A key component of keeping your Ravenna rental property profitable in the long term is making regular updates. You can and should be taking measures to modernize your rental each year, mainly if your rental house is older, to ensure that you can maximize your rental rate. The good news is that there are a number of small updates you can do to make it look and feel more modern without investing a lot of money. For instance, simply upgrading your outlets, light fixtures, and locks can help increase your property’s value, add appeal and guarantee that you are keeping pace with other rentals in your market. In this post, we will talk about why these three upgrades are essential for all rental property owners.
One thing that can make a property look and feel mistreated and old is yellowed or outdated electrical outlets. Stained or mismatched electrical plates are an eyesore, but the outlets themselves can also become a big minus for potential tenants. This is particularly important now since so many people rely on multiple electronic devices, such as smartphones and computers, to complete day-to-day life. Merely replacing some of your old outlets with new versions that contain USB ports can have a large effect on your renters. Also, updating your outlets is often a convenient and simple job that you or an electrician can do in a matter of minutes.
Lighting is another significant factor to keep on your upgrade list. Just like with electrical outlets, poor, substandard, or outdated light fixtures can disrupt an otherwise clean and tidy interior.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 elegant. What is more, it’s relatively easy to find new light fixtures for a reasonable price, and replacing them is another small job you or your electrician can easily handle. Indeed, with the right lights and a little exertion, you could give your rental’s kitchen or other rooms a more custom feel your tenants would appreciate.
In the end, a final smart upgrade with an affordable budget is to replace your standard deadbolt or other door locks with a smart lock system. A smart lock is just what the name indicates: a Wi-Fi or Bluetooth-enabled door lock that you can control from a smartphone or other device. Smart locks are an effective way 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 need for a key, but most smart locks will also allow them to see data about who is going in and out of the property and when. Smart locks are extremely useful for property owners since they allow you to set temporary access codes and then change them when needed, like if a handyman wanted access to the property to conduct some repairs or between tenants. What is more, you don’t have to worry about your tenants keeping extra copies of their keys when they move out.
Do you want to discover more low-budget ways to upgrade your rental property and increase your rental income? Give the Real Property Management Valor Team a call! Our local Ravenna 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.