Maintenance and upkeep on a rental property in Charlotte can seem overwhelming and costly. At times, it may even make you wish you weren’t in charge of the upkeep! Luckily, we are here to help.
Not only do upgrades to your rental property increase the property value, the right upgrades to your property will make tenants line up to sign a lease with you! Unless you’re wanting to do a full remodel, you’re going to want to focus on areas that get the most attention and have the highest return on your time and money. We’ve put together a list of the Best Upgrades to Your Property Your Tenants Will Love.
1. A fresh coat of paint goes a long way
As many have noted, painting a rental property has one of the best returns on investment of any other project you do. It has an instant impact on first impressions with potential tenants, and can set the “feel” of the entire home. We highly recommend painting the home with neutral paint colors. Painting neutral colors on the interior of the home, you’re appealing the largest population of potential tenants. Remember, the goal is to upgrade the property to attract tenants, not to make a statement.
2. Upgrade the flooring to wood
Wood flooring is more affordable than most homeowners expect, especially if you shop around for it. So don’t let the thought of having upfront cost scare you. In fact, the upgrade may save you a lot of money in the long run.Having carpet in a rental property can be a mutual disaster. Carpet stains easily and needs constant upkeep, which means more cost when replacement comes every 3-5 years. So not only can this upgrade save you money, potential renters’ eyes will be wide as soon as they walk in and see gorgeous new wood floors.
3. Add a backsplash
Not only can a backsplash be extremely affordable, it can really add a nice touch to any kitchen. A backsplash adds value to the home and is an extremely appealing accent to tenants. If using a classic, timeless style (and we definitely recommend that you do), a backsplash is durable, easy to clean, and add a sense of being in an updated kitchen–even without a full remodel.
4. Modernize bathrooms and the kitchen
If you plan ahead, you can buy in bulk and save a lot of money with this tip. Without tearing out walls or replacing cabinets, modernizing can make a drastic impact on the look and feel of you home–and that all starts in the bathrooms and the kitchen. When a potential tenant walks in and notices new and modern finishes, they will want to sign the lease right away. From upgrading the hinges and knobs on the cabinets, to new, sleek faucets, these upgrades can be done for just a couple hundred dollars.
5. Don’t forget the curb appeal
With all of the upgrades done on the inside, don’t forget about the first impression. Having a great curb appeal can be done without breaking the bank as well.
Make sure to plant fresh bloomed flowers strategically along the walkway and ensure all shrubs and bushes are trimmed and looking well-manicured. Adding some pop of color with accent pieces can force eyes to focus on the areas you want focused on. If you have a great looking front porch, add a few bright colored flower pots and/or rug on the porch to draw attention there. If the house has new flowers, add bright colored flowers to a new window box.
All of these upgrades can be done without putting a big hole in your pocket. Buy good paint and buy it in bulk. Shop around at several stores looking for the new wood flooring. Install the backsplash yourself–it’s a fairly easy task for even those not too handy. Check the clearance aisle and buy the hinges and knobs in bulk Utilize local thrift stores, dollar stores, and don’t forget about yard sales! You can find the perfect accessories and pops up color just about anywhere you look. If you do it right, you can apply these best upgrades to your property that your tenants will love while making each upgrade strategic and affordable.