All investment property owners know that purchasing and maintaining these assets can take money – but just how much money you spend, as well as how much you can command in rental income, may be more in your control than you think. While you want to keep your property looking nice, there is also a fine line that you really shouldn’t cross in terms of making upgrades…unless you just happen to have a lot of extra funds to burn. There are, however, some upgrades that will really spruce up any property, and in turn, could allow you to attract higher paying tenants. These include:
- A Fresh Coat of Paint
It should go without saying that before you rent (or re-rent) your property, a fresh coat of interior paint should be applied. This will not only cover up the marks and scratches that have been left by the former resident, but it will also freshen and brighten up the home – making it much more inviting. - Pressure Washing the Exterior
By pressure washing the exterior of the home, you can also make a big difference in how it looks. This can be key when potential new tenants pull up to the front of the property. This upgrade won’t cost you that much either, especially if you do it yourself. - Updating the Kitchen and Bathroom Faucets
Nothing says “outdated” like old kitchen and bathroom faucets. So, by updating these, it can liven up these rooms – which for many people, are the most important areas of the home. When going this route, it isn’t necessary to go with an expensive brand or model. In fact, just a basic faucet and handles will work.
Managing and maintaining rental properties can be time-consuming. But by adding a property manager to your list of property “upgrades”, you can forgo these duties and delegate them to a professional.
If you own rental units in Orlando and / or the surrounding Central Florida area, give us a call today to find out more.
