Being a landlord is not as easy as it looks because landlords do have responsibilities apart from just collecting rent. The landlord has to think about the maintenance of the property because a well-maintained property is always going to have high value in the market. Maintenance can be expensive and people often ignore the maintenance which is not a good idea.
If you have a rental property and you have put off the maintenance and upgrades because of tight budget then the good news is that there are a lot of cost-effective upgrades that will improve the value of the property.
Here are a few affordable upgrades for rental properties.
Updating safety:
The safety of the tenants is the responsibility of the landlords so when you are upgrading a rental property you should give priority to all the systems installed to ensure the safety of the building. A property needs to be protected against fire, electrical and other possible hazards. Make sure that you upgrade the fire alarm, electrical installation, and emergency lighting certificate so that you know that the property is protected against possible hazards. Getting an EPC is also helpful in enhancing the value of the property.
Fresh paint:
A fresh coat of paint is the most cost-effective upgrade that can refresh the look of the rental property. The fresh coat of paint allows you to make the property look new as you get to take care of all the cracks on the walls and the ceiling. If you have a large building then you should buy paint in bulk so that you do not have any problem with finding the same color.
Update the fixtures:
It is important that the fixtures of the property are in perfect condition. Whenever the tenant leaves the property and you are looking for new tenants you should get the fixtures fixed because people will check the fixtures while looking at the property. The lighting fixtures, bathroom fixtures and all the door and cabinet handles should be in good condition.
Get wood flooring:
A wooden floor is always a better flooring choice than carpet because the carpets are harder to keep clean and expensive to replace. The wooden floor is an affordable choice. The wooden floors area popular choice among the tenants and unlike the carpets they rarely need to be replaced. If the floor gets damaged it is easy and affordable to replace.
The curb appeal:
The landscape outside the rental property can have a huge impact on the value of the property. If you want to attract more tenants then you need to invest a little in improving the curb appeal. Improving the landscape is not an expensive upgrade. Make sure that the exterior of the property is painted and there are no cracks on the exterior walls. If there are any walls or plants outside rental property then they should be properly groomed because wildly growing shrubs and plants are not a pleasing sight.
Upgrading the rental property is important because it increases the value of the property and allows you to maximize your rent.
You must be logged in to post a comment Login