Your rental is your income and as such you want to keep it looking great. You’ll also want to make sure you have all the latest features to get the most in rent each month. There are some basic improvements that are better for getting you a big return than others. Knowing which updates pay off the most is the best way to make sure you are getting the most for your money.
Upgrade Appliances
This is a simple upgrade that is going to get you more money every time. Upgrading things like kitchen appliances, washer and dryer, and even simple things like the water heater can help you make a ton of money back. Upgrading appliances not only offers your renters better quality of life, it also makes your rental look more up to date and desirable. This means you can charge more each month than you could with a rental that has appliances from the 90s.
Upgrade Flooring
The next best thing you can do to improve the overall quality and price of your rental is to upgrade flooring. Something like laminate, synthetic wood, or even hardwood floors through your rental do a few things. For starters it makes your rental look more expensive. It also eases cleaning and makes for a more cohesive unit that is better put together and that more people are going to want to rent. When someone looks at a rental that has old and stained carpet they are less likely to want to rent whereas hardwood throughout is going to increase the value and overall look of your rental.
Consider the Outdoor Space
You also want to keep the outdoor space in mind. If you have the means, perhaps fence in the yard, work on the patio, or add something appealing like a seating area or some great landscaping. Curb appeal can make a property worth a ton more and can help make your rental look more expensive again. This is a simple fix that does not cost a ton but that can have a big return. Doing things like fencing in the yard may attract families with kids that like to play outside or people that like privacy and want a secure yard.
These are all basic upgrades that are going to help command more rent each month and attract higher quality tenants. A good property management company such as AZ Residential Management can help advise you on the best upgrades to maximize your return on investment.