A key part of keeping your Eagle rental property profitable in the long term is making continuous updates. Mainly if your rental house is older, you can and should be performing things to modernize your rental each year to guarantee that you can maximize your rental rate. The good news is that there are many minimal updates you can do to make it look and feel more modern without expending a lot of cash. For instance, simply upgrading your outlets, light fixtures, and locks can help increase your property’s value, boost the charm and guarantee that you are keeping pace with other rentals in your market. In this post, we will illustrate why these three upgrades are essential for all rental property owners.
Outlets
One thing that can make a property look and feel worn and old is yellowed or outdated electrical outlets. Missing or mismatched electrical plates are an eyesore, but the outlets themselves can also become a significant turnoff for potential tenants. This is certainly the case today because so many people rely on multiple electronic devices, such as smartphones and computers, to manage day-to-day life. Simply replacing some of your old outlets with new versions that contain USB ports can have a big effect on your renters. What is more, upgrading your outlets is usually a quick and straightforward job that you or an electrician could accomplish in a short time.
Lighting
Lighting is another important item to keep on your upgrade list. Just as electrical outlets, cheap, damaged, or outdated light fixtures may conflict with an otherwise clean and tidy interior. Modernizing your light fixtures or replacing older style light bulbs with LED bulbs can make a big difference. Updating your light fixtures will make your interiors brighter and appear modern and tidy. Additionally, it’s usually easy to find new light fixtures for a reasonable price, and replacing them is another small job you or your electrician can easily handle. Essentially, with the right lights and a bit of attention, you could give your rental’s kitchen or other rooms a more custom feel your tenants will enjoy.
Smart Locks
At last, a final smart upgrade with a minimal 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 great alternative 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 allow them to see data about who is going in and out of the property and when. Smart locks are also ideal for property owners since you can set temporary access codes and then change them when needed, say if a handyman needs access to the property to perform some repairs or between tenants. Aside from that, you’ll never have to bother about your tenants keeping extra copies of their keys when they move out.
Would you like to learn additional low-budget ways to upgrade your rental property and increase your rental income? Give Real Property Management Boise a call! Our local Eagle 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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