A crucial part of keeping your Orange County rental property profitable in the long term is making regular updates. Especially if your rental house is older, you can and should be preparing things to modernize your rental each year to ensure that you can maximize your rental rate. The good news is that there are a couple of minor updates you can do to make it look and feel more modern without spending big bucks. For example, simply upgrading your outlets, light fixtures, and locks can help increase your property’s value, enhance the beauty and guarantee that you are keeping pace with other rentals in your market. In the following, we’ll outline why these three upgrades are essential for all rental property owners.
One factor that can make a property look and feel uncared-for and old is yellowed or outdated electrical outlets. Damaged or mismatched electrical plates are an eyesore, but the outlets themselves can also become a huge minus for potential tenants. This is doubly true now that so many people rely on multiple electronic devices, such as smartphones and computers, to manage day-to-day life. Simply replacing some of your old outlets with new versions that have USB ports can have a big impact on your renters. Moreover, installing new outlets is commonly a quick and easy job that you or an electrician can do in a short period.
Lighting is another important aspect to keep on your upgrade list. Just like electrical outlets, cheap, not working, or outdated light fixtures may interfere with an otherwise clean and tidy interior. Modernizing your light fixtures or replacing older style light bulbs with LED bulbs can make a significant difference. New light fixtures will make your interiors brighter and seem modern and lighter. Additionally, it’s usually simple to find new light fixtures for a reasonable price, and replacing them is another small job you or your electrician can easily handle. Actually, with the right lights and a little labor, you could give your rental’s kitchen or other rooms a custom feel your tenants will appreciate.
Lastly, a final smart upgrade with a tiny budget is to replace your standard deadbolt or other door locks with a smart lock system. A smart lock is just what it sounds like: a Wi-Fi or Bluetooth-enabled door lock that you can control from a smartphone or other device. Smart locks are an excellent way to upgrade your rental property’s security without going all out on a full security system.
Not only can your tenants lock and unlock their door without the need for a key, but many smart locks will also let them see data about who is going in and out of the property and when. Smart locks are also suitable for property owners because you can set temporary access codes and then change them when needed, say if a handyman needs access to the property to conduct some repairs or between tenants. You’ll also never have to be anxious over your tenants keeping extra copies of their keys when they move out.
Would you want to learn additional low-budget ways to upgrade your rental property and increase your rental income? Give Real Property Management Impact a call! Our local Orange County property management experts can help you maximize your cash flows while helping you grow your property’s value. Contact us online today!
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