Get big returns by choosing smart rental home upgrades that add the most value to your single-family investment property in Phoenix, AZ.
As a landlord or rental property owner in the Phoenix area, it is essential to invest in upgrades that will increase the value of your investment property. By making smart choices when it comes to upgrading your rental property, you can make your property more appealing to potential tenants and increase your rental income. Below are some of the best upgrades for your single-family rental property.
Kitchen Upgrades That Add Value
One of the best ways to add value to your rental property is by upgrading the kitchen. Tenants are willing to pay more for a rental unit that has a modern kitchen with granite (or granite-style) countertops, stainless steel appliances, and updated cabinets. If you can't afford a complete kitchen renovation, consider making more minor changes, like painting the cabinets or installing new hardware.
Paint the cabinets
A fresh coat of paint can go a long way in making your kitchen look more modern and updated – plus, it's a relatively inexpensive upgrade. Just be sure to use durable paint specifically designed for cabinets. And if you're feeling ambitious, you can add new cabinet hardware as an extra touch.
Install new countertops
Countertops can make or break a kitchen, so if yours look outdated or scratched up, it's worth investing in new ones. There are plenty of options available at different price points, so you should be able to find something that fits your budget. For example, laminate countertops are more affordable than granite or quartz. But regardless of which material you choose, new countertops will give your kitchen an updated look and feel.
Installing New Hardware
Another easy way to upgrade your single-family rental property's kitchen is by installing new hardware on the cabinets. Again, this relatively inexpensive project can make a significant impact. Choose new knobs or pulls that you like and install them yourself. Or, if you're not feeling handy, you can hire a handyman or cabinetmaker to do it for you.
Bathroom Remodel Upgrades for Rental Unit
Like the kitchen, updating the bathrooms in your rental unit can also go a long way in increasing its value. A few key bathroom upgrades include installing new fixtures, tiling the floors and shower surround, and adding storage solutions. If you're on a tight budget, you can still make impactful changes by painting the walls, cabinets, and trim.
Installing new fixtures
New fixtures are one of the easiest ways to give your bathroom an updated look and can include anything from a new toilet to a towel rack or light fixture. Not only will this make the space look nicer, but it can also be a selling point for potential tenants.
For example, if your rental unit has an old, outdated toilet, that could be a big turnoff for someone considering moving in. By installing a new one, you're showing that you care about keeping the space up-to-date and comfortable for tenants.
Adding Storage Solutions
Storage is also essential when updating your rental unit's bathroom. So often, bathrooms can feel cramped and cluttered because there's insufficient storage space for essentials like towels, toiletries, and cleaning supplies.
Adding additional storage solutions—like shelves or cabinets— can help keep the area organized and clutter-free. Efficient storage solutions will not only make it more inviting for potential tenants, but it will also be easier to clean between tenancy turnovers.
Energy-Efficient Updates for Higher ROI
Making energy-efficient updates is a great way to appeal to tenants and save money on utility bills. Some energy-efficient updates you may want to consider are adding insulation, upgrading energy-efficient appliances, and installing low-flow plumbing fixtures.
Adding Insulation
Adding insulation is one of the best ways to make your rental property more energy efficient and keep your tenants warm in the winter and cool in the summer, making them more comfortable and helping you save on heating and cooling costs. When adding insulation, check for any air leaks and seal them up. You may also want to add weather stripping around doors and windows.
Upgrading to Energy-Efficient Appliances
Another way to make your rental property more energy efficient is by upgrading to energy-efficient appliances. Energy-efficient appliances typically use less water and electricity, which can help lower your utility bills.
When shopping for energy-efficient appliances, look for the ENERGY STAR label. This label indicates that the device meets strict energy efficiency guidelines by the US Environmental Protection Agency (EPA).
Fresh Paint and New Flooring to Attract Higher Paying Tenants
One of the quickest and most affordable ways to give your rental property a facelift is by painting the walls and replacing the flooring. Not only will this help make your unit more attractive to potential tenants, but it will also help protect surfaces from wear and tear.
How to choose a paint color
When painting colors, it's best to stick with neutrals. Not only are they more universally appealing, but they're also much easier to match with furniture and decor. In addition, if you ever decide to sell the property, neutral paint colors will help make it more marketable.
Choose durable flooring
If you have hardwood floors, chances are they've seen better days. The good news is that plenty of durable and attractive flooring options on the market won't break your budget.
Vinyl plank flooring is an excellent option for high-traffic areas like the kitchen and bathroom because it's water-resistant and easy to clean. For bedrooms and living rooms, carpeting is always a cozy option. Just choose a low-pile carpet, so it's easy to vacuum and maintain.
Upgrade Your Rental Property's Curb Appeal
First impressions matter, so it's essential to ensure that your rental property has good curb appeal. In addition, investing in landscaping and hardscaping features like planters, walkways, and lighting can make your property more inviting.
The Benefits of Good Curb Appeal
Investing in curb appeal has several benefits for landlords and rental property owners. First and foremost, good curb appeal can help you attract high-quality tenants. If your property is well-maintained and attractive, potential tenants will likely want to live there. In addition, good curb appeal can help increase your property's value.
High-quality tenants are more likely to be willing to pay premium prices and take care of a rental unit that looks nice from the outside. Finally, curb appeal can also help reduce your costs by deterring crime. A well-lit and well-maintained property is less likely to be targeted by vandals or thieves.
How to Improve Your Property's Curb Appeal
There are several ways that you can improve your property's curb appeal. One of the simplest and most effective things you can do is keep your lawn trimmed and weed-free. Trimming trees and shrubs can also give your property a neater appearance.
In addition, adding features like planters, walkways, and lighting can make your rental property more inviting. If you have a driveway or walkway, repair any cracks or damage as soon as possible. If you want to take things further, you could consider adding hardscaping features like planters, fountains, or pergolas.
Strategic Upgrades for Single-Family Rental Units
By strategically upgrading your single-family rental property, you can increase its value and appeal to potential tenants. Tenants in Phoenix are willing to pay more for a rental unit that has a modern feel with updated features.
Something as simple as a fresh coat of paint or new flooring can make a big difference in how appealing your unit is to renters. With so many different upgrade options available, there’s something perfect out there for your rental property and budget.
Brewer & Stratton Property Management in Phoenix, AZ
Whatever route you decide to take, consult with a professional Phoenix Property Management company to increase your rental income, and make your Phoenix rental property more attractive to potential tenants.
The return on your investment is always a consideration by our Brewer & Stratton property managers when making upgrades:
-The cost of the upgrade
-The expected return on investment
-How will the upgrade impact your tenants
-The amount of time and effort required to complete the project
-And more
Upgrade your single-family rental home in Phoenix with Brewer & Stratton Property Management. We know how to find and retain high-quality tenants that care for your investment property.
