Investing in the rental industry can be overwhelming, but it is gratifying if you approach it well. First, success in this sector depends on several factors, including the class of tenants you attract. For example, if you attract tenants from the middle-income earning category, you expect better returns than attracting low-income earners. However, remember quality attracts quality. So, upgrading your rental property to match the standard you wish to attract would be wise.
The following are rental property upgrades that will attract high-quality clients.
Make Use of Technology
As technology continues to streamline and make lives more convenient, renters, especially millennials, are looking for similar technology in rentals. Modern tenants want unlimited outlets, USB ports, and reliable and convenient internet. So, if your house is old, you may need to improve the electricity system to withstand the demand of modern devices.
There is much to tap into regarding technological upgrades. A smart home with video doorbells, security systems, and smart locks will attract more quality tenants than a traditional one. Modern security upgrades attract high-quality tenants and assure the landlords of their property’s security.
The following technological upgrades will make your work easier and attract better clients.
- Smart entry locks
- Online rent payment
- Online property management where a tenant can request maintenance online
- Video doorbells
- A smart home security system
- USB cable outlets
While these upgrades might be costly, they will make the tenant want to pay an extra coin.
Improving the Curb Appeal
Your home’s exterior creates the first impression in a potential tenant’s mind and determines whether they will proceed with the interior tour of the property. If a potential tenant is ready to sign a lease and move in, they will not waste time viewing the inside of a house that appears shabby from the outside.
On the other hand, a clean lawn, trimmed bushes, and some thriving flowers imply proper and frequent property maintenance. If you have a foundation or overgrown patio covered in mildew, it will help to invest in a power wash at least annually. Many high-quality tenants choose the gated setting option due to the unmistakable maintenance, evident from the appealing curb.
Invest in Energy-efficiency Appliances
If you are a realtor developer or investor, you may be familiar with the phrase “kitchens sell home,” they can also rent them. While you may be comfortable with regular fixes and maintenance, replacing kitchen appliances is sometimes inevitable if you want to attract the right tenants. An old-fashioned kitchen with old-looking mismatched appliances is a turn-off for many people.
Therefore, you can add value to your home by adding modern energy-efficient appliances with a warranty. Installing a solar-powered heater and a new cooker or dryer in your rental house will add value and profits as it is convenient for the tenant. If your home has energy-efficient appliances, you can charge a higher rent than someone without any added amenities.
Add Value by Going Green
Upgrading your home’s energy efficiency does more than reduce your utility bills; it also improves your property’s value. A few energy-efficiency upgrades, such as energy-saving bulbs, new windows, or even shower fixtures, can go a long way to change the appearance and performance of an old rental house.
These upgrades may appear expensive, but the returns will be worth the investment. A renter is likelier to move into an upgraded energy-efficient home, pay a bit more rent, and save on monthly utility bills than rent a house with old-fashioned lighting bulbs. Therefore, going green is a viable option to attract worthy tenants.
Renovating and upgrading your home adds value and attracts potential tenants. However, high-quality upgrades will place you in a better position to attract high-quality tenants. It is a demanding investment, but the outcome is rewarding.