Real estate investors in Orlando and Central Florida want to increase the cash-flow on a property. Meaning, how can I get more money every month by increasing my rental rate? If your tenant just moved out, it may be the perfect time to look at what repairs and upgrades can be made to increase the rents collected on your asset. Many times you can do a few upgrades and get a higher rate. Rental property upgrades need to add value to attract quality tenants and increase your return. Many times a rental property owner will over-invest and not see the rate increase that they’d like.
We are a professional property management company in Orlando Florida, our owners ask us all the time, should I repaint, should I replace the flooring, should I get new countertops or new appliances? All of these factors take a role in getting top dollar for your rental property. Every prospective renter would like to move into a newly renovated or constructed home here in the Central Florida Market, for most properties that will not be the case, so, here are the top three upgrades that we suggest doing to add value and money to your rental property investment.
Our three top upgrades are the following:
1. Adding a Fresh Coat of Paint:
Prospective renters in the Orlando area are going to expect that the home is in great shape. To ask top dollar for your rental property you may want to paint the whole room rather than doing touch-ups. When choosing a color to paint the walls, go with a neutral color that appeals to a wide range of renters. Paint is cheap and giving the walls a fresh coat can add tremendous value. When a prospect walks into your rental property, the new paint gives the home a fresh feeling as if it is new construction, even though it may have been built in the 90’s.
2. Replace Appliances:
Many landlords try and cut corners when it comes to appliances. Every tenant loves stainless steel appliances/new appliances, and are willing to pay more for a rental property. New appliances are an added bonus that is sure to catch a prospect's eye. We suggest getting matching stainless steel appliances. It will give your kitchen a facelift and set your property apart from others. At the end of the day, your prospect may be looking at many other properties. So, if your property has the stainless steel appliances versus the other comparable property. Chances are they are going to move forward with your property.
3. New Flooring:
New flooring can get a bit pricey, but without a doubt it will increase your rental properties value. If you have carpet in your rental property, it is time to replace it and go with a laminate, tile or stone flooring. This will not only make your life easier but will also increase the property’s rental potential. Many renters do not like carpet, it gets dirty, stained and is easily ruined. Not to mention all the times you need to have the carpets professionally steam cleaned between tenants. Leave the carpet behind and go with a quality laminate, tile or stone flooring.
Bonus Tip: Cleanliness!
Cleanliness can be a make or break for finding a quality tenant. As mentioned before when prospects are looking for their new home, they often look at numerous rental properties before making a decision to move forward with an application. If your home is squeaky clean you have already set your rental property ahead of many others. A tenant wants to walk into a home and imagine themselves living there. If they can’t see past the black grout or the sticky cabinets then they will be sure to remember your property for all the wrong reasons.
There are endless upgrades a rental property owner can do, but some may lead you astray from your end goal… Make more money! If you have any questions on what upgrades you should make in your rental property, feel free to reach out to The Listing Real Estate Management, the top choice for Orlando property management. We’d love to give you some insight, take a look at your rental property, or give you a list of great vendors.