If you’ve recently wondered, “how much can I rent my house for,” it can also be an excellent time to consider some ROI-boosting upgrades to set an ideal rental rate. Often, small changes can pay for themselves and improve a property’s valuation, but property owners must know the right updates to make vs. upgrades that never pay off.
Hardware is a great start with updating a rental unit. It’s not expensive, can easily be done without lengthy planning or scheduling, and can just the right amount of enhancement to attract quality renters. What do we mean by the hard(ware) way to boost rental property ROI? Our Cache Valley property management team has the details here!
Where Should You Start?
Kitchens and baths are excellent places to start making hardware updates. Renters spend plenty of time in these rooms, and these areas can also help attract good residents—or deter renters from wanting to rent your home. Kitchens resonate with renters as an ideal place to spend enjoyable moments with family and friends while making dinner. Listing photos that showcase a modern kitchen or bathroom can stop your next renters from scrolling by and encourage potential tenants to visit the home in person.
So, what types of updates are cost-effective when upgrading kitchens and bathrooms? Swapping out old, worn drawer pulls, knobs, and hinges can make a significant impact on the look and feel of a home. Many investors are quickly impressed with the changes in the kitchen that come from simply changing out the hardware instead of the full cost and time required for a whole kitchen remodel. If you’re still looking for just the right “lift,” consider changing out the water faucets, too.
Replacing hinges and pulls is a simple task that can take place within a few hours, depending on the condition of the old hardware and the type of new replacements. However, if spending an evening or a Saturday swapping out kitchen hardware isn’t anything you’d like to do on your own, a property manager can help with these maintenance tasks!
Door Handles Matter, Too
In addition to handles and hinges, property owners should consider replacing door knobs throughout the home’s interior. As with the baths and kitchen, replacing worn or broken doorknobs with modern hardware can immediately improve the home’s aesthetics, especially in older houses.
While you’re at it, consider replacing exterior door handles, too. Often, the front door contributes to a renter’s or visitor’s first impression of the house. Weather can deteriorate the look and quality of exterior door handles, so consider replacing these assets every few years. Many real estate investors choose smart locks for the front door to make it easier to “change” the locks with a new code between tenants.
Choose a Style, Then Buy In Bulk
If you own multiple rental properties, you might quickly become overwhelmed with the many available hardware styles and options and how to choose the best ones for each property. However, one expert property management tip to simplify your decision-making process (and reduce costs) is choosing one or two styles that can work well in multiple properties and buying these items in bulk. There’s no reason more than one of your rental properties can’t have the same bathroom pulls and hinges. Bulk pricing can reduce costs while ensuring you have the style and quality hardware pieces you need if a cabinet pull breaks.
Avoid High-End Hardware to Boost Rental Property ROI
When choosing hardware items for a rental property, you’ll find a wide price range, as well as color and style options. In most cases, renters aren’t looking for homes with high-end hardware that contributes to high rental prices.
A property manager can tell you that overspending on high-priced elements for your property doesn’t often pay off. However, choosing cheap pieces can also work against you when they break frequently and cause tenants to submit ongoing maintenance requests for repairs. Instead, choose quality items that look nice for a reasonable price. Rental property owners can increase the value of a property, enhance the look of a room, and raise the rent price without overspending on pricey items that might never pay off!
A Cache Valley Property Management Company Helps Boost ROI!
A few minor hardware upgrades can sometimes do just enough for a rental property to attract better renters, improve the rental price, and reduce costly repairs. With these strategies working together, rental property owners enjoy better returns!
If you’re not sure where to start (but you know your rental property is ready for a few updates), a Cache Valley property management company can help! Reeder Asset Management helps real estate investors make smart upgrades and price rentals appropriately to find and retain quality renters, maintain occupancy rates, reduce maintenance budgets, and experience better ROIs. If it’s time for hardware updates or any other property upgrades, reach out to our team to learn how our property management services can guide you!
Find more tips for improving returns in our free resource, the “10 Things You Should Do To Increase the ROI for Your Rental Property.”