Is your current tenant moving out? Do you now have a vacant property and want to make some improvements before you acquire your next tenant?
If so, you have a golden opportunity to reassess your property’s value and make some enhancements to maximize your rental income.
This transitional period offers the perfect moment to implement strategic upgrades, highlight the property’s unique features and set a higher rental price that attracts AAA tenants that are willing to pay a premium price.
Here is a list of improvements and upgrades that will go a long way, help increase the rental income and the value of your property
Fresh paint
This is one of the most cost effective ways to give your property a cleaner and bright look!
- Paint walls in white or neutral appealing colours
- Ensure baseboards get cleaned and refresh paint too
Modernize the kitchen
The kitchen is arguably the most important room in a property that will add the most value. If the property has outdated appliances and finishes, now would be a good time to consider upgrading this space. It’s more of an upfront investment, but it will justify raising the rental price and give you an advantage if one day you would like to sell the property.
- Install stainless steel appliances
- Upgrade countertops
- Add a stylish backsplash
Update Bathrooms
This may not cost as much as upgrading an entire kitchen, however, bathrooms are another space in a home that will add lots of value even with minor upgrades.
- Replace light fixtures with modern ones
- Fresh paint
- Install a new vanity and mirror
- Add new tiling
Enhance Flooring:
- Remove carpets – Install hardwood or high-quality laminate flooring
- Repair flooring from normal wear and tear (if applicable)
Upgrade Lighting:
- Install modern, stylish light fixtures. Here is another minor improvement that will change the appeal of the property. A new modern light fixture can range from $100 – $200.
- Add more lighting to create a bright and welcoming environment
How to price your new and improved property?
Now that you have completed upgrades to your property, it’s time to find a new tenant. Before doing so, you will need to find out what the current market value is with the improvements. We highly recommend working with a professional on this, such as a licensed real estate agent, as they have the experience and tools to analyse the market and the comparative properties in your area.
By implementing these upgrades, landlords can enhance the appeal of their rental properties, justify higher rental prices, and attract quality tenants who value these improvements. Additionally, utilizing rent collection services can streamline the rental process and ensure timely payments.
If you or a landlord you know is preparing for a new tenancy and would like a full-service team to improve the property while providing your new tenants with top tier property management services – contact us today!
