Keeping your rental property up to date is important now more than ever, especially with the announcement in November 2018 of Amazon HQ2 in Arlington, VA. More people are already beginning to move to Northern Virginia in anticipation of the job market expansion, and that means more renters.
The best way to stay in competition with other property owners, keep renters interested in your home and bring in higher rent profits is to offer as many attractive assets as you can.
Here is a list of things you should consider updating to keep your rental property in demand.
Upgrade Appliances
Kitchen appliances are one of the biggest assets for potential renters. Renovating the kitchen area is a huge incentive for not only a higher rent price but also for having renters who will take better care of the rental property.
A kitchen renovation is an easy way to increase property value and get more eyes on your property. Stainless steel appliances are an added luxury that take the space to the next level. Replacing or refinishing countertops and cabinets will also make the kitchen look that much better.
Updated appliances and kitchens show the renters that you want them to live comfortably and that you care about the property. This will also save you from having to do more maintenance in the future.
Replace or Refinish Floors
Floors that are outdated, stained or damaged make a space look old and dirty and can deter renters. One of the quickest ways to create a desirable space is to remove stained carpet and old/peeling vinyl floors.
Replacing old flooring with new hardwood or even new carpet is a great way to transform your rental property and increase the demand for it.
If you can’t afford to completely redo the flooring, you can get carpets steam cleaned, refinish hardwood and/or replace vinyl with laminate flooring.
Give Your Bathroom a Makeover
Bathrooms in a home are big assets for renters that owners often forget about. People spend a lot of time in the bathroom taking showers, getting ready for work, school or bed and it needs to be functional and clean.
Counter space, good lighting and increased storage are projects that can be fairly inexpensive, yet can make or break a potential renter’s decision. Consider replacing tile, mirrors and faucets as well to make the space more enjoyable too.
Curb Appeal
Virginia is a beautiful state with plenty of vegetation, and that should be something your property has too.
Rental properties that are homes or townhomes need to have curb appeal as well. The front yard can highly sway a renter’s decision based on whether it looks good or unkempt.
Fresh paint on the exterior of the home can make an older house look new, and a well-groomed yard helps people see the house as a potential future place to call home.
Increasing curb appeal can be as expensive of a project as you make it. Simply adding plants, some fresh paint and outdoor light fixtures can give your property the edge it needs.
Light it Up
Good lighting is essential to a rental property’s appeal.
Spaces like the kitchen, living room and bathroom should have light fixtures that provide enough light. People tend to gather in rooms that have the best lighting; not too dark and not too harsh.
Light fixtures should be bright, but appropriate for the room they are in. Ambient lighting is another plus for a calmer and relaxed feel that inspires comfort and a sense of home in a new space.
Be Realistic
Owning property is an investment, not only of money but effort. Taking the time to make sure that your rental space is well taken care of and updated will not only increase the value of your property, but will encourage renters to live there.
Every little update matters and potential renters will notice your effort. Do your research on surrounding properties and do what you can to stay competitive with them, and watch it pay off.
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