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New Year’s Resolutions for the Property Owner

Every year people make their New Year’s resolutions. Next year, you’re going to finally get in shape, start saving money or maybe even take that exotic trip you’ve been thinking about. Here’s a resolution that might be easier for property owners to keep.

Make at least one significant upgrade to your rental property in 2014.

Not only will it be appreciated by your residents, it will also make your properties, and their values, even more attractive.

Doors and Windows

  • Windows account for 20 to 25 percent of energy loss and drafty doors can add another 10 to 15 percent. Cut down your property’s utility bills by conserving energy.

Upgrade the Kitchen

It may cost some money, but upgrading the kitchen can create a happy tenant. According to AOL Real Estate, visually appealing, high-function kitchens are keys to attracting low-maintenance tenants.

Consider upgrading:

  • Countertops
  • Appliances
  • Flooring

Improve the Exterior

Upgrading the exterior of your property will not only make it look more attractive, but also make it safer for renters.

Consider upgrading or adding:

  • Roofing, siding and foundations.
  • Bushes, trees, plants and flowers
  • Exterior lighting.
  • Patio or deck.

Don’t Forget the Bathrooms

How many times have you heard a prospective tenant say, “We loved it except for the bathroom situation”? Even if your property is being rented, having improved bathrooms can make your tenants extremely happy.

Consider upgrading:

  • Flooring
  • Sinks
  • Shower Heads
  • Faucets

Some of these suggestions may cost a lot, while some may be minor investments. Choose one (or more) that you can both afford and accomplish in 2014. The right upgrades to your rental property can go a long way in keeping residents happy; attracting new, low-maintenance renters; and increasing the value of your property.

And this is resolution you can stick to!

Happy New Year!

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