A fundamental component of keeping your Wheatland rental property profitable in the long term is conducting continuous updates. Especially if your rental house is older, you can and should be doing actions to modernize your rental each year to ensure that you can maximize your rental rate. The good news is that there are many minor updates to make it look and feel more modern without buying costly things. As an illustration, simply upgrading your outlets, light fixtures, and locks can help increase your property’s value, improve the beauty and guarantee that you are keeping pace with other rentals in your market. In this part, we’ll discuss why these three upgrades are essential for all rental property owners.
Outlets
One factor that can make a property look and feel unpleasant and old is yellowed or outdated electrical outlets. Shattered or mismatched electrical plates are an eyesore, but the outlets themselves may be a major irritant for potential tenants. This is true especially today, when so many people rely on multiple electronic devices, such as smartphones and computers, to carry out day-to-day life. Simply replacing some of your old outlets with new versions that include USB ports may positively impact your renters. Furthermore, replacing your outlets is usually a simple and economical job that you or an electrician can do in a matter of moments.
Lighting
Lighting is another essential item to keep on your upgrade list. Same with electrical outlets, dirty, malfunctioning, or outdated light fixtures may distract from an otherwise clean and tidy interior. Modernizing your light fixtures or replacing older style light bulbs with LED bulbs can make a significant difference. New light fixtures will make your interiors brighter and make them more modern and tidy. Other than that, it’s commonly easy to find new light fixtures for a reasonable price, and replacing them is another small job you or your electrician can easily handle. In actual fact, with the right lights and a little elbow grease, you can make your rental’s kitchen or other rooms a lot more custom feel your tenants will enjoy.
Smart Locks
Finally, a last smart upgrade with a small budget is to replace your standard deadbolt or other door locks with a smart lock system. A smart lock is just what it sounds like: a Wi-Fi or Bluetooth-enabled door lock that you can control from a smartphone or other device. Smart locks are an excellent strategy to upgrade your rental property’s security without going all out on a full security system.
Not only can your tenants lock and unlock their door without the necessity of a key, but several smart locks will also enable them to see data about who is going in and out of the property and when. Smart locks are extremely effective for property owners since you can set temporary access codes and then change them when needed, say if a handyman needs access to the property to do some repairs or between tenants. Secondly, you won’t have to think about your tenants keeping extra copies of their keys when they move out.
Do you want to learn additional low-budget ways to upgrade your rental property and increase your rental income? Give Real Property Management Trailhead a call! Our local Wheatland property management experts can help you maximize your cash flows while helping you grow your property’s value. Contact us online today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
