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Upgrades to Make to Your Investment Property in Denver


May 3, 2017

Are you looking for ways to help increase the return on your investment when it comes to your investment property in Denver? It is important to make certain enhancements and upgrades to obtain new tenants and retain current tenants. Painting, flooring, upgrading fixtures, review some of these ideas to consider for your rentals.

Paint and Floors

Whether you are preparing to purchase your first investment property or are needing to make upgrades after a set of tenants move out, it is important to review your walls and flooring. If the walls have not been painted in years or have many scuffs, dings, and other issues from previous tenants, painting the walls can provide a fresh, clean look. When choosing paint colors, pick ones that are neutral. This will help prospective tenants envision themselves in the space. As for flooring, follow the same guidelines. If there is carpet in the home, evaluate the condition to see if it is better to deep clean the carpet or replace it. For wood floors, evaluate if they need sanded or replaced.

Kitchens and Bathrooms

Kitchens and bathrooms can really dress a home up or down. Today, many property owners are installing stainless steel for appliances and granite/stone for countertops. If you choose to install these features, you can increase the amount of rent to reflect that. If you choose to keep plain white or black appliances and laminate counters, you can still consider the condition and upgrade or replace if necessary. However, having these upgrades will improve interest. Also, you can invest in upgrades fixtures such as faucets, knobs, shower features and more. If doing this, make sure there is consistency amongst all finishes. For instance, make sure they are all nickel, brass, chrome, etc.

Repairs

Before tenants move into your rental property, it is imperative to make sure any repairs are made. This can include small things like fixing a faucet, but there are also larger issues too. The roof is a major instance that needs reviewed. If the home is 20 years or older, it is time to have it inspected. If the home is newer, you can check the roof for any leaks, missing shingles or other issues and can work with a local roofer to fix. Check with your insurance to see what they will cover. It is also important to make sure the home is energy efficient. One of the best ways to do this is with windows. This can provide long term savings. Next, make sure the heating and cooling, electrical outlets and appliances are all working properly. If any do not work properly, this is the time to make sure they are updated.

For more details on enhancing your rental and the advantages of working with renters read what Bob Vila has to say on renovating your rental. When it comes to managing your rentals, DenCO property management and sales can help. As a locally owned and managed firm with over 20 years of experience, you can count on us to help you make important decisions with your rentals. To get started, contact DenCO Property Management and Sales today to get started.