Properties are an investment. There are many ways to maximize your property’s rent rate. Simple aesthetic improvements go a long way.
1. Pressure Wash
Pressure washing will improve curb appeal drastically because it can get rid of stains, grime, bird droppings, mold, etc. It removes mold and mildew, which can be damaging to any building and the health of tenants. Pressure washing is also beneficial for decks and railings. This should all be done by a professional, as there are different pressure for different materials.
2. Install Wood Flooring
Hardwood floors are easy to clean and have proven to be durable. Carpet has the ability to stain and give off odors, not to mention carpet has to be replaced every few year. Wood is a renewable resource, which is great for the environment. Hardwood floors are not the least expensive option for flooring, but the payoff is much higher than other flooring.
3. Upgrade the lighting
This can be as simple as swapping out light bulbs. The right lighting makes all the difference. Consider adding more modern fixtures, this can change the fell of an entire room completely.
4. New Landscaping Features
Curb appeal is key! Plant flowers if weather permits. If applicable add new design elements. This could include water elements, special pathways, or small lights on walkways.
5. Modernize the Space
If the space feels a little dated, there are many cosmetic projects that will help modernize it. Start with updating faucets. Fresh hardware makes a big impact aesthetically. Another simple update is cabinet pulls & knobs. They are simple to replace and can there are many style to choose from. Lastly, take a look at window coverings. Consider using light window coverings, this will help with lighting and make the space appear bigger.
There are many benefits to implementing rental property upgrades. These benefits go beyond appearance. It will improve your annual cap rate, enhance your properties value, and most of your expenses are tax deductible.
At Whirlygig Properties we are CPM designated property managers. Through years of experience in commercial real estate development, we can focus on what’s most important for a property. We can assure you that your best interests are being protected. Feel secure knowing you have business partners with a long-standing, trustworthy track record.
