Your rental property should be periodically upgraded in order to increase or maintain its value. It should be clean and free from any significant defects. A neglected rental property may not command a competitive rent rate, and the tenants will be frustrated with ongoing repair needs. In the event that you decide to sell your rental property, you can command a higher selling price if it is well-maintained.
There are simple ways of upgrading your rental property without breaking the bank. The kitchen is the hub of the home and will be a focal point for prospective renters. Typically, the kitchens of rental properties should be upgraded every five years to maintain their appeal. You don’t have to route the whole kitchen, but it is good to make basic upgrades. You can make improvements in between renters that will generally allow you to increase your rent by $50 to $100 per month. The following are some ideas for basic kitchen upgrades.
- New appliances – Old kitchen appliances will make your rental property look tired and worn out, but new appliances can be brutal on the wallet. If you can’t afford new appliances, you can make your current ones look like new by applying dishwasher or refrigerator door covers and other appliance art, which you can order online. For a small fraction of the cost of buying new appliances, you can give your existing ones a fresh, new look.
- New countertops – Countertops that are stained and scratched can age a rental property significantly. Replacing the countertops with granite will cost you a small fortune, which could take years to recoup from the rent payments. Instead of replacing your old countertops, you can use instant granite that is easy to apply. It looks just like real granite and comes in many colors, including Luna Pearl, Ubatuba Black, and White Italian Marble.
With a few affordable updates, you can keep your rental property looking young and appealing through the years.