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SIMPLE UPGRADES TO BOOST RENTAL VALUE

October 09, 2020 | by Angeline Helera , Property Leasing Specialist, Dubai

In the rental industry, keeping costs down is a priority in everyone’s mind. However, sometimes a calculated investment in improvements, however big or small, is warranted. Is your property a bit dated or looking a bit rough from countless paint touch-ups? Even if your property is occupied, your tenants should not have any issues with new upgrades as long as their regular amenities are functional. Consider these easy upgrades below to boost value in your rental.

  1. Replace the Flooring
  2. Boost Curb Appeal with New Paint
  3. Freshen the Walls with a Repaint
  4. Replace Your Light Fixtures
  5. Install New Vanity Cabinets and Faucets
  6. Add New Hardware
  7. Add Some Shelving

Replace the Flooring

New flooring is one of the best ways to improve your home’s appearance and property value. However, it can be difficult and stressful to install this new feature if you have tenants in your property. So, you might want to hold off on this tip until your property is vacant. Tenants often avoid properties with carpeting due to their tendency to trap smells and stains easily. If you allow pets in your rental properties, urine and feces can become trapped in these carpets, causing unpleasant odors and added professional cleaning costs. If you cannot afford to replace all of your floorings in the property, focus on the kitchen and bathroom. Sheet laminate is inexpensive and provides multiple style options for kitchens and bathrooms. 

Freshen the Walls with a Repaint

If you plan to continuously rent out the property, use a semi-gloss sheen throughout the home. This will come in handy during the turnover time since you can wipe off most smudge marks.  It can be challenging to blend touch-ups to an existing paint job, so if extensive work is needed, an all-over repaint is best. 

Replace Your Light Fixtures

Updating your light fixtures is a relatively inexpensive way to increase your property’s attractiveness. Tenants start noticing your light fixtures the moment they walk through the door – and cloudy, outdated, or dirty fixtures can turn them off. You can also replace your exterior light fixtures to cast a good impression on prospective tenants before they even walk through your front door. Also, consider replacing all your lightbulbs with energy-efficient LED bulbs. LED bulbs are also energy efficient, providing you with an extra selling point for your leasing agent.

Install New Vanity Cabinets and Faucets

Your bathroom can look outdated and drab if you have not replaced cabinets or faucets within the last several years. However, you can update your bathroom’s style at a low cost by replacing the following:

  • Vanity cabinets
  • Sink faucets
  • Showerheads
  • Mirrors

There are many modern and affordable fixture options on the market. These fixtures are also easy to install and will make a lasting impression on new tenants.

Add New Hardware

Speaking of small details, many property owners tend to overlook hardware when updating their properties. These fixtures can broadcast your property’s wear and tear to prospective tenants and turn them off from your property quickly. By making a small bathroom and kitchen upgrades, you can make a room look polished and modern. Invest in these small and inexpensive hardware replacements to impress tenants with your attention to detail:

  • Doorknobs
  • Cabinet knobs and handles
  • Outlet covers
  • Curtain rods
  • Towel bars
  • Drawer pulls
  • Doorstops

Adding new hardware can make a home look brand new, especially in the kitchen and the bathroom. These may seem like small items, but these replacements can make a world of difference to prospective and current tenants.

Add Some Shelving

Who doesn’t like added storage? Especially when it comes to rental properties, storage is a big plus. Consider adding some inexpensive but modern floating shelves to the kitchen, bath, or living area. Another significant upgrade is to install custom organization units that maximize existing closet space. Whatever you can do to boost useable space will be appreciated by potential renters.

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