Figuring out how to increase the value of your home can be a challenge for anyone, regardless of real estate experience. With 10.6 million American tax filers earning money from 17.7 million properties across the country, the opportunity for sellers to make steep cash gains from just a few low-cost upgrades is pretty high. In this article, we’ll cover a few of those upgrades you can quickly make to make your property stand out from the competition just that much more.
Upgraded Outlets And Security Systems
Replacing your current outlets with USB outlets that can connect to Apple and Android products all over the home will be a great attraction to modern and well-heeled tenants that have a plethora of electronic devices like tablets, laptops, and smartphones, and multiple of them for both work and private use. Serving their needs with up-to-date charging stations is a cheap way to attract these tenants. Additionally, security systems like smart locks and video doorbells can make seemingly older homes look refreshed and modern compared to competitors that are still using physical locks and peepholes.
Improved Energy Efficiency
Advertising energy-efficient appliances is a great way to win new tenants that care about being eco-friendly as well as enjoying the savings that come from being more energy-efficient. Simple upgrades like installing modern washer/dryer units and induction cooktops are not very costly, add lots of value to a property, and attract an entirely new class of renter.
Upgraded Flooring
Whether or not you choose to go with hardwood or carpeted flooring, you should make sure that it looks modern and up-to-date. While hardwood flooring is costlier and typically preferred for modern renters in the market, newer laminate technology has been the key to developing modern hardwood flooring materials that are both durable and more budget-friendly. In order to maximize your ROI, try combining hardwood and carpet flooring with carpet in lower traffic areas, and hardwood in the living room and kitchen spaces that will be used on a daily basis is highly visible and may be used to entertain guests.
Improve Exterior Landscaping
There is nothing like a welcoming landscape exterior to set the tone for your prospective tenants. Arranging bushes and flowers in symmetrical patterns, removing those that cause an eyesore, and cutting down branches that distract from the entrance are just a few small changes you can make to increase the value of the rental property. Additionally, consider hiding electrical fixtures and designing a clear walkway that adds to the overall aesthetic of the property.
Updated Lighting Fixtures
Updated lighting fixtures across the entire place are a cheap solution that can make a world of difference when it comes to attracting higher-paying tenants. Swapping older models for newer art-deco style, minimalist, or natural-style fixtures in the bathroom, kitchen, and high-traffic living room spaces serve to accent a higher quality vibe in the apartment. This is a relatively cheap endeavor where you will just need to pay for the fixture itself as well as the labor needed to install it.
New Doors And Windows
New doors and window units can make all the difference when transforming your rental property to attract higher-paying tenants. From the outset, you should keep in mind a style guide that is uniform across the entire home. Matching interior doors with room windows and light fixtures can help create a specific Feng shui that invites a certain feeling in the potential tenant. More modern, minimalist designs are very popular with renters in the market today and can completely change properties that don’t have a uniform style guide across all door and window units.
Install A Backsplash
When it comes to kitchen design, backsplashes are certainly trending. Installing a backsplash can really add to the open and luxurious quality of the kitchen without costing too much. You can even use peel-and-stick tiles that are much easier and cheaper to install than traditional tiles. All you need is some self-adhesive backing on the wall that can be applied without a professional installer. Make sure to keep your backsplash design consistent with all of the other updates, including interior doors, windows, and light fixtures.
By perfectly executing these seven upgrades on your rental property, you can completely transform the space and enter into an entirely new class of buyers. While it may take some time and hard work, the rewards will be worth it with the higher prices that you are charging on a monthly basis. Making sure to have a design template in mind prior to making the upgrades will help you maintain a consistent appearance for the newly transformed property for years to come. Additionally, none of these upgrades are very costly and may only require minimal help from installers.
