It’s smart to maximize your investment in your DC income property by making the appropriate updates or renovations. Whether you have your first income property or are between renters, now is the time to show off your unit to attract your ideal tenants.
But you don’t want to dump a bunch of money into your rental property without knowing what kind of return it’ll give you on your investment. How can you know what updates or renovations are worth making?
Here are the top five investments you should make in your property before renting it out to attract the right tenants, net your highest income, and protect your property in the long run!
Get a Fresh Coat of Paint
A new coat of paint is a must. It’s a cost-effective improvement that makes a dramatic difference in how your property looks, both in photos and in person!
While it’s tempting to get creative with colors or try to match paint to your furnishings, your best bet is to go with white. Why? Because white makes the unit look cleaner, brighter, and larger. White will also go with pretty much any décor the renters bring with them, allowing them to really imagine themselves in the space.
Update the Landscaping
Never underestimate the value of curb appeal. You don’t have to break the bank and make your property look like a 5-star resort to make an impact. Some simple updates—tree trimming, fresh mulch, a few flowers—will go a long way towards making your property look attractive.
Renters pay attention to the exterior care of a property. Overgrown grass and trees, mulch from last season, and weeds in the flower beds tell them that they shouldn’t expect their landlord to keep up with interior property maintenance either. Don’t scare away renters when you could spend a few bucks to make a great first impression!
Replace Appliances (If Necessary)
If an appliance in your rental unit breaks, your first idea is likely to repair it. But know when to call it quits on your appliances. If the stove is already over a decade old and breaks, it might be a good idea to consider replacing it.
Renters are similar to buyers in that they like to see updated appliances that match, so do your best to keep your appliances the same color and style. This cohesive look will appeal to renters and increase your unit value!
Renovate the Flooring
Updating your income property’s flooring is one of the best investments you can make, not just to appeal to renters but also to protect your investment.
Sure, you can continue to professionally clean the carpet or replace it after each renter. But, renters generally hate to see carpet in a unit, and it’s not a sustainable investment. Investing in a more durable flooring option can protect your property and increase your rental’s value.
Hardwood is an excellent option as it can be sanded and refinished many times, and can typically withstand quite a bit of abuse. However, if you allow pets in your rental, you may want to go with a more scratch-free option such as tile or luxury vinyl plank.
Putting tile in the kitchen and bathrooms can appeal to renters and resist damage. Go with a darker grout, as it’s virtually impossible to keep white grout looking clean over time, especially in a rental property!
Update Kitchen and Bathroom Countertops
Countertops make a big impression on renters and are often among the first things they notice about a space. Increasingly, renters expect high-end countertops such as granite.
Granite may be more expensive, but it’s a worthy investment. It’s virtually indestructible and will never need to be replaced unless you gut your entire kitchen. It’s also low maintenance, meaning not only will renters not have to do much to maintain it, but neither will you!
Updated granite countertops in the kitchen and bathroom will continue to look great without much effort on your part for years to come.
Ready to See Your Best ROI?
Sound like a lot of work? Don’t stress. Making these updates and renovations to your property before renting can help you see your best ROI. Not sure if your DC investment property needs all these updates? Find out with a free assessment with us at FAS Management. Our professional DC property management team helps you identify what renovations you need to increase your rental income and protect your investment. Call us at (202) 337-5080 today!