Are you thinking of beautifying your Concord area rental property? Before you hire a contractor or start the work yourself, make sure the upgrades make sense!
Your rental property is an investment: adding enhancements that aren't necessary can cause you to lose money on the home. Updates should help you get the most out of your investment.
When thinking of upgrades, think about what renters want in a home. To help, we've put together a few recommendations for rental property updates that won't break the bank.
1. A New Door
The front door of a property is often overlooked when it comes to updates or repairs. However, it's one of the first things potential renters notice when they consider renting your property.
A new door is an inexpensive upgrade, but it can make a significant impact on the curb appeal of your rental property. Shop for a door that adds a splash of color while maintaining proper security for the home.
If a new door isn't in your budget, consider a paint job. If the style of the front door fits with the overall look of your property, give it a makeover to change the color or update an old, worn out layer of paint.
2. New Appliances
Shiny, new appliances not only attract tenants, but they also add value to your rental home.
Be careful not to get too trendy with your style choices. Choose a timeless look that stays up-to-date for the lifetime of the appliances.
Don't over or under-spend: find quality appliances that will hold up to everyday use by your tenants, but be aware that you might not recover your costs for installing top-of-the-line appliances in an investment property.
As an added perk, remember that new appliances for your rental property are tax deductible! Be sure to follow tax law for a deduction versus depreciation for your rental property appliances.
3. Tasteful Landscaping
As with appliances, don't overdo it with expensive landscaping for your Concord area rental property. However, updating the landscaping in front of the house improves curb appeal. Excellent curb appeal attracts and retains tenants.
Choose bushes or flowers that require little maintenance. Add backyard landscaping that creates a charming oasis for your tenants without creating too much additional upkeep.
With any landscaping or yard work, hire a good lawn maintenance company—don't depend on tenants to keep your property's landscape in good shape. Incorporate the cost of a lawn service into the rental price of your property.
4. Wood Flooring
Wood flooring sounds like it comes with a hefty price tag, but that doesn't have to be the case. Affordable wood flooring is a worthy upgrade to rental properties.
If your rental property already has wood floors, give them a good polish! Today's tenants love beautiful wood flooring. Make sure you highlight that as an asset in your property description.
If your property could use new floors, consider low-cost but durable wood flooring options. You don't need to spend a lot of money to install wood floors. However, avoid cheap options like laminate wood flooring. Laminate floors won't last as long as other wood floor options.
If you need to save money, choose only a few rooms in the house for a wood floor upgrade. Adding wood floors to the living room and the master bedroom can improve the appeal and value of your home.
5. Paint It!
A fresh coat of paint is an inexpensive way to brighten a room and give your property an upgrade.
When painting indoors, choose neutral colors that brighten a room. Lighter colors help rooms look and feel larger. Plus, with neutral colors, tenants are free to decorate without worrying about matching colorfully-painted rooms.
For the exterior of your home, consider painting the wood fence. Don't replace an aged fence that still effectively protects the yard! Give it a fresh coat of paint or stain and bring it back to life.
Choose quality paint for both the interior and exterior of your home: the goal of a fresh coat of paint is to upgrade the interior or exterior appearance of your property. Proper painting will help your tenants feel like they live in a quality home.
Hire Professionals for Upgrades!
Sometimes you can spend too much time and money on a DIY upgrade. When an update busts your budget or costs you valuable time, it becomes unprofitable for your rental property business.
Let professionals handle upgrades to your property! All County Heritage Property Management works with contractors for you to maintain or upgrade your Concord area rental home. We can also recommend the best updates for your property, or help you determine if an upgrade would lose you money in the long run.
Get started beautifying your property today with a FREE quote!