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Wednesday, 02 June 2021 10:35

The Seven Most Profitable Rental Property Upgrades

There has never been a better time to own property in Asheville than right now. Despite the challenges our area faced due to the global pandemic, property values have continued to climb rapidly. Demand for housing continues to rise as the prevalence of remote work makes beautiful outdoor regions like western North Carolina that much more appealing. 

If you own one or more rental homes, there should be plenty of tenants in the area ready to lease from you. Many owners think that leasing their homes is mainly something that will help offset costs and taxes until they are ready to sell or move into the house. However, property rental can be a profitable source of passive income. 

You can set your rental apart and increase profitability with a few key upgrades. Here are the seven renovations that will make your rental home more profitable. 

 

Seven Upgrades to Make Your Rental Property More Profitable

1) Replace Carpet and Other Flooring with Durable Laminate or Wood 

There is nothing inherently wrong with carpet. In fact, in lower traffic areas such as bedrooms and spare rooms, but in living rooms and hallways carpet will often show signs of wear and tear quickly. 

For rental homes, durable flooring is key. Hardwood and vinyl flooring will look great, help rooms feel more open, and likely last through multiple tenants. 

Plus, if it looks great, you will have a much easier time finding tenants who are willing to pay what your home is worth. 

2) Add a Fresh Coat of Paint

Some people love painting homes. You may or may not enjoy it; however, walls and baseboards are almost inevitably going to be scuffed when you rent a house. 

Planning to repaint your rental property gives you an opportunity to investigate the latest trends and explore the colors for which potential tenants are searching. 

Otherwise, white is always a great, neutral option that looks clean for tenants. If painting isn’t your strong suit, however, you may want to bring in the pros. 

3) Improve Landscaping and Outdoor Living Spaces

Here in Asheville, our weather is excellent. It is one of the factors that draw people here from other parts of the state and country. Renters are searching for homes with great outdoor spaces. 

You can make a few key improvements that will almost certainly increase profits, including:

  • Planting aesthetically pleasing, low-maintenance trees and flowers
  • Cleaning up old, dead trees, stumps, and other eyesores 
  • Utilizing natural features and spaces so that there is not as much lawn for you or your renters to maintain
  • Making repairs to a deck and creating shade
  • Installed a screened-in porch and outdoor furniture
  • Building a simple patio space 

We are an outdoor community, so these improvements will be well-received by potential tenants and could set your property apart from the rest. 

4) Upgrade Kitchens by Adding New Cabinets, Backsplash, etc.

In addition to being an outdoor friendly area, Asheville residents are committed to health and wellness. Therefore, your tenants want a kitchen in which they can spend time and cook. 

Updating your kitchen can go a long way toward increasing the profitability of your rental property. Some elements that can make a big difference include:

  • Beautiful cabinets that match well with other kitchen elements
  • Plenty of space for preparing food
  • A nice refrigerator and range 
  • Nice backsplash and other key decorative elements
  • The right faucet and as large a sink as possible
  • If space allows an island and/or breakfast bar will be attractive to potential tenants

5) Create Home Office Space

With the prevalence of remote working in our area, tenants are likely looking for homes with quality office spaces. 

If your rental property has a bonus room or a den that could be converted to a studio or office, it could be appealing to renters. For this reason, you might consider finishing your basement to serve as usable space for potential tenants. 

6) Upgrade Light Fixtures

Lighting is vital for appealing to renters. Upgrading to lighting that is energy efficient and makes spaces seem larger and more open will make a significant difference for anyone that tours your home. 

Furthermore, great lighting will help your home photograph better, which will vastly improve listings online. 

7) Hire a Property Management Professional

While most of the improvements on this list are centered on cosmetic improvements and renovations, hiring a property management company is one of the most important steps you can take to improve profitability. 

The right property managers will know how to set the best rate, advertise and find the right tenants, and keep up with scheduling maintenance, freeing you to focus on other needs. In the Asheville area, no one has more experience and expertise than Asheville Phoenix Properties. Contact us for more information about how we can help improve your property’s profitability. 

Need help finding someone to help make improvements and repairs? Check out our article on the right questions to ask potential repair people.

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