively inexpensive and an easy way to cover up any marks or holes in the walls that could draw attention. In addition to painting inside, if you notice peeling paint on an outside railing or paint flaking due to the weather, don’t avoid it. Make sure to handle it immediately before it potentially gets worse.
Flooring
The million-dollar question: Should I have carpet or hardwood flooring in my rental property? Each has pros and cons, but hardwood or laminate wood flooring is the way to go with rental properties. Wood flooring is more durable, easier to clean, and lasts longer than carpet. Also, most renters prefer wood flooring because it looks better and gives a modern look to their rental property overall.
Kitchen & Bathroom Upgrades
Kitchen and bathroom upgrades typically mean dollar signs, but they are some of the best upgrades you can do to add value to your rental property. Adding granite countertops to your kitchen will be expensive but will last a long time. In addition, consider replacing the cabinets if they’ve seen better days or putting a fresh coat of paint over them to give them a new look.
When it comes to the bathroom, upgrading the vanity or adding new modern hardware can change the entire look of the bathroom, and it will go a long way with potential renters.
If you’re considering upgrading your rental property, remember to keep it simple. A few upgrades here and there will make a huge difference overall. If you have any questions about the best upgrades to add value to your rental property, reach out to us! We would love to help!
