A major element of keeping your Hazelwood rental property profitable in the long term is making frequent updates. Particularly if your rental house is older, you can and should be doing things to modernize your rental each year to guarantee that you can maximize your rental rate. The good news is that there are numerous minor updates you can perform to make it look and feel more modern without wasting a lot of cash. For instance, simply upgrading your outlets, light fixtures, and locks can help increase your property’s value, add attractiveness and guarantee that you are keeping pace with other rentals in your market. In this article, we will explain why these three upgrades are essential for all rental property owners.
Outlets
One factor that can make a property look and feel worn and old is yellowed or outdated electrical outlets. Damaged or mismatched electrical plates are an eyesore, but the outlets themselves can also become a major red flag for potential tenants. This is particularly the case now that so many people rely on multiple electronic devices, such as smartphones and computers, to manage day-to-day life. Simply replacing some of your old outlets with new versions that incorporate USB ports can make a significant impact on your renters. Also, changing your outlets is typically a fast and straightforward job that you or an electrician could accomplish in a brief period of time.
Lighting
Lighting is another key thing to keep on your upgrade list. Just like electrical outlets, cheap, damaged, or outdated light fixtures can interfere with an otherwise clean and tidy interior. Modernizing your light fixtures or replacing older style light bulbs with LED bulbs can make a huge difference. Modern light fixtures will make your interiors brighter and look modern and tidy. Furthermore, it’s often possible to find new light fixtures for a reasonable price, and replacing them is another small job you or your electrician can easily handle. Actually, with the right lights and a little work, you could give your rental’s kitchen or other rooms a custom feel your tenants will appreciate.
Smart Locks
Ultimately, a final smart upgrade with a little 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 a fantastic option 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 hassle of a key, but most smart locks will also allow them to see the data about who is going in and out of the property and when. Smart locks are also excellent for property owners since you can set temporary access codes and then change them when needed, say if a handyman wanted access to the property to make some repairs or between tenants. Furthermore, you’ll never have to bother about your tenants keeping extra copies of their keys when they move out.
Would you want to discover more low-budget ways to upgrade your rental property and increase your rental income? Give Real Property Management Three Bridges a call! Our local Hazelwood property management experts can help you maximize your cash flows while helping you grow your property’s value. Contact us online today!
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