Maximize Your Profit With These Rental Property Upgrades

Landlords are always thinking about upgrades they can make to their rental properties that will increase their rental income and make their lives easier in the long run. But which upgrades are worth your time and money? Let’s look at four upgrades that will keep your tenants happy and increase your rental income and property value.

Upgrade Flooring

Replacing the carpet with hardwood flooring will increase your value and save you time. Carpet can stain and tear easily, making it more prone to need replacing. Hardwood flooring is easier to clean and more long-lasting. Installing hardwood flooring can be expensive up front, but it will save you time and money in the long run.

Fresh Paint

Painting rooms in your rental property can make a huge difference and make your rental property more appealing. Neutral colors like gray or beige with white trim go with all kinds of decor and are colors that tenants tend to gravitate towards. 

Update Kitchen & Bathrooms

The two rooms that tenants like to see updated are the kitchen and bathrooms. This can get expensive, but luckily, you don’t have to update everything to make a good impression. Small changes in the bathroom, like updating the toilets, vanity, or sink, or kitchen updates, like cabinetry or countertops, are all you need to give these rooms a new look.

Increase Energy Efficiency

Tenants will appreciate energy efficiency items like Energy-Star certified appliances or new windows as they will help lower their utility bills. Replacing old appliances will save you money on maintenance issues in the future. New windows are more aesthetically pleasing than old ones, and cold drafts from the old ones can cause higher utility bills.

As you can see, there are a lot of different upgrades that can benefit you and your tenants. If you have any questions or need recommendations, reach out to us! We are always here to help.

4 Timely Home Design Trends for Rental Property in 2021

If 2021 is the year you become an investor, or if you’re already one and looking for ways to increase ROI on your investment, these four home designs should factor into your portfolio decisions in 2021. With the pandemic, people are spending significantly more time at home, and this influences home layout preferences and needs. Here are some home design trends you should look for in your next rental property.

Separated Spaces for Multigen

Open floor plans are not as popular if multiple people are sharing the same living space. Homeowners are looking for areas to do work, place video calls, exercise, and learn remotely, and you can’t do that all in one room. Think of the chaos! This is especially true with the rise in multigenerational families sharing a home, where each individual needs space and privacy for themselves. 

Wood-grain Elements in the Kitchen

Increased time spent indoors is influencing home materials. Homeowners are craving the outdoors indoors, and this includes materials that are organic and natural. This home design ties interior elements to nature and can be accomplished by adding wood-grain cabinets and wood countertops. 

Outdoor Solitude

The backyard has become a break room of sorts for adults and children, so homeowners are looking for entertainment. The items that gained popularity during the pandemic are fireplaces, fire pits, patios and decks, screened-in porches, and outdoor kitchens. While an outdoor kitchen can be expensive, it can be as economical as adding an outdoor refrigerators and dining areas to your rental property

Smarter Bathrooms 

Touchless appliances and self-cleaning appliances gained traction last year in smart technology. Motion sensors for lighting and smart temperature control for bathroom floors are some ideas that can increase ROI.

 

Contact us today to begin your investor journey. If you need help deciding what home designs increase your rental property’s ROI, reach out to TALK Property Management– We are here to help: (512) 721-1094 or dbrown@talkpropertymanagement.com.