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Improvements You Can Make to Your Residential Investment Property for Tenants


January 10, 2018

Are you looking for ways to attract tenants more quickly? Or trying to make your residential investment property more profitable? There are many upgrades and improvements you can make to accomplish these goals. From paint, flooring and appliances, to convenient payment methods, learn about the top areas you can improve to make your unit more attractive.

Fresh Coat of Paint

While it’s not the law in Colorado to apply fresh paint to a home in between tenants, as it is in other states, it is beneficial for prospective renters. Fresh paint will make the space feel fresh and new. If you have small rooms with dark colors, changing the color to a light shade will help the space feel larger. In your rental units, opt for a high gloss as this paint type is easier to clean and maintain. Semi-gloss paints are also a good choice, in particular for kitchens or bathrooms where there is water and moisture. When painting, choose a neutral color that will help prospective tenants envision themselves in the space.

Hardwood Floorin

If ready to upgrade your flooring, hardwood is a premier choice to increase the value. Hardwood is a flooring option that is easy to clean and maintain. True hardwood has longevity, allowing for a much better return on investment than carpet. On average, carpeting in rental units will need changed more often than hardwood. This could be as quick as every four to five years. With each set of people that live in a property, there will be more dirt and debris embedded within it that will carry over.

Appliances

When you have outdated appliances, not only is it a deterrent to prospective tenants, but can be unpleasant for current ones. Plus, older appliances can also be energy draining. When you purchase energy efficient models, you will save in the long run. So how much can you save? For example, according to Energy.gov’s explanation of kitchen appliances, refrigerators will use up to 25 percent less energy and dishwashers will use 4.25 gallons of water per cycle or less. This is huge as older models can use 10 gallons of water per cycle or more! You can explore more savings by estimating appliances and home electronic energy use. For aesthetics, stainless steel models are most popular among tenants. However, if this is not in your price range, opt for a black exterior. They will show imperfections less, helping them last much longer.

Convenient Payment

Having a convenient way for customers to pay their rent each month is beneficial. If you require your tenants to pay using check and drop it into a drop box, consider an electronic method instead. On average, at least half of consumers prefer to pay bills online. While this is convenient for them, it also has perks for you too. When giving tenants the option to pay online, you can give them incentives for recurring payments. This ensures rent is paid on time, every month. You can do this with a small deduction off rent, or for a $50 gift card upon signing up.

One last improvement you can make to your rentals is to take advantage of a property manager. This will help you provide excellent customer service for your tenants, while helping you run things more efficiently. As you explore our information for Denver property owners, you will be able to find the services that work best for you. Call us today at 303-722-9688 to see how we can help!