A significant part of keeping your Olympia rental property profitable in the long term is implementing consistent updates. Mainly if your rental house is older, you can and should be doing things to modernize your rental each year to ensure that you can maximize your rental rate. The good news is that there are several slight updates you can do to make it look and feel more modern without spending a substantial amount of cash. As an illustration, simply upgrading your outlets, light fixtures, and locks can help increase your property’s value, increase the appeal and ensure that you are keeping pace with other rentals in your market. In this segment, we will emphasize why these three upgrades are essential for all rental property owners.
Outlets
One characteristic that can make a property look and feel abandoned and old is yellowed or outdated electrical outlets. Broken or mismatched electrical plates are an eyesore, but the outlets themselves can also become a serious issue for potential tenants. This is particularly relevant since so many people rely on multiple electronic devices, including smartphones and computers, to do day-to-day life. Simply replacing some of your old outlets with new versions that incorporate USB ports can give a significant benefit to your renters. In addition, updating your outlets is usually an inexpensive and simple job that you or an electrician could do in a brief amount of time.
Lighting
Lighting is another excellent choice to keep on your upgrade list. Same as with electrical outlets, poor, damaged, or outdated light fixtures may hinder an otherwise clean and tidy interior. Modernizing your light fixtures or replacing older style light bulbs with LED bulbs can make a great difference. Refurbished light fixtures will make your interiors brighter and feel modern and elegant. Aside from that, it’s usually easy to find new light fixtures for a reasonable price, and replacing them is another small job you or your electrician can easily handle. In fact, with the right lights and a bit of work, you could give your rental’s kitchen or other rooms a lot more custom feel your tenants will love.
Smart Locks
At last, a final smart upgrade with a little budget is to replace your standard deadbolt or other door locks with a smart lock system. A smart lock is just what it sounds like: a Wi-Fi or Bluetooth-enabled door lock that you can control from a smartphone or other device. Smart locks are a wonderful option to upgrade your rental property’s security without going all out on a full security system.
Not only can your tenants lock and unlock their door without the hassle of a key, but several smart locks will also allow them to see data about who is going in and out of the property and when. Smart locks are extremely helpful for property owners since you can set temporary access codes and then change them when needed, such as if a handyman required access to the property to make some repairs or between tenants. In addition, you’ll never need to stress over your tenants keeping extra copies of their keys when they move out.
Would you like to know more low-budget ways to upgrade your rental property and increase your rental income? Give Real Property Management Imagine a call! Our local Olympia property management experts can help you maximize your cash flows while helping you grow your property’s value. Contact us online today!
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