Rental Property Upgrades - Anton Systems

Rental Property Upgrades Can Go a Long Way

If you are the manager of a rental property of any kind, then you may be looking for new ways to increase the value of your property without doing too much work on your end or spending too much of your budget. Luckily, there are a few ways to incorporate rental property upgrades that will really do wonders for your building!

Consider Some Rental Property Upgrades

Start with the outdoors. You don’t have to go too crazy (again, we’re trying to cut back on spending), but a few decorative additions in the outdoor areas can really make a big difference. “Hire a landscaper to prune trees and shrubs, and when you’re trying to rent, add decorative touches, such as hanging baskets and potted plants near the front door.” You want people to feel welcome, of course, but it will also add value in their minds as it gains visual appeal.

Other rental property upgrades include adding a fresh coat of paint to the spaces. If it’s a single-family home, then you can choose particular rooms like the kitchen and bathrooms to focus on, but if it’s an apartment building or similar, then spruce up the colors in the lobby, elevators, and hallways! Your residents will be impressed by the change as it will give everything a new feel. It’s “low-cost and not terribly time-intensive,” so this is one of the best ways to update without having to bend over backwards.

What’s the state of your front door? You may not have ever thought of this before, but since this is the literal entryway to your property, it should be something that you can be proud of. You want the people who live here or visit to come in and think of the place as well-maintained. If your front door is old, dirty, and/or broken, then you may give the wrong impression and scare people off, greatly reducing the chance that they’ll apply for residency, and generating a bad reputation for yourself.

Once some of your current residents move out and you’re inspecting the unit, you may discover that some appliances are acting… a little strangely. Whether it’s just the model, or because the former renters never asked for maintenance for some reason, there may be an issue that needs fixing. Rental property upgrades often include upgrades to the appliances, many of which have been around for years and years. Try and do full repairs of everything in the unit before new residents move in. Remember that you want to “give the impression that you’re willing to make an investment in your tenants’ comfort!”

Windows aren’t thought about very often beyond whether they’re clean or dirty and whether or not they let in a lot of natural light. However, a few adjustments here and there can help take steps further toward making your apartment as appealing as it can be. If your windows are old or are letting in drafts, then you should replace them in order to save on wasted heating and cooling: otherwise, you’re just losing money. If the windows themselves are in fine condition, you can still upgrade them by cleaning the blinds or purchasing new curtains. Again, it’s sometimes small changes like these that will help convince people to move in.

If the units don’t get a lot of that treasured natural light, then you’ll have to provide your own! “Clean out lighting fixtures, change bulbs, and update the fixtures if they’re broken.” If you can afford new fixtures, then make sure that their quality and strength of light is appropriate for each room: bedrooms, kitchen, living space, and bathroom. This is a matter of both design and safety.

Though it can be costly, replacing the floors can pay off big time down the road. Restoring older floors or flat-out opting for a replacement is a big undertaking, but if you have the time and money, then you’ll get a big return on this investment. Don’t stress if this is a little out of your reach, though, since you can instead give them a little bit of TLC instead: a little shine will go a long way.

It can be quite an undertaking to try and increase the value of your property and also to encourage new renters to move in. Why not get some help? Try using Budgetrac Property Management Software, the leading option for property management systems on the market. Budgetrac will allow you to focus on your rental property upgrades while it manages all the details of your business for you. Automating parts of the process allow you to work more efficiently and successfully than ever.

Share this post