There are 18.9 million vacant homes across the U.S.
A vacant rental property means money that you're losing out on. To help ensure that your property isn't one of the ones left empty you're going to have to make sure it looks appealing to potential tenants.
Sometimes that means investing in property improvements. To find out which ones to make to help increase your return on investment keep reading.
An aging or damaged roof can cause a rental property to look poor and keep potential renters away. But that's not all, neglecting an already damaged roof can result in even more damage to the property.
With regular property improvements to the roof, you'll not only improve the appearance of your property, you'll save money in the future as well.
One way to improve the quality of your roof is to replace missing shingles on it. Shingles can easily fall off your roof due to strong winds or fallen tree branches. Replacing these shingles can also be relatively inexpensive.
About 3.7 million employees now work from home at least half the time. Freelancing and telecommuting are on the rise and a home that can provide a home office environment is going to be more appealing to renters.
If your home has a home office consider making property improvements to this area. Invest in a nice desk for the area. If the room is looking bland consider repainting the walls. This can help change the mood of the entire room.
Make sure there is adequate storage in this room. And increase the amount of natural light that comes into it as well.
Create a Smart Home
Another way to upgrade your property is to improve how compatible your home is with technology. This can be appealing to potential tenants who are looking for a home with a convenient layout.
There are many different companies that are offering smart home devices. Such as Amazon with Alexa, Apple's Siri, and Google with Google Assistant. Whatever devices you choose make sure the users don't have to invest in an expensive account to utilize them.
There is some technology out there that can help you control the lights and fans in your home. There are also devices that control the temperature with a smart thermometer. You don't have to get all of the devices, just whichever you think would make life significantly easier for your tenants.
Kitchen & Bathroom Property Improvements
The kitchen and bathrooms are where a lot of time and repairs are made in a property you manage. And they are areas that potential tenants will spend the most time evaluating when considering your house or apartment.
One way to improve the look of these spaces is by replacing aged appliances. Refrigerators, microwaves, and ovens will be used often by renters so it's important to have ones that are of quality.
For the bathroom area, remove any stained bathroom tubs, showers, or toilet bowls. These utilities can be very telling when it comes to how old the property is.
Don't Forget the Exterior
It is very important that the exterior of your rental property looks good. This is your first impression to potential tenants, and if the outside doesn't look good they aren't going to want to go inside.
One way to improve the look is to invest in the landscaping of your property. And if you don't have the money to pay a company do it yourself! Keep the lawn trimmed and buy some flowers to put on the outside.
Hose off the walls and driveways of your rental property to get rid of any dirt on the outside. Buying a pressure washer can be a good investment to get the job done fast and to do it frequently.
More Rental Property Tips
When you're the landlord of a rental property a lot of the upkeep and repairs falls on you. And if you don't keep up, you might not have any tenants to pay rent.
The best thing you can do is carry out maintenance on your property regularly. This can help you keep up with and even avoid future repairs. For an entire checklist check out this blog post.