There are so many ways to make your rental stand out to prospective tenants. In this article, we’ll be talking specifically about improvements you can make to the interior and exterior of the space. Keep in mind that these upgrades can also help current tenants stay satisfied in the rental unit for longer, increasing your tenant retention.
When evaluating which updates to make, remember to keep your budget in mind. You’ll also want to consider the value of your rental and how much these upgrades may increase it. Make sure you choose upgrades that will help maximize your income, so the upgrades you choose are well worth the investment.
Improve the Interior Space with These Updates
Let’s first talk about painting, because it’s a relatively affordable upgrade to make that can also improve the overall look of the place. Of course, you can paint the walls, but another place to apply paint may be the kitchen cabinets too. While you can upgrade your kitchen cabinets to all new ones, if they’re in good shape, painting them may be a good option. Just make sure to do thorough research or hire a skilled vendor if you’re going to go this route. You want to ensure that you take any necessary steps like sanding them down prior. You also want to ensure the right paint is used since the wrong paint can lead to a finish that doesn’t hold up.
Another way to quickly improve your interior space is to choose new flooring for it. Carpeting is still widely used in rentals. However, you may want to consider going with hardwood or luxury vinyl planking. Hardwood is probably one of the longest-lasting floors while luxury vinyl planking is cost-effective, waterproof, and scratch-resistant. And both options are beautiful!
Now let’s take a look at the fixtures in your rental. What do the knobs or handles look like in your kitchen and bathroom? What about your lights? Fixtures from handles to lights can quickly date your property. If they’re looking old, it’s time to consider making some upgrades. And when it comes to upgrading your lights, think carefully. Consider giving your tenants options such as a dimmer switch and a ceiling fan. They’ll appreciate being able to set different levels of light depending on the ambiance they want to create. They’ll also appreciate those ceiling fans when they’re trying to spread the cool air around.
When it comes to upgrades, pay special attention to your kitchen and bathroom because there are multiple pieces here that you may want to remodel. We already talked about the cabinets and the fixtures, but what about appliances and facilities? In your kitchen, choosing updated appliances can be a wow factor for tenants. Adding a backsplash or updating the countertops can also be beneficial. And in your bathroom, upgrading the toilet, vanity, and/or shower can make all the difference.
Refresh the Exterior Space with These Upgrades
The exterior will be the first thing that prospective tenants see when coming to look at the property. So, it only seems right that you spend some time here. When viewing the exterior of the property, see if the siding, deck, or pathway needs to be power washed. After being power washed, consider if anything needs to be fixed, repainted, and/or refinished. Don’t forget to also check out the parking lot to see if it needs to be resealed or have new lines painted.
Now, turn your attention to the green space your property has to offer. If there are overgrown trees or shrubs, they should be trimmed back so that they look clean and well-maintained. The lawn should be cared for on a regular basis. You may also want to think about adding flower beds and/or a vegetable garden for an added wow factor. If you allow dogs and have a large enough area, you can also think about creating a dedicated space for the owners and their pets to enjoy. Another way to make use of greenery is to add potted plants to your entryway.
One more thing we want to turn your attention to is the lighting. Tenants should feel safe. One of the ways to help increase their safety is by ensuring there is enough lighting outside. Make sure that the parking lot, pathway, and entryway have adequate lighting to help deter potential prowlers or predators from your property.
As you can see, there are plenty of ways you can improve the overall look and feel of your property. When considering some of these upgrades, see how you can also bring eco-friendly updates into the mix like using low-flow fixtures and solar-powered outdoor lights. Many tenants will appreciate your dedication to being green.
If you’d like more ideas and are interested in partnering with a trusted property management company, please reach out to us at PMI. We’re here to help. Visit our website at: http://www.virginiabeachpropertymanagementinc.net.
