As a property owner, having a quality residence in a premier Denver location is vital. However, making upgrades to your residential investment property will keep you relevant and attractive to prospective renters. From appliance upgrades to stone counters, with just a small investment, you can keep tenants happy and attract new ones.
It is an increasing trend for property owners to replace older, white appliances with black or stainless steel. These styles of appliances do not show age as well and are overall more popular with renters. However, did you know that ENERGY STAR appliances will provide you and your long-term tenant savings? In some cases, you may even be eligible for rebates to get money back on some of your investments. On top of adding a new microwave, oven, and dishwasher, consider making a washer and dryer available too. You will be able to increase rent prices with this perk – convenient for both you and your tenant.
Whether you install real hardwood flooring or vinyl plank flooring, it will be much easier to clean and maintain. To maximize your investment, stick with hardwood. Real hardwood flooring can be refinished to remove scratches and imperfections. Also, it can also be re-stained, so you are not committed to a specific color. While initial expenses may be higher, hardwood flooring pays off. With the flexibility to remove minor damages and give it a new, fresh color, it can stay in a home for 20 years or more when properly cared for.
Doors in a rental are often forgotten about but can make a significant impact on value to renters. Installing a new front door will create a fresh face to the space, making it welcoming and inviting. Also, the internal doors matter, too. If the entries in your property have dings, scratches or other imperfections, consider an upgrade. For icing on the cake, add new knobs that match the other fixtures.
Renters top countertop preference is stone. This growing trend is prevalent in properties all across Denver, which is a durable option for your rental. Consider adding sealed granite or quartz counters. Both of these are non-porous (granite only that is sealed), so liquids do not seep into them that can cause damage long term. Stone counters are incredibly durable and are a real upgrade to the value of a space. This way, if you plan to sell your rental property down the road, you can rest assured knowing you added value.
A perk to offer tenants is the option of storage. If you can do minor remodeling to add a few extra closets, it can be helpful. If there is not space, consider offering an external storage unit. These can be placed in apartment buildings, outside of residential rental homes or at a storage facility. You could provide additional storage as an upgrade for an added cost to rent.
As you make plans to enhance your residential rental property, DenCO is here to help. As Denver’s local, go-to property management and sales company, we can do all work to help you succeed.
Sometimes it is best to leave things to the professionals—we will help every step of the way! Contact DenCO Property Management and Sales today to get started or to learn more about the expertise we offer to Denver real estate investors.