Almost every landlord is constantly looking for ways to improve the profitability of their property and make their lives easier in terms of managing their investments. If you are one of them, you can easily achieve this by investing in affordable and smart upgrades to your Metro Atlanta rental property. However, deciding on the rental property upgrades that are a good return on investment can be challenging.
When investing in upgrades for your rental property, you need to focus on making a choice that is suitable for your tenants and yourself. The ideal upgrades should increase the rental income as well as the valuation of your property in addition to satisfying all your tenants. While you may have invested in rental upgrades before, there is always something new that you can add to your property to make it more appealing to potential tenants and increase the return on investment. Here are a few upgrades that Atlanta property management experts recommend.
Apart from helping your residents save money on their utilities, energy-efficient appliances and upgrades can also improve the valuation of your property. Some upgrades that are geared towards making your home more energy efficient include additional insulation, new windows, and switching to shower and lighting fixtures that are more energy-efficient.
Every tenant is always looking for ways to save money and properties that help them cut down the money they spend on utility bills are always going to be prioritized. Such upgrades will help you save money since they require less maintenance and may help you qualify for tax breaks. Smart home appliances can also help in reducing the utility bills paid every month.
The external surroundings of your Metro Atlanta rental property are just as important as the interior's appearance. Landscaping is one of the most effective ways of improving your rental property. Simple landscaping upgrades like a well-maintained lawn, trimmed bushes and trees, and sprinklers to keep the lawn green at all times even during the dry season can go a long way in changing how much tenants are willing to pay for the property.
Pressure washing can also increase the value of your rental property and attract new tenants especially in cases where the home is covered in a layer of mildew or dirt. Having a property that looks cleaner and more welcoming is one of the basic things any landlord should do if they want to maximize the rental income.
The appliances you have in the property are quite influential when it comes to the kind of tenants you attract. Switching to smart home appliances should be a priority especially now that technology has improved significantly. Since new appliances are more efficient, you save money on repairs. You also benefit from the warranty in case of any problems.
While upgrades to your Metro Atlanta rental property can prove to be a great investment in terms of the ROI, the benefits can only come about they are relevant to the specific location. Every tenant wants something that is going to benefit them and their unique lifestyle. One tenant may be looking for improved security features while others may be after better appliances and general curb appeal.
It is important that you research the local market to understand what tenants are looking for before investing in rental upgrades. By knowing exactly what to offer, it becomes easier for you to invest in relevant improvements and use them as leverage to fetch a higher rent price. For instance, granite countertops in the kitchen may be a significant upgrade in some locations while tenants in other areas may see them as an ordinary investment that does not warrant extra rent.
An experienced property management company can also recommend some of the best upgrades you can make to your rental property to increase the rental income and its total valuation. Such companies get the information across a broad spectrum of the market and interact with tenants with different demands which puts them in a position to identify some of the best upgrades.
With the experience they have in the real estate market, they can also predict some of the future demands of most tenants hence they can recommend upgrades that are going to serve you and your tenants for the better part of the future.
There is no better time for you to make upgrades to your Metro Atlanta rental property than during the Make-Ready stage when it is vacant. This gives you ample time to tweak both the minor and important details of the property to suit the demands of the tenants in the current market. By downloading our make-ready checklist, property owners can make sure that everything is in place before a new tenant moves in. Download it today to get started!