A big role in keeping your Palm Bay rental property profitable in the long term is making routine updates. Mainly 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 small updates you can do to make it look and feel more modern without spending a lot of money. For example, simply upgrading your outlets, light fixtures, and locks can help increase your property’s value, add appeal and ensure that you are keeping pace with other rentals in your market. In what follows, we’ll discuss why these three upgrades are essential for all rental property owners.
One thing that can make a property look and feel ragged and old is yellowed or outdated electrical outlets. Shattered or mismatched electrical plates are an eyesore, but the outlets themselves can also become a big turnoff for potential tenants. This is notably true now that so many people rely on multiple electronic devices, including smartphones and computers, to manage day-to-day life. Simply replacing some of your old outlets with new versions that combine USB ports can make a big difference for your renters. And, switching out your outlets is usually a quick and easy job that you or an electrician could do in a short amount of time.
Lighting is the next top item to keep on your upgrade list. Just like with electrical outlets, low-cost, broken-down, or outdated light fixtures can lessen from an otherwise clean and tidy interior. Modernizing your light fixtures or replacing older style light bulbs with LED bulbs can make a big difference. New light fixtures will make your interiors brighter and feel modern and clean. What is more, 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. In fact, with the right lights and a little effort, you could give your rental’s kitchen or other rooms a much more custom feel your tenants will love.
Lastly, 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 a fantastic 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 hassle of a key, but most smart locks will also let them see data about who is going in and out of the property and when. Smart locks are also great for property owners because you can set temporary access codes and then change them when needed, say if a handyman required access to the property to do some repairs or between tenants. And, you’ll never need to worry about your tenants keeping extra copies of their keys when they move out.
Would you like to learn more low-budget ways to upgrade your rental property and increase your rental income? Give Real Property Management Brevard a call! Our local Palm Bay 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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