Smart Upgrades Before You Rent Out Your Property
November 9, 2023
Renting out a property is a great way to earn an additional source of income. However, before that, it’s important to ensure that your rental property is in a condition that will attract renters and persuade them to stay longer. Upgrading your property doesn't only make it look more appealing to renters, but it also helps create an environment they would love to call home. Here are smart upgrades you can make to your property before putting it on the rental market.
Refresh The Paint On Your Walls
One of the easiest and most effective upgrades you can make to your rental property is to repaint the walls. Painting the walls a new color helps to create movement and vibrancy within your property. Paint colors can also produce different moods and feelings, so choosing the perfect hue can help create an inviting atmosphere. For instance, warmer tones like beige, taupe, and cream create a welcoming atmosphere, while cooler colors like blue, gray, and green create a calming atmosphere. One thing you should remember is that it’s best to stick to neutral color schemes as they appeal to most potential renters.
Upgrade Your Flooring
The flooring of your rental property is crucial to its overall aesthetic appeal. When it comes to flooring, the options are endless, so you're guaranteed to find something that suits your personal preferences. However, not all flooring is ideal for rental properties. Wood and laminate flooring are typically the best options for rental properties because they are durable, easy to clean, and can last years before needing a replacement.
Fixtures and Fittings Upgrade
One of the easiest ways to add contemporary flair to an outdated property is by updating the fixtures and fittings. Consider replacing outdated light fixtures or bathroom and kitchen fixtures with modern options. Updated kitchen fittings like modern cabinetry, modern countertops, and an updated sink are worth investing in, as renters view the kitchen as the heart of the home. Upgrading the bathroom with a new shower and bathtub head can significantly appeal to your property. If you're renting out a small space without a defined dining room, you can consider mounting pendant lighting or chandeliers on the ceilings to create a formal dining atmosphere.
Update Your Appliances
Not only do modern appliances enhance the overall appeal of your rental property, but they also bring a sense of convenience and sophistication that tenants appreciate. For instance, stainless steel appliances can create an aura of hygiene and sophistication, while energy-efficient options can save renters money on utility bills. With the right appliances, you can create a space that is both functional and stylish, ensuring that your property stands out.
Increased Home Security
An essential upgrade you should make to your rental property is increasing home security. Security upgrades can range from installing a smart home security system to adding additional locks and security features on windows and doors. Incorporating smart home devices can be a game-changer to your rental property. Smart home security systems can alert you of potential threats, such as break-ins, floods, and fires, and some can even automatically notify emergency services. These devices can be highly appealing to renters, who increasingly prioritize technology and convenience in their housing choices. Want to learn more about how smart home devices can increase the rental value of your property? Check out our article Do Smart Home Devices Increase Your Rental Value?
Landscaping Upgrade
First impressions last, and when it comes to rental properties, the exterior is often the first thing potential renters see. Simple landscaping upgrades, like mowing the lawn and tidying the garden area, can go a long way. Adding flowers and potted plants can also add a pop of color to the exterior. Additionally, investing in outdoor lighting can create a serene ambiance for your renters, which adds value to your rental property.
Upgrading your rental property can be an excellent way to attract renters, increase the property’s value, and generate a steady income stream. However, it's important to remember that all upgrades should be manageable and cost-effective to ensure it’s worth the investment. By paying attention to the details and making intelligent upgrades, you will be well on your way to having a stand-out rental property in the market.
If you need assistance in managing your rental properties, BanCal is here to help. Contact us to learn more about our services and how we can help you with your rental properties.
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