What Are Rental Property Improvements That Pay Off?

At Castle Property Management, we don’t work with owners who aren’t interested in making upgrades and updates in order to get their property ready for the rental market. It’s extremely important that your property is clean, functional, and appealing to good tenants. If you’re not willing to put on a new coat of paint or take care of some necessary landscaping, we’ll have a hard time renting out your property to well-qualified tenants.

Most of the updates a property needs are affordable and will make a big difference in the amount of rent you can ask, the type of tenant you’ll attract, and the amount of time it takes to get your Ashburn rental property off the market.

Affordable Upgrades and Updates to Rental Homes

Making minor renovations is important on the rental market. When you sell a home, it’s not as urgent because most buyers will come in and make their own cosmetic changes. They’ll renovate an entire kitchen or put down the floors they want. Renters aren’t going to do that, so you have to provide a habitable and attractive living environment before they move in. Several things will get your property rent-ready and provide the most bang for your buck. Those include:

  • Fresh paint
  • New carpet or updated hard flooring
  • New countertops
  • Updated appliances

You don’t necessarily need stainless steel appliances – unless all of the other rental properties in your neighborhood have them. Just make sure you don’t have the same tired dishwasher that’s been in the house since 1980. Take a look at the comparable properties in your market, and make sure you’re competing with what they offer.

Everything Has a Lifespan

No one’s carpet lasts forever. You have to keep track of the age of your appliances, paint, and carpet so you’ll know when replacing them is a better idea than repairing them. You can steam-clean carpets between tenants, but after 10 years, it’s probably a better idea to just replace it. Paint may last up to five years, and make sure you re-paint entire walls at a time. Touch-up work often looks sloppy and unmatched.

When it comes to flooring, make upgrades that make sense. Do you want to keep replacing your carpet or would it be better to put in hardwood floors? They’re more expensive, but easier to maintain and they make your house more appealing to good tenants. Consider tile or vinyl, which are cheaper options but just as attractive and durable.

Simple Switches Can Have an Impact

Simple Switches Can Have an ImpactConsider a few minor changes such as better lighting, energy-efficient appliances and plumbing, and new fixtures on cabinets and drawers. You might not be able to remodel your bathroom, but installing a new faucet and a luxury showerhead can make a big difference. The house will have a more modern feel with small changes, and tenants will be willing to pay more.

We understand the local market and the needs and desires of local tenants. Contact us at Castle Property Management to talk about how to make your property rent-ready.