The key to maintaining a profitable rental unit can often time come down to maintaining and upgrading wisely. While some in-unit changes likely aren’t worth the money, many are. Often times, investing more initially will pay off over the long run. Here is a list of recommended changes and best practices that won’t break the bank over the long run. These changes will allow any landlord to keep the rent high and ensure less tenant turnover.
Focus on curb appeal.
- Changes include landscaping, power washing, and repainting the exterior. This can be particularly helpful when it comes time to place a new tenant in your unit.
Upgrade the appliances.
- This is a purchase that should be viewed as an investment, as band-aiding problems can be expensive long-term, cause tenant dissatisfaction and become a headache for you, the property owner.
Add backsplashes in the kitchen.
- This is a cheap addition that will light up any kitchen and provide a quality feel to the room.
Wash carpets instead of always replacing.
- A professional carpet cleaner can make even the dingiest of carpets appear brand new. Give this a show before choosing to replace immediately.
Invest in high-quality fixtures.
- Not only will this provide your tenant with a more polished look, the investment will pay off in the long run as less maintenance/replacement will be required. Band-aiding issues will most likely become more expensive in the long run.
Install new shutters or curtains.
- Old shutters and curtains can make even the nicest of units appear worn and dated. Consider newer, more modern options to get the most out of your unit.
Keep it clean!
- Perhaps the most important item on any landlord’s list is often the most overlooked. Always thoroughly clean between tenants to ensure your unit does not wear prematurely. It is recommended that a professional deep clean be done between each tenant.