As a landlord, you want to figure out a way to draw tenants and create a property that increases in value. Some landlords go out of their way to make changes and apply upgrades to their property, hoping these changes will bring big returns.
The problem is some landlords spend too much money on upgrades simply because they don’t look at low-cost alternatives. You cannot allow yourself to make these kinds of financial mishaps as a landowner, especially since the financial situation for landlords has become a little more difficult lately.
Update or Clean
Plumbing is important, so you definitely need to take care of that when the time comes, but some landlords replace plumbing fixtures as well. Upgrading the fixtures in a home may seem like a good way to spice up a home, but most of the time this is not necessary.
Usually, the fixtures in a home look outdated or dingy simply because they have not been properly cleaned in some time. Landlords who are thinking of upgrading plumbing fixtures should consider hiring a cleaning service that specializes in deep cleaning. This is usually a lot cheaper, and it yields results that might make the entire home feel like new again.
Wood or Not
Some landlords who want to boost their rent revenue consider replacing their floors with real wood floors. This may also seem like a good idea because most people know that wood flooring is quite fancy, but you might be making an expensive mistake.
It is true that renters love the look of wood, so that might attract renters, but you have options like Parador wood floors. This type of flooring is still made with real wood. The only difference is that it is engineered wood. You are going to be able to provide your renters exactly what they want at a fraction of the price.
Stone or Stone-Like
In hopes of increasing the value of a rental property, some landlords consider installing granite countertops or something similar, such as a slate or quartz countertop. These types of countertops are quite stunning, so it is easy to see the appeal, but you do not need to take this step because you have alternatives.
There are acrylic and polyester composites, ceramic tiles, and even concrete countertops that can be made to look as good as genuine stone coutertops but at a fraction of the cost. Keep in mind that stone countertops require a little more maintenance while these alternatives are a lot easier to care for, so you end up saving money on maintenance, too. Be sure to think about the overall look of the kitchen when choosing the countertop to make sure everything matches.
These are just some of the things landlords can do to cut costs and still be able to raise the rent. Of course, there are some upgrades you may have to consider that have no alternatives but can prove invaluable to your next renters.
Upgrades That Have no Alternatives
The following are a few upgrades that you may have to consider if you are serious about raising the rent soon:
The winters in the UK can be quite brutal, which probably means you’ve invested a good amount on heating, and that is okay. The problem is some landlords overlook the importance of insulation. Good insulation keeps conditioned air inside, and that cuts electric bills. You can improve your rental property’s insulation by updating the windows to double-pane or insulated windows.
Renters want to have plenty of space to put things, and you can give that to them with a few changes. You can add more shelves within the pantry. You can add a few more hooks in key places around the house. Of course, you can always step it up a notch and install built-in shelves or in-wall storage or add a shed outside.
Clearly, rental owners do have to make some changes to their properties if they are hoping to get a fair amount of rent, but you can see that the upgrades do not have to be too costly.