A rental property is an investment. Therefore, every expenditure must be carefully weighed in terms of its overall benefit. It is a delicate balance to spend money on a rental property. Every cost is money out of your pocket, but if you do not spend any money, then the property loses its value. This is why you need to pick the right upgrades to improve your property in 2020.
Improve Your Property by Updating the Curb Appeal
First impressions matter a lot in real estate. It is sometimes difficult to remember what your property looks like to new visitors, which is why the exterior of your property is often the first thing to look shabby. Take some time to give your exteriors a second look this year. If necessary, update the siding or roof. Change up the flowers and bushes. Remove trees that obscure views. You can even maximize the exterior by creating quaint outdoor living spaces to attract new tenants.
Upgrade Your Property With New Plumbing Fixtures
The small upgrades can have a significant impact. Therefore, even if your renovation budget is small, you can still make upgrades that impact the overall appeal of your property. One excellent option is to upgrade the plumbing fixtures. Plumbing fixtures can include faucets and showerheads. Opting for new, stylish fixtures can instantly provide more appeal to your bathrooms and kitchens throughout the property.
Expand Your Potential With a New Room
If you have a little more money to use in 2020, then you should dream bigger. One way to dramatically improve the viability of your property is to expand. Adding extra square footage is a surefire way to increase its appeal. It also can increase your price point. Adding more square footage requires additional work and planning. You must hire an architect, builder and more. However, if you can add an additional family room, bedroom or bathroom, then you will see renewed interest in your rental property. Make sure the room is built to code and that it is designed to flow naturally with the rest of the home.
Invest in New Safety Measures for 2020
Safety is important to your tenants. It should also be important to you. If the safety of your property is compromised, then your tenants will move out. This is why you should think about a security upgrade in 2020. Make sure you change the locks from time to time, and check the windows to make sure they are secure. If possible, consider other security measures like cameras. Safety can also include addressing safety hazards on the property. Level out uneven pavers, or fix cracks in the sidewalk. These investments show that you care about your tenants as much as you care about your property.
Work With Property Management Companies
If you have never worked with property management companies, then 2020 is the time to start. Property management companies help you streamline the operation of your property, handling things like repairs, rent collection, tenant communication and more. When you hire a property management company, you can increase tenant satisfaction in a way that puts more money in your pocket. And that is an excellent goal for 2020.