Top 5 Overlooked Rental Property Upgrades
When a tenant walks into your rental, they don’t see the big ticket items – plumbing, electrical, foundation or roof. They notice the look and feel, seeing if they can picture themselves living there comfortably. Sometimes, the superficial things are huge factors in attracting the best tenants. Investing in the look and feel of your property is one of the most important things that tends to get overlooked.
1) Light Fixtures
Dated light fixtures give the appearance that the unit itself is older than it may be. If you’ve got light fixtures from the 1970s then the whole apartment can feel like it’s from the 70’s. These fixtures can be easy and cheap to replace, and typically you won’t need an electrician (unless your wiring is equally out of date). You can buy simple and elegant light fixtures for under $30 at almost any home improvement store and you’d be surprised at the dramatic effect it can have.
2) Light bulbs
You’d be shocked how many times you walk into a rental unit and light bulbs are missing, burned out or are old incandescent yellow tinted bulbs. When your rental property turns over, replace all missing and burned out bulbs and upgrade every bulb in the unit to bright, white LEDs (and don’t have mismatched bulbs in your place. Replace them all at the same time). These are not only way more energy efficient, saving you money, but they make your rental property feel brighter, more welcoming and like it’s full of energy and potential. Nothing is worse than a dark, dingy feeling unit and something as simple and cheap as new light bulbs will really help your place stand out. The added bonus is that your pictures for your ad will look sharper, crisper and showcase your unit wonderfully. Yellow light, as opposed to white light, makes your photos have a yellowish hue which immediately makes your unit look dated and old. Clean white light will make your photos shine.
3) Kitchen Cabinets
If you’ve got an older kitchen, you likely don’t need to replace all the cabinets unless they are broken or damaged. The easiest and most cost-effective thing to do with older kitchen cabinetry is to simply get them painted. A new coat of paint will make your kitchen cabinets feel fresh to a new tenant and modernize the overall appearance of your kitchen. The kitchen is a centerpiece of a home – an old, worn look for your cabinets brings down the entire feel of the apartment. People want to feel energized in the kitchen and many use it as an entertaining space. What better way to make your tenants want to stay forever then to give them a kitchen that feels like new.
4) Common Spaces
If you’ve got a property with more than one unit, chances are there are some common interior walkways, stairways, entryways and laundry rooms that all of the tenants use on a regular basis. These are often the most neglected spaces in a building and are viewed as an afterthought by most landlords. However, your tenants are experiencing those spaces on a daily basis and form part of their extended home. Make sure that all common spaces are bright and welcoming. Upgraded lighting, new paint and regular cleaning go a long way to making a building feel like home.
Moreover, spaces that are dark, dim, or are dirty, feel old and unappreciated, which can invite others to treat them like that. The best way to ensure your tenants make every effort to treat your building well is for you to invest in making the common spaces feel great to be in. Bright lighting in halls and stairways help people feel safe and can prevent slips and falls. Routine cleaning helps keep standards high and makes tenants feel like you care about making sure they have a clean home. Bright, high quality and scratch resistant paints means that every time your tenant enters your building and walks to their front door they feel good about where they live.
5) Building Exterior
Curb appeal is real. If you’ve spent good money renovating the building interiors, don’t skimp and neglect the exteriors. No matter how nice the inside looks, no tenant wants to walk up to their home and see it dirty and falling apart. Power washing the exterior on a regular basis, budgeting for new exterior paint as part of your maintenance plan, upgrading any damaged or broken siding and eavestroughs, ensures that your property looks like it’s worth the rent you are charging. Tenants feeling pride in their home is the best way to ensure on-time rent payment and a damage-free rental experience.
Do your part to make sure the property looks and feels great and you’ll have no problem attracting the best tenants. High quality tenants are looking for high quality homes and the biggest mistake you can make is to overlook these simple and cost effective ways to keep your investment property at the top of its game.