Appliances are an essential part of any home (and finding good tenants)! They make the home more comfortable, but they can also save help renters save money on utility bills.
New appliances can give rental properties a new look without breaking the bank for investors. This is a great way to improve the appeal of a rental property and attract high-quality prospective tenants looking for cost-effective housing options. Updated appliances can also help increase lease renewals to boost your returns.
Our Saratoga Springs property management company will help you choose the perfect enhancements for your home (including identifying when it’s time to replace appliances vs. hanging on to outdated units for the best ROI possible. Keep reading to learn more about the importance of new appliances for your investment properties!
The Benefits of Upgrading to Energy-Efficient Appliances
Appliances that are good quality, and efficient can help tenants save money on their monthly bills. When renters enjoy cost-effective features in your rental property, they’re more likely to stay in the unit for more extended periods. In addition, current appliances tend to be more popular with tenants, which can increase interest in your rental unit when marketing a vacant property.
Because of the potential to boost returns and increase resident retention, appliances are one of the best investments a property owner can make. Updated appliances make a kitchen look and feel better, but they also tend to last longer and provide more benefits than simply decorating an existing kitchen.
Keep Rental Properties Competitive
The current rental market is competitive, and many property owners are looking for ways to improve their ROIs and retain tenants. Many benefits come from upgrading to newer models when it comes to reviewing appliances and considering repairs (or getting one more year out of existing units in the home). These benefits include:
- Increased property value
- Reduced maintenance costs
- Reduced tenant turnover
- Increased energy efficiency
The price of energy-efficient appliances may be slightly higher than less-efficient appliances. However, investors can recover this initial investment over the lifetime of the machines thanks to their lower water and energy consumption. Even if it's cheap upon buying it, choosing the wrong appliance can be very expensive later.
Why Do Inefficient Appliances Cost You Money?
Aside from using more energy than current models, outdated appliances can break often and frustrate tenants, causing them to move to another home instead of renewing their leases.
By replacing old appliances with newer models that deliver better energy efficiency and style, you can help your tenants save money and energy while keeping them happy and reducing their need to search for new housing.
Instead of taking a long-term repair approach because the repair cost seems less expensive than purchasing a new appliance, keep track of the recommended lifespan of appliances and budget for replacements every few years.
Rental property appliances can become worn out faster than appliances in your own home, and repair costs can add up over time. Rental management experts can tell you that keeping older appliances running isn’t always as cost-effective or beneficial to your bottom line!
Enhance a Rental Property Kitchen With a Refreshing Update
Although it might be tempting to go all out on a kitchen renovation, it's not always the best idea (or necessary) to increase returns and make tenants happy. Simple starting with new appliances is a great way to give your rental kitchen a refreshing update without being a costly upgrade. If you don't have the budget or are afraid to face the costs of a complete renovation, choosing new appliances is a smart way to go!!
Start With the Refrigerator
A new refrigerator is a great way to save on energy costs and increase returns on investment. The fridge is one of the most energy-consuming appliances in the household, so think about energy consumption and efficiency first when buying a new fridge. Plus, it's less likely that tenants will need to call you for service if they have an appliance functioning properly.
While there are plenty of options available, there’s no need to purchase a top-of-the-line refrigerator to impress new tenants. Choose a reliable, cost-effective model with good energy ratings. Appliances account for a large percentage of the total energy used in a household, so upgrading to a more efficient model can significantly lower energy costs.
In addition, tenants love to see a sparkling clean appliance in their home, but they'll also appreciate knowing that they're saving energy and money with the right appliances.
Residential Property Management Services Help You Make Smart Upgrades
Making smart decisions when it’s time for property and appliance upgrades helps real estate investors maximize their returns in the current market. Keeping up-to-date quality appliances in rental properties can help you find and keep better tenants long-term!.
As property managers, we know that upgrading a property is sometimes expensive and time-consuming. It’s also easy to choose upgrades that never pay off with better returns. Our team delivers property management services that can help answer the question "how much can I rent my house for" or “which upgrades is the best one to make to boost ROI?” If you’re looking for the best full-service property management in Saratoga Springs, reach out to Reeder Asset Management!
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