Spend Smart on Updates for Your Rental Property

They say you have to spend money to make money, and perhaps no other professional benefits more from that sage advice than a rental property owner. Even if you manage a rental property, you want to reach full occupancy by updating the look of the property. However successful property owners ‘spend smart’ by choosing what to upgrade to get the most bang for your buck.

Performing simple maintenance tasks is all it takes for most rental property owners and managers to update the look of their buildings. Updating your rental property will enhance the curb appeal of the exterior and wow prospective renters because of the visually appealing appearance of the interior.

Let’s look at a few ways to spend smart on your rental property.

A More Inviting Welcome Mat

We are not talking about the plastic mat that your renters wipe their feet on. No, we are talking about the front door. Because it is in a high traffic area, the front door is more prone to losing its visual appeal than any other door in an apartment. From sticky handles to chipped wood, the front doors of your units might need to be replaced. Replace the front doors that need replacing by taking advantage of low cost/high-value doors such as the ones at www.etodoors.com.

Make DaVinci Proud

Many rental property owners paint over glaring structural flaws that include small cracks and huge crevices. The goal of your next paint job is to transform an outdated look into an appearance that turns heads for all the right reasons. Adding brighter colors that seamlessly blend with the décor theme of your rental property is a good start for completing a comprehensive update. You should also consider painting areas of each unit that have become eyesores.

In with the New, Out with the Old

Appliances, that is. After each tenant moves out of a unit, inspect every appliance to determine whether you need to replace the old with the new. You want to put an emphasis on functionality first and after you decide which appliances to replace, choose appliances that present an understated modern look. Prospective tenants will immediately notice the addition to new appliances, which shows them that you are committed to offering a first-class living experience.

Lighten Up

Adding brighter paint colors to the exterior and interior of your rental property is an effective way to enhance the ambiance of every unit. However, you can do much more by inviting more light into each room. Installing energy-efficient chandeliers in the center of large rooms will diffuse a wide swath of illumination. Better yet, install automatic blinds and/or shades to give tenants the ability to let more sunlight into different rooms. Inviting in more sunlight is a free way to update the look of your rental property.

Invest in New Flooring

Scuff marks, shoe prints, and downright unsightly stains can turn a once attractive floor design into the visual downside of an apartment. It is the most substantial investment for the updates mentioned on this list, but it is an investment that pays off when current tenants sign new leases and prospective tenants sign their first rental agreements. If you have wooden floors, you can refinish each floor to restore an attractive shine.

Leave a Little Elbow Grease

The least expensive and possibly the most noticeable update you can make to your rental property involves exerting a little effort to clean the place up a bit. After a tenant leaves a unit, say "Welcome" to the next tenant by thoroughly cleaning the unit. From stains left on appliances to the scum that develops around the bathtub, all you need is a bucket, a washcloth, and a powerful cleansing agent to bring the sparkle back to a rental unit. You can spend a little more money by renting a power washer to clean the outside of your rental property.

Green Thumb Your Rental Property

Mention the word "Landscaping" to a rental property owner or manager, and you probably will get a rolling of the eyes. After all, for most rental property owners and managers, landscaping involves nothing more than cutting and trimming grass.

You can do much more.

By adding decorative artifacts along the sidewalk and hanging plants near doorways, you will create a much more "home" feel for the tenants living in your units. You can spend a little cash and receive much more cashback on your investment by hiring a licensed landscaping company to prune trees and bushes, as well as maintain a colorful garden.

Make a Backsplash

Highly durable and simple to clean backsplashes can add considerable value to your rental property. However, you should be careful when choosing the right backsplash for each unit. Some backslash themes can make a property appear dated, like in the 1980s dated.  Choose a backsplash theme that will remain relevant for years to come. You cannot go wrong with white subway tiles, which generates a retro look, without appearing dated.

Updating your property should involve an annual review of the elements we have mentioned in this article. If you notice a surge in tenants leaving, then it is also a good time to review how your property looks to the people living there.

Peter Evering is the Business Development Manager of  Utopia Management. Since 1994, Utopia has provided quality property management services for investors throughout California.