Guest Post Written By: Erin Reynolds find her here.
Metropolitan Contractors specializes in repairing and rebuilding homes that floods, fires, or storms have damaged. Contact us today to learn more!
Upgrade Your Investment Property With These ROI-Friendly Improvements
Investing in rental properties can be a lucrative venture, but it is also important to ensure that the property is up-to-date and looks its best. Not only will this ensure that you have year-round interest from tenants–and therefore, year-round income–it will also boost the value of the property in the event that you decide to sell down the road. Metropolitan Contractors outlines some of the best ROI-friendly ways to improve the look of your investment property.
Remodel the Kitchen
Remodeling the kitchen can increase the functionality, aesthetic appeal and overall value of a home. Ideas for a kitchen remodel could include updating appliances, installing a new backsplash, replacing flooring, and reconfiguring the layout to improve flow and maximize storage space. You can also add a range hood to vent grease, smoke, and odors.
Countertops receive a lot of wear and tear over time, so updating them is an easy way to give your investment property a fresh new look. There are lots of options available these days at various price points, so do some research before making a decision. Consider replacing existing countertops with granite or quartz for a more modern look. This will not only make the kitchen look better, but it will also increase the value of your property.
Update the Flooring
Carpets can become worn out or stained over time, so replacing them with new carpets or refinishing existing hardwood floors can dramatically improve the look of your rental property. Refinishing wood floors also adds value to your investment and will help attract potential tenants looking for a high-end rental. If the floors are carpeted, consider pulling it up and replacing it with laminate, which gives the appearance of real wood but is much easier to maintain–and less costly. Depending on the location of your rental, you might decide to go with a material such as tile; this is perfect for beach houses because it’s easy to clean and lends itself well to the beach aesthetic.
Replace Old Appliances
Nest Finders Property Management notes that appliances are essential in any home, so making sure they are up-to-date is important when it comes to attracting potential tenants. Consider replacing outdated appliances with newer models that have energy- efficient features, such as LED lighting and low water consumption. This will not only make your rental more attractive, but it will also save you and tenants money on utilities in the long run. These appliances add value to homes because they’re better for the environment, so they look great on property listings. Take a look at the various options online and read reviews to find the best fit for your needs and budget.
Repaint the Exterior
The outside of your investment property should be kept up as well. Repainting the exterior of your rental can give it a fresh new look and help draw attention from potential tenants who may be looking for a place to rent. Better Homes & Gardens suggests being sure to choose colors that match the neighborhood and are pleasing to the eye. Neutral shades are best because they allow you to add pops of color with flowers or other curb-appeal accessories.
Update the Landscaping
Landscaping is an often-overlooked aspect when it comes to improving an investment property’s appearance, but adding plants and flowers or even creating a small garden can go a long way toward making it more attractive. Research what plants work best in different climates and environments before investing too much money. It’s also a good idea to take a look at local regulations when it comes to using certain items in your landscaping, such as a rain barrel.
Add Some Shine
Adding extra polish to your rental’s exterior by installing metal lettering cast in bronze, stainless steel or aluminum can set off its curb appeal by adding an extra layer of sophistication. These types of letters come pre-cut (or custom cut) and ready for installation, making them quick and easy additions that add visual interest without breaking the bank. Check out your options online and choose the finish that looks best with the coloring of your property.
Showcase Your Property With a Brochure
Once your property has been renovated, what better way to showcase it than with a brochure. You can develop promotional material with unique designs yourself by using free online tools that provide professionally designed templates that you can customize. It’s a simple and quick process, and once you download the brochure you can print it out for distribution or upload as a digital file to a website or social media to get the word out and show off the work that’s been done.
Use Accounting Software to Handle Finances
Using accounting software as a landlord can help simplify financial tracking, allowing for the easy management of rental income and expenses, while also providing clear record- keeping and making tax time less stressful. By automating financial tasks, landlords can save time and focus on other aspects of managing their properties. The accounting software options are plentiful on the market, choose the best one that fits your specific bookkeeping needs. If you need help choosing the best software, Small Business Support Services can help choose. They have extensive experience in implementation and managing of accounting systems for Property Managers.
Running a rental property can be extremely lucrative, but in order to make money, sometimes it’s necessary to spend a little. Investing in your property with updates such as a garden or new appliances will ensure that you’re able to attract renters throughout the year and will also boost the value of the home. Don’t forget to use accounting software to track your finances or hire a qualified bookkeeper to manage your books for you.