5 of the Best Upgrades in Your Rental properties
Find out where to spend and where to save when it comes to upgrading and remodeling your rental properties. Ask the current leader in Dallas Property Management.
Keeping your property fresh and vibrant can feel overwhelming, especially when those costs eat into your revenue. Have no fear, we have gathered 5 of the best budget friendly upgrades you can make to not only keep your property current, but to attract new tenants and charge market rent.
Based on the age, condition, and type of property, and see which options will be right for you.
Replace Exterior Doors ($175-$500)
Exterior doors take quite a knocking. The front door is usually the worst, as that’s where all the people, boxes and furniture will come through -along with all the dirt, debris and daily weather. Replace the front door and frame when it is worn out. If it’s real wood, you could opt for refinishing the door. A bright new front door will shine when people come to the property.
Install hardwood flooring ($6+ per sq ft)
Carpet is easily stained and even with deep cleaning, wear patterns will still show. Often, landlords have to replace the carpet after each tenant anyway. Hardwood flooring is easy to clean and maintain. It can be sanded down and refinished if needed. Hardwood flooring is an investment up front but is a luxury amenity that will set your rental apart, and save you money over time. Other good options are vinyl or engineered hardwood. Both options are less expensive than traditional hardwood but they can last 10+ years.
- Upgrade Lighting ($50+)
If you have an older property, updating light fixtures can be an inexpensive way to level up the interior. Prioritize the kitchen, then the bathrooms, then the bedrooms. Adding dimmer switches could be a nice upgrade for a family room or bedroom. Even if you have central air, consider adding fans into the bedrooms. Fans are a premium amenity and tenants will appreciate that extra comfort, especially during hot summer nights. If your rental already has updated light fixtures, add bright white bulbs to make the rooms feel bigger.
- New Paint ($2-$6 per sq ft)
When we say new paint, we don’t mean to serve up “the landlord special” – where you blast every surface with a heavy coat of white paint. New paint done well, will make the interior of your rental feel fresh and clean. Take time when making repairs to add back in the texture of the walls. This will help disguise any patches or holes that have been fixed.
- Add Washer and Dryer ($150-$500)
Putting in a washer and dryer is actually more affordable than you would think. You can search Facebook Marketplace or local classifieds to find a reliable set for a few hundred bucks. Tenants aren’t picky about having the newest model, they only want a good solid appliance that works.
Attracting new tenants is important but so is staying within your budget. Utilize budget friendly upgrades to keep your property feeling fresh and up to date. Focus on what will give you the best ROI while keeping costs low.
If you are in the DFW area and looking to make any of the changes or upgrades in your property, reach out to www.makereadyresidential.com to help get you started. They offer everything from handyman services to property renovations.