Cost Effective Upgrades/Renovations to Increase Your Return on Investment - article banner

Upgrading your Dayton rental property can increase your earnings as well as the quality of tenants you attract. High quality residents will be willing to pay more for modern, attractive spaces.

You don’t want to overspend on making updates and upgrades, however. It’s important to balance the investment you make on renovations with what you’re able to earn by making those changes.

We have some ideas on where you should focus, and we also want to tell you about our property services division within our management company. Rental property owners enjoy one-stop shopping when they want to undertake projects that will increase the value of their investments. We provide help with architecture, budgeting, and contracting.

Fresh Paint and New Floors

Fresh paint is an important part of renting out a home. If your property has scratched, faded, or marked paint on any of the walls, do a complete painting job. Don’t try to touch up a spot or two; painting the entire wall will make it look fresh, new, and clean. While you have the painters in the house, why not give the entire property an upgrade with new paint? It’s not too costly, and it will help your property rent for more money.

Floors are also an important part of renovating your rental home. While your carpet might have a lifespan of five to seven years, it doesn’t mean you should keep it for all those years, especially if your property has had pets and frequent tenant turnover. Instead of cleaning it between tenants over and over again, install new carpet. Better yet, consider replacing the carpet with hard surface flooring. Tile or hardwoods are great options, but they’re also pricey. A laminate wood surface or even plank vinyl can make a big difference in how your property shows and will allow you to charge a bit more while keeping costs lower. These materials also generally have a longer life expectancy than carpet.

Kitchens and Bathrooms Matter to Tenants

Good tenants care about kitchens. Don’t be afraid to make changes that increase space and storage. Instead of repairing old appliances, replace them with newer, energy-efficient models. 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 significant and value-added makeover.

Put Better Lighting Inside and Outside Your Rental Home

Lighting is a big part of an attractive rental property. Start with the 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-lit 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.

Rental propertyOur in-house property services division allows us to send qualified, experienced maintenance professionals to your property for any job, whether it’s a fresh coat of paint or an entire rehab. When you want to earn more rent or replace some worn and outdated features in your Dayton rental property, please contact us at ManCo Property Services.