Landlords and rental homeowners know that adding periodic upgrades and home improvements can help boost the value of the property. However, it’s important to only make smart and well-thought-out upgrades to increase your property value so you don’t end up wasting money on the wrong things. After all, making too many pricey improvements can push you out of the rental competition in your area, making it harder to find new tenants.
While there are many types of loans to choose from, one popular option that people tend to opt for is a bridging loan. A bridging loan is a very short-term financial solution typically used for people looking for quick access to money for home upgrades or improvements. However, the downside to this loan typically includes high interest rates and other additional fees like arrangement fees or legal fees.
Dealing with home improvements is stressful enough. Finding a home improvement loan that works great for you is one of the best ways to make rental upgrades a bit less stressful. Home improvement loans are also great ways to attract quality tenants as well as implement new upgrades that will boost your rental value.
Best Rental Property Upgrades
When it comes to getting a home improvement loan, you’ll want to be especially diligent with your upgrades and appliance choices. Keep in mind, you want the renovations to benefit you as well as any prospective tenants. Choosing upgrades like energy-efficient appliances, new paint, and durable flooring are just a few improvements that tend to pay off for rental property owners.
If there’s one thing that will attract quality renters, it’s home updates and improvements that add value to the property.
As a rental property owner in 2021, it’s smart to make periodic updates that will pay off by boosting your ROI. Some of the most common rental home upgrades include:
- New flooring
- Bathroom updates
- Kitchen remodeling
- All-over painting
After years of wear and tear, it’s essential to install new, durable flooring. While touring the property with prospective tenants, chances are, they will notice older flooring with stains, damage, or signs of aging. If you are a landlord wanting to spend your home improvement loan wisely, installing a durable flooring option can ensure longevity and keep renters happy.
However, with all the different flooring options to choose from, it may be a little overwhelming. You may want to use different types of flooring depending on which room you’re working with. For example, for your kitchen or dining room, you may want to opt for a hardwood floor or durable tile flooring. In your living room, you may prefer carpet. Although it’s one of the larger home investments, new flooring is a huge selling point for quality tenants and can increase your property value immensely.
Bathroom updates are a great way to improve your rental property. Remodeling your bathroom by adding new flooring, a new toilet, a new shower or tub, and a new sink vanity is a surefire way to attract tenants. Another great upgrade includes more storage areas. Most of the time, bathrooms lack storage space for towels or other personal items, so adding more storage for these items is essential. Not only that but your home improvement loan is bound to pay off with desired upgrades like this.
One thing to keep in mind while updating your rental home’s bathroom is implementing energy efficiency within the home. Low-flow showerheads, a water-saving toilet, and water-efficient faucets are valuable and desired upgrades within a rental home.
Although it can get quite expensive, an all-over kitchen remodel can do wonders for your property and can boost your ROI. A remodeled kitchen can immediately attract good tenants who are willing to pay for newer and nicer appliances. For example, you can improve your rental property with new additions or appliances such as:
- A new stove
- New, solid, durable countertops
- An energy-efficient dishwasher
- A large sink with a water-saving faucet
- New kitchen flooring
- Energy-efficient lighting
- A new refrigerator
- New cabinetry
Updated appliances and a more open kitchen floor concept are immediately noticed by renters, so it’s important to keep things like that in mind. Most tenants in 2021 are looking for the easiest maintenance possible, and for example, a dishwasher makes things much easier than handwashing every dish. When redoing any room in your rental home, consider energy efficiency to ultimately save you and your tenant’s money.
Although it may seem like a daunting task, re-painting each room in your rental home can increase value and in turn help pay for your home improvement loan. Painting your property can create the feeling of a fresh, clean space for tenants to start new in. However, when choosing paint colors for your home, you’ll want to be considerate of all tenants. When it comes down to it, you’re not the one who will live there, so creating a comforting space for any tenant should be on the mind of all landlords.
Neutral paint colors work best for rental properties. Colors such as white, beige, and cream are colors that can create an open space for all tenants to feel comfortable in. Soft, bright, neutral colors also allow for tenants to add their own flair to the home with decor or artwork on the walls.
Contact Your Local Property Managers
Making the right rental upgrades is essential in keeping quality tenants and increasing the value of your property. However, it’s easier said than done. As a property owner, you don’t have to let all the weight of maintenance, rental payments, and targeting potential tenants fall on your shoulders. Your local property managers are here to help you be successful.
Bay Property Management Group is a local property management company offering services throughout central Maryland, Northern Virginia, Washington DC, and Pennsylvania. They provide property owners with full-service management at a low cost and with a high payoff