As a real estate investor and landlord, you’re always searching for ways to increase the value of your rental property in Orlando. Improving your property could potentially increase the amount of monthly income you can make. This means more cash in your pocket, and a higher borrowing power if needed down the road!
While it may seem like a good idea to invest in your marketing materials, you need to ensure the expense is worth the return. As someone who invests in real estate and knows what they’re doing, you must choose projects carefully because there’s no point wasting money on something that won’t bring back results.
Although many landlords want to leave their rental units unchanged, the inexpensive builder-grade countertops often used in those properties are especially prone to wear and tear. Replace your kitchen and bathroom counters with fresh materials to get rid of the discolorations, stains, and burn marks. Choose a solid surface material, such as granite or quartz. For lower cost options consider using stone alternatives like polyester/acrylic composite tiles and ceramic tile.
Over the years, sinks, faucets and other bathroom fixtures can start to look dingy due to hard water deposits. Plus, chrome is often associated with looking outdated. We’ve noticed how much an updated bathroom can increase the ROI on rental property in Orlando. Consider upgrading these old fixtures to something more modern like brushed nickel or oil-rubbed bronze. Keep your look consistent throughout the house for a bigger impact.
Extra Closet Space
Renters will love a home that offers enough storage to store their stuff, like built-in shelving and closet organizing systems. Adding extra storage can be a relatively inexpensive way to improve your home. There are great closet organization kits available at Ikea, you don’t have to spend a fortune. Whether it’s adding more shelving in the pantry or just upgrading some of the shelves and hooks around your house, you don’t need an expensive upgrade for this project!
When it comes to a rental property in Orlando, flooring can be tricky. For many renters, carpet is a no-go because of the fear of sharing their new space with previous occupants’ dirt and grime. Carpeting in rooms can be a hassle because it is hard to clean and stains easily. It only takes one spill for the carpet’s appearance to worsen, making you want to replace your carpets with something more durable as well as attractive.
If you’re a landlord looking to add value and make your rental property more appealing, installing an upgraded material such as stone, ceramic tile or hardwood is the way to go. Not only does it increase its worth but also makes cleaning fast and easy for tenants with little maintenance.
New windows don’t just look great and optimize natural light. Today’s technological innovations mean that today’s windows do more than let in the sunlight like old-fashioned ones did. Double paned windows are a valuable upgrade – they keep the Florida heat out and the AC in. It’s also estimated that homeowners or renters can save up to $500 per year on energy costs just from double paned windows.
While you might not look forward to an expensive repair, a sound roof is essential for increasing the value of your property. Replacing the roof is also a lot cheaper than dealing with the lawsuits if the roof were to fail. So, save yourself some headaches and potential liabilities and just replace it. A typical roof’s lifespan is about 15 years. Without proper maintenance, weather and water damage are common. That’s why regular inspections are essential.
Some landlords may not prioritize the exterior of their rental property, but it’s important that tenants are able to maintain an attractive home without too much hassle. So paint the front door, fix up your porch railing, plant some low-maintenance landscaping to spruce up the exterior of your place. Your renters and neighbors will thank you for it!
Florida Property Warehouse is the only place to go when you’re looking for a rental property in Orlando, or all over Florida. We have access to off-market properties that can meet your unique needs. Join our VIP Buyers List or call us today.