- Update your rental property by replacing old flooring, upgrading kitchen appliances, adding modern fixtures and hardware, and painting walls.
- Maximize existing space with built-ins, closet organization systems, wall shelving, and under-bed boxes.
- Check the roof regularly for any signs of wear and tear and replace it if necessary.
- Upgrade existing furniture or add decorative pieces to give the property a homey feel.
- Incorporate smart technology such as automated lights, voice assistants, video doorbells, and more.
If you’re a landlord or property investor, you know that maintaining a rental property can be a challenge. Whether it’s an older building or needs updating, creative solutions are available to ensure your property looks excellent while maximizing your profits. Read on for tips on modernizing and maintaining an older rental property.
Updating the Interior of Your Rental Property
One of the greatest challenges of owning an older rental property is keeping the interior up-to-date with the times. Doing so allows you to keep rents in line with the current market and attract more reliable tenants. This can be done by:
- replacing old flooring
- upgrading kitchen appliances
- adding modern fixtures and hardware
- painting walls
After updating the interior, you must also maintain it. This includes regular cleaning, repairs, and vacuuming of carpets. Doing so ensures that tenants feel cared for and comfortable in your property.
Maximize Your Space
Space is a valuable commodity in any rental property. Therefore, make sure you’re getting the most out of it.
You can look for ways to maximize existing space, such as adding built-ins or closet organization systems. You can also explore creative storage solutions like wall shelving or under-bed boxes to help tenants organize. For instance, if you’re dealing with a studio apartment, add a bookcase behind the bed to separate the sleeping area from the living space.
Consider reconfiguring existing rooms, knocking down walls, and creating an open floor plan for larger properties. If you need help, hire a professional contractor to help you design a layout that works.
Upgrade the Roof
A good roof is essential to protecting the interior of your rental property. If you have an older home, check it regularly for any signs of wear and tear. Here are some improvements you can try:
Replacing the Roof:
If the roof of your property is more than twenty years old and starting to leak, consider replacing it with a new one. You may choose from various roofing materials, such as asphalt shingles, metal roofing, and slate. Consider hiring a licensed contractor to install the new roof to ensure a quality job.
Sealing the Roof:
Over the years, roofs may suffer from being worn out due to weather conditions. One way to extend its life is by sealing it with a waterproof sealant every few years. This will help protect the roof from water damage and keep it in good condition for longer. Different sealants are available, such as elastomeric, silane-siloxane, and acrylic. However, it is still best to consider consulting a professional to choose the best option for your property.
If you want to brighten up your property, consider installing rooflights. They are a great way to bring in natural light and can also help reduce energy costs by cutting down on the need for artificial lighting.
There are two types of roof extension lights: flat rooflights and pitched rooflights. Depending on the type of roof in your rental property, you can choose whichever one suits your needs best. However, to make your space appear bigger and high-end and modern, high-quality pitched rooflights are always a great option. This is because they bring in more light and provide an aesthetically pleasing look to your rental property.
Adding insulation to your rental property can help regulate the temperature inside. This will keep it comfortable throughout the year, no matter the weather conditions outside. You can choose from different insulation materials, such as fiberglass, foam board, and spray foam. Also, your choice will depend on the size of your property, its layout, and your budget.
Update the Furniture
Furniture is often the first thing potential renters notice when they walk into a property. To make sure your furniture is up-to-date and attractive, consider investing in newer pieces that are stylish yet durable.
You may also choose to use unique furniture pieces, such as vintage tables or chairs, that can bring an exciting touch to the property. Additionally, you can always add decorative items such as pillows and throws to give your rental a homey feel.
If you can’t afford to buy new furniture, consider reupholstering or refinishing the existing pieces. This way, you won’t have to spend a fortune and can still bring life back into them.
Incorporate Smart Technology
Smart technology is becoming increasingly popular in rental properties. This is because it adds convenience, security, and energy efficiency.
Some examples of smart technology are home automation systems, video doorbells, and voice assistants. It also includes automated lights and locks with Wi-Fi capability.
Adding these features is a great way to keep your property attractive. In turn, making it stand out from the competition.
Updating and maintaining a rental property can seem daunting at first glance. By following these simple steps, you can ensure that your investment remains profitable while providing your tenants with updated amenities they will love. With some creativity and planning, updating an old rental property can be made much easier than expected. So don’t wait — get started today.