The San Antonio area has a growing number of renters each year, which means competition between property owners gets hotter than a ghost pepper! A great way to stay ahead of your rivals is by updating your unit each time it becomes vacant. Wherever you might allow your personal property to show age, your rental unit should be in top form. Not only will this attract tenants but increase the value of the property and discourage damage.
We’ve broken down the improvements into low, medium, and high cost so that you can pick and choose the best upgrades for your rental! Remember, your updates shouldn’t out-price your unit in its respective market, so having a range of cost options can be helpful when determining your budget.
- High-cost updates like replacing appliances can be a significant expense at first but think of these as investment pieces.
- If your budget allows for it, a mix of low-cost and high-cost updates is ideal.
- Expensive changes can usually go longer without replacement if you choose high quality, neutral toned options.
- Budget-friendly updates are the cherry on top that can sway renters to apply.
- Medium cost items are great to fix and update when necessary and can do just as much for property value if your more substantial expenses are already accounted for.
What’s Inside Counts!
Focus first on the inside of your unit: this is where your tenants will spend most of their time, and it’s also where you will expend most of your budget!
Update Cabinets and Fixtures
An easy way to boost your property value is to clean cabinets and fixtures. Consider a fresh look with a new coat of paint in the bathroom and kitchen: painting cabinets can be an easy way to brighten up these spaces, especially if either is on the small side.
Updating the hardware is even more straightforward than cleaning or painting your cabinets. The hardware in your kitchen and bathroom gets as dirty as the cabinet faces themselves, and neglect on this front tends to make the home look outdated. If you’re still working with those pseudo-ornate brass handles from the 1980s, then you know exactly where to start: it’s time to modernize those fixtures!
Increase and Enhance Storage
Not all rental properties are created equal, especially when it comes to storage and counter space.
- Open up a smaller kitchen or bathroom with built-in organization.
- Many kitchens and bathrooms don’t always include shelving.
- It can be tough for a renter to fill this space efficiently without putting money in—adding it yourself boosts the attractiveness of your rental!
You can fit organization into your budget by either building the shelving directly into the unit or purchasing sturdy standalone pieces from bulk club stores. Built in shelving is a fantastic space saver in any room of the rental, and most tenants will appreciate the convenience enough to pay a little more in rent.
Beautify Flooring and Countertops
Replacing flooring and countertops can fit a wide range of budgetary needs, which is why we’ve placed this between medium and high-cost upgrades. You can probably guess our first suggestion: clean the flooring and countertops.
- Cleaning allows you to see any scratches, nicks, or chips.
- If you’re not satisfied after a thorough cleaning, consider replacing!
- Consider the neighborhood if you want to add tile or real hardwood—new laminate will add just as much value and make you stand out without breaking the bank!
- If upgrades like granite countertops out-price your unit, then it’s not worth the investment.
- Laminate comes in a variety of colors and similar textures to granite at a fraction of the cost!
Replace and Refresh Appliances
Replacing appliances can be the most expensive update, but if you choose quality pieces, you’ll update less often and your property value sky-rockets!
- Basic and reliable appliances can be great for lower-valued units, but “one style does not fit all!”
- Splurging for the built-in ice maker, side-by-side refrigerator/freezer, or sticking with a gas stove-top can make the competition look drab next to your fab!
- Replacing higher-ticket items can save energy and increase the cosmetic appeal of your home.
Tip: Some modern improvements like built-in USB sockets, in-unit washer and dryer, and cable or internet being included in the rent are additional upgrades that can really make your unit “pop”! Investigate what’s trending in your neighborhood before adding these features.
From the Inside, Out
The exterior beauty of your property matters just as much as the interior. After escaping the traffic in San Antonio, your tenants will be delighted to return to their own personal oasis! Just as with the interior, we’ll start with the lowest cost updates and work our way up.
Easy Landscaping
Spruce up the outside of the home and make sure it’s presentable for new applicants. Simple fixes like mowing the lawn, trimming trees, planting easy-maintenance flowers and bushes can work wonders. Covering old garden spaces with a rock garden or bright mulch can turn your yard space into a relaxing haven!
Paint and Power Wash
If the siding is presentable, then no new paint job is needed—but a proper power washing will brighten up the home. Renters interact with the front door more than anything else, so a fresh coat of paint in a bright and friendly color can help your property stand out! Depending on the layout, a new coat of paint on the trim would help create an inviting space, especially if it matches the new door.
Enhanced Lighting
Updated light fixtures can significantly improve the value of your home for little cost. Like the cabinet hardware, light fixtures can also make a home seem outdated. Switch out those old lamps for modern covers, replace bulbs with their energy-efficient counterparts and you’ll brighten the exterior, save on energy costs, and up your curb appeal!
Unsure of Upgrades? Let a Property Manager Help!
When considering updates to your property, can you tell which of your rental’s amenities are competitive and which out-price your market? Real Property Management LoneStar staff have years of experience researching and implementing cost-effective upgrades. Let us help you cut through the renovation confusion and choose the best updates for YOUR investment property. Contact us today for your free consultation before your next big property makeover!