How New Appliances Can Improve ROI in Property Rentals
Making improvements to your property can attract better renters and improve your ROI (return on investment), allowing you to profit more over time. There are a variety of ways that you can increase your ROI by replacing old and worn-out appliances or improving upon the appliance package that is included in your rental.
Things to Think About
There are a variety of ways to go about making improvements to your rental appliance package. For one, new appliances simply look better. Imagine walking into a rental property with old worn-out appliances. If you plan on renting your property for a premium, it must be equipped with quality appliances that work correctly.
In addition to appliances being new, energy efficiency is key. Environmentally friendly appliances are very appealing to prospective renters. Rising energy costs, along with more environmentally conscious renters, mean that people are looking for ways to increase efficiency while saving money. When shopping for appliances, look for an Energy Star label.
New appliances are also easier to maintain. Parts are available, and technicians are more likely able to make repairs. Also, be sure to purchase appliances with a good warranty, just in case something unexpected happens to your new appliance.
Come tax time; new appliances can serve as an effective tax deduction. This can assist in lowering tax liability on your property. Upgrading appliances is a great way to realize a better ROI, even though there is an upfront investment. With new appliances, you can charge higher rents and be more competitive in your local rental market.
Which Appliances Make the Greatest Difference
Kitchen appliances often offer the biggest bang for your buck when it comes to upgrading appliances for the sake of improving ROI. Kitchens are where people spend much of their time, especially if they enjoy cooking.
Upgrade to a Modern Refrigerator
The refrigerator is the best investment if you can just make one kitchen improvement in your rental home. Not only do they boost the visual appeal of a kitchen, but there are also a variety of features that make them an attractive upgrade.
- Modern Aesthetics and Smudge Proof Finishes
- Efficient Ice Makers
- Flexible Storage
- Dual Evaporators
- Double Doors
- Smart Home Capabilities
With all of these modern features, it makes sense that tenants are willing to spend a bit more on a rental with an updated fridge.
Gas Stoves Are Highly Desired
Many modern apartments have gas stoves for a reason. Their efficiency is unmatched compared to traditional electric ranges, saving tenants money on their utilities. They are also not reliant on electricity, so the next time the power goes out, a gas-powered stove can continue to run.
Dishwashers Improve Quality of Life
We all know how frustrating it can be when dishes pile up after a meal or two, and the time commitment to hand washing dishes can be substantial. Dishwashers are a great selling point, as they make post-meal clean-up a breeze. By installing a dishwasher in your rental property, you are showing your tenants that you care.
Other Appliances That Boost ROI
In addition to upgrading kitchen appliances, several others can help boost ROI. In the Bathroom, low-flow toilets conserve water and save tenants on their water bills. They are also environmentally friendly and will be attractive to conscientious tenants.
A new washer/dryer combination also makes for a quality of life boost and can boost the value of a rental home by 15%, according to the National Apartment Association. Offering a quality in-home washer and dryer combo can help save tenants cash.
Let Asheville Phoenix Properties Help You Realize Better ROIs
By hiring the right property management company, you can be sure that you get the most out of your rental property. Not only does this turn your rental property into truly passive income, but you can also take advantage of their knowledge regarding what the best appliances are to boost ROI for your property.
Asheville Phoenix Properties can assist you in steering clear of many of the challenges associated with renting out your properties. By serving as a liaison between you and potential tenants, we take care to carefully screen and select only the top candidates for your rental properties.
In addition to marketing your property, we know how important retaining tenants are and can help implement strategies to do so while maximizing ROI long-term.
Thanks to our more than 20 years of real estate management experience, we can help owners and tenants by managing every aspect of a rental property. For more information on how we can improve the ROI of your rental property, contact us today!