Rental Property Upgrades That Pay Off

Electrical and lighting upgrades can significantly boost a property’s value for renting and reselling.

The goal of any property owner who plans to rent accommodation is to maximize their monthly income. Besides purchasing a long-lasting property that requires minimal maintenance, they can invest in specific renovations that will increase the value of the rental property. These renovations also enable owners to sell the property at a higher resale value later.

Please keep reading to learn how to increase profitability on any property.

Remodel the bathroom

Apartment and house hunters often inspect the bathroom first, so the state of this room can make or break a property. Luckily, remodeling the bathroom doesn’t require many costly upgrades.

The most important aspect of remodeling a bathroom is ensuring the room is fully functional. This process entails fixing dripping faucets, restoring decent water pressure, and repairing any damage.

From there, property owners can consider other practical yet cost-effective upgrades, such as installing towel rods or hooks and adding counter and storage space.

Finally, some aesthetic upgrades can significantly boost property value. For example, consider installing an eye-catching mirror above the bathroom sink and impactful overhead lighting.

Upgrade the kitchen

Since household members spend a decent chunk of time in the kitchen daily, this room must also be up to par.

Renovating the kitchen cabinetry usually doesn’t require much money, but it makes a difference. When upgrading the cabinetry, property owners want to ensure it looks modern and aesthetically pleasing and offers sufficient storage space.

Upgrading major appliances can significantly increase the rental property value. If the fridge, dishwasher, and stove work well and match aesthetically, the kitchen automatically leaves a better impression.

Replace the windows

The rental property’s windows play a crucial role in the house or apartment’s insulation. Older or worn windows without proper sealing will dramatically increase renters’ heating and cooling costs. So naturally, no would-be resident will find this prospect appealing.

Property owners should replace all the windows with ENERGY STAR-rated windows. These windows offer improved UV protection and energy efficiency, thus increasing the property’s appeal and, in turn, value.

Depending on the property’s location, the owners may need to ensure the windows can withstand severe weather.

Upgrade the lighting

Installing proper lighting throughout the property will undoubtedly increase its value. Well-lit rooms are much more inviting and functional. Good lighting will prevent the renters from reaching for lamps, which can spike their electricity costs. Plus, it will stop them from trying to install overhead lighting on their own, which can be dangerous for them and harmful to the property.

Hire a professional

Electrical and lighting upgrades can significantly boost a property’s value for renting and reselling. However, property owners are better off not making any DIY changes to avoid hurting themselves or doing more harm than good with an improper installation. Instead, they should hire a reputable electrician to safely and efficiently perform these upgrades and comply with all local codes and regulations.

If you need a highly-reviewed, licensed electrician in the Phoenix Valley area, call Efficient Electric at 623-900-1461. We would love to hear from you!