5 Property Upgrades to Increase Your Rental Income
If you’re a landlord looking for the best ways to maximize your return on investment while simultaneously improving the rental experience for your tenants – there are a number of upgrades worth considering that also won’t break your budget. Our team at Total Restore has assembled our top 5 picks for the best upgrades to increase your rental income while making your life easier at the same time. Let’s get started!
Upgrade #1 – Replace Carpet with Durable Flooring
In terms of both upkeep and longevity, it’s easy to understand the drawbacks of dealing with carpeted flooring inside of your rental property. It’s more susceptible to stains, is easily damaged, and traps unpleasant smells. Especially important if your rental property has pets in the house, carpet is simply the inferior choice to a more durable flooring solution like hardwood, vinyl, or laminate.
Fortunately, replacing your carpet with a more durable flooring solution is quite cost-effective. Compared to the constant cleaning that carpet requires, adding a laminate or vinyl floor covering is much cheaper in the long run. Speaking of longevity, these types of flooring offer scratch resistance, waterproof surfaces, moisture resistance, and are easier to repair in the event of serious damage.
Upgrade #2 – Install Low-Flow Water Fixtures
Another great way to boost your bottom line is to install low-flow water fixtures inside of your rental property. For example, it’s estimated that a low-flow toilet can save up to 20,00 gallons of water each year for a family of four. You can further increase your savings by installing low-flow faucets and shower heads, both of which can save thousands of gallons a year. If your existing faucets and fixtures are on the older side, take the opportunity to replace them with low-flow fixtures. Remember, old fixtures are more susceptible to leaks and water loss while raising the risk for potential mold and mildew exposure.
Upgrade #3 – Brighten Up Rental Lighting
Both aesthetically pleasing and energy-efficient, upgrading the interior lighting of your rental property is an excellent way to boost your ROI. First and foremost, improving lighting is a cost-effective way to transform a dim and depressing space into an attractive and inviting rental property for your tenants to enjoy. Using energy-efficient solutions including LED light bulbs, replacing antiquated lighting fixtures and incandescent light bulbs can help you save big on energy use. It’s also a great opportunity to install features like ambient lighting, accent lighting, or dimmable fixtures that can help make your property more attractive to potential tenants.
Upgrade #4 – Upgrade to Energy-Star Certified Appliances
Even if you’re not responsible for your tenant’s electric bill, making the switch to Energy-Star certified appliances can have a noticeable impact on your long-term investment. Outdated, inefficient appliances can cause your tenant’s bills to skyrocket with offering inferior performance at the same time. This is the exact reason why upgrading to an Energy-Star certified dishwasher, washing machine, or dryer is a smart choice. In addition to fewer maintenance issues compared to older appliances, upgrading to Energy-Star appliances can offer potential tax incentives (please consult your tax professional for advice). You’ll also enjoy the benefit that comes from knowing that you’re doing your part to help reduce the impact of excessive energy consumption.
Upgrade #5 – Paint Your Rental Property
One of the easiest ways to transform the look and feel of your rental property is to paint it! When giving your rental property a paint makeover, it’s smart to consider using neutral colors like gray, beige, or white. Once you find the right color, make sure to keep track of the paint brand and specific color code to make things easier when it comes time for a touch-up or repair. Perfect for both beginners looking for a simple DIY project and experienced property investors, painting the interior walls can transform a dingy property into a must-have rental property that will keep your tenants satisfied for years to come.