Real estate is a great investment that can earn you income and tax breaks. However, landlords who rent their property must consider many factors to make their properties attractive. While it is important to have a good location, safe neighborhood, competitive rental rates, and amenities, it is equally critical to ensure that your real estate is upgraded regularly and is made with a quality finish. From updating appliances and painting to replacing windows, floors, and doors, a well-thought and put together look for your property can increase the chances of getting it rented. You will also get quality renters if your real estate is in a decent shape.
Upgrades You Should Seriously Consider
Unless you yourself built or designed the rental property or bought one with a superior finish, you might be getting a builder quality for your real estate. While using the basic quality of materials can decrease the overall cost of a property, it can also be problematic in the long run as it will likely break sooner. That means you might need to change the roof earlier, replace fittings because they break down or buy new appliances that are not working anymore. The bottom line is poor quality materials and finish will cost you more money in the long run.
For example, if your rental property is fitted with carpets, you know that after 10 years, they need replacement. Carpets are nice and soft, but they do gather dust, particles, and animal fur making it undesirable for people with allergies or respiratory problems. A workable solution is to use Lifeproof floor, a luxury vinyl plank (LVP) that is sturdy, pleasant to walk on, and is easy to clean. This type of flooring is not only attractive and robust, but also elegant, giving a high-class quality to the flooring of a property. Hard floors are other options. They are easy to maintain, do not scratch easily, and can withstand heavy foot traffic giving you or your tenants many years of good use. According to stats, 81% of homebuyers want this feature and it only costs $1,290-$1,850 to install and maintain it, thereby making it a viable investment.
The Returns of Updating are Worth It
It's not only floors that give your abode or rental property a great boost. Rebuilding a kitchen and changing appliances that not only look stylish, but are also energy-saving can make your rental property enticing. Depending on the extent of updates that you are planning, a kitchen renovation can make your real estate alluring. To illustrate, side by side sinks are popular among 81% of buyers and renters. The good news is it only costs around $450-$540 to remove and install a new one.
It also makes sense to direct your renovations to the most coveted parts of a house. While redoing the kitchen, take advantage of creating a walk-in pantry. According to a Kiplinger article, around 81% of homebuyers want this special feature in a home they intend to buy or even rent. In the same way, a laundry room also makes sense considering that 87% of home hunters want this feature. Having an area that can reduce clutter while adding order in a basement is desirable.
As an investor, it is your aim to maximize occupancy leaving little room for vacancies or idle time. Upgrading your property and using fine and high quality finish are clever strategies that will not only attract a reliable clientele, increase the longevity of your structure and appliances, but also increase its value.