Upgrading your Orlando rental property does a number of things for you. Those updates and improvements increase your rental value, allowing you to charge more in rent every month. They also attract high-quality tenants and contribute to tenant retention.
Residents want a well-maintained property that’s safe, functional, and attractive. When you make some cost-effective upgrades, you’re helping your property stand apart from the competition.
Here are some of the renovations and upgrades every Orlando landlord should consider.
Investing in Functional Upgrades vs. Cosmetic Upgrades
First, you need to understand that there’s a huge difference in cosmetic upgrades and necessary repairs that make your property habitable and functional. Cosmetic updates are optional. Urgent repairs are not.
Conduct inspections of your rental property annually to ensure everything is working the way it should. If there’s an appliance that’s aging, don’t bother repairing it. Replace it instead. Kitchens are always going to be a great place for renovations and upgrades.
Have your heating and cooling systems inspected and serviced, and make sure all the outlets and wiring are safe and working. Check the sinks, tubs, and toilets for leaks.
A well-maintained home does not have any deferred or unreported maintenance. Make sure your tenants understand that you want to know about repair issues immediately, even if they seem minor. Then, respond to the problems in a timely manner and make any upgrades that are necessary to keep your property working and habitable.
Kitchens and Bathrooms Deserve Upgrades
Most Orlando tenants care about kitchens, and that’s the first place they’re going to look when they visit your property. Look at your appliances and counters as well as cabinets. If they’re looking worn or old, replace them. Energy-efficient appliances are a great way to upgrade your kitchen. Make small changes to hardware around the sinks. New drawer pulls are inexpensive and can provide an immediate boost to the way the kitchen looks.
Bathrooms are important, too. They should look clean and modern. Remove any old, worn, or stained showers and replace flooring that’s peeling or scratched. Installing new hardware like faucets and drawer knobs can give the space a huge and value-added makeover.
Forget the Carpet: A Case for Flooring Upgrades
Most landlords immediately turn to carpet when it comes to providing floors for their rental homes. That works for bedrooms, but when it comes to common areas like living rooms and dining areas, stick to hard surface flooring instead.
This will bring in additional rent and tenants love the low-maintenance benefits of laminate or faux wood flooring. It also looks better. Your floors will also provide you with a longer lifespan. You won’t have to clean carpets during every turnover. This doesn’t have to be an expensive upgrade; most Orlando tenants aren’t expecting bamboo floors. Look for high quality finishes that are cost-effective.
Improve your Window Treatments
Prospective tenants will be looking at your windows before they even enter the property. If they see bent blinds or torn screens, they’re not going to be very impressed. Replace those cheap plastic blinds with horizontal wood blinds or linen shades that are easy to pull up and down. This requires a minor investment and can help with rental value and tenant placement.
Upgrade Your Interior and Exterior Lighting
Lighting is a big part of maximizing your rental income. Tenants want a property that’s safe and secure, and lighting is a part of that. Evaluate your exterior lighting, and make sure there’s enough of it. Your residents want to feel safe at night, and you’ll want to be sure exterior doors, walkways, and parking areas are well-let and easy to see from the street or inside the property.
Inside the home, make sure the lighting is bright and modern, especially in the kitchen and the bathrooms. Ceiling fans are popular, especially in bedrooms and living rooms. Take a good look at your lighting and make upgrades wherever you can. It doesn’t have to be expensive, and it will make your home look good.
These are some of the upgrades that will contribute to ROI and rental value without spending too much money at the outset. If you’d like to talk about what might work for your specific Orlando rental home, please contact us at Park Avenue Property Management.