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An investment rental property is always something that should be striving to improve at all times. After all, you want to make sure that you are getting the best value for your money ensuring that your property keeps appreciating at a high level.
To do this you may want to consider making a few timely upgrades whenever you can. There are a lot of different upgrades out there and they all have their own cost.
Having an idea of some of the main ways you can upgrade your investment property to make it more lucrative and attractive to renters, is always a good idea. Here’s a look at what you can do.
Consider the Exterior
The exterior of your property sets the tone for the entire home. This is what potential renters will see when they come to look at the property.
It’s a good idea to make sure that you are upgrading the externals. This could be as simple as painting the exterior or changing the front doors. Get a cute mailbox or change up your house numbers this will add some much needed “swag” to the property.
Make Interior Renovations
You might want to consider doing some kitchen and bathroom updates. The kitchen in particular is a big selling point in any home, especially a rental one.
People want a space where they can comfortably cook their meals and maybe even do a bit of dining in the area as well. You can get rid of any appliances that are completely outdated. Replace your countertops and make them look beautiful.
Consider Insulation Upgrades
Insulation is a critical but often overlooked aspect of rental property maintenance. Upgrading the insulation in attics, floors and walls will improve the energy efficiency of the entire property and give tenants comfort at the same time. Get in touch with insulation companies to see how you can start this upgrade.
It’s a win-win situation. Proper insulation is going to help to maintain a consistent indoor temperature and reduce heating and cooling costs for your tenants. In fact, this can be a major selling point when you are renting a home. Point out to tenants that they will be able to save considerably on their utilities.
Invest In Security
Security is something that your tenants are bound to value. This will give them peace of mind and help them to sleep snuggly at night without having to toss and turn. Install deadbolts, excellent outdoor lighting, and security cameras as well.
Take your property to the next level by installing smart locks and security systems that allow your tenants to monitor remotely what is happening on the property.
Treating your property with the high quality of care that it deserves is in your best interest. When you take the time to make sure that everything is comfy and cozy for your tenants, you end up retaining the good ones longer. Also’ whenever you have any empty units they will fly off the shelves very quickly as tenants flock to it.
