An essential element of keeping your Orlando rental property profitable in the long term is conducting constant updates. Particularly if your rental house is older, you can and should be doing something to modernize your rental each year to make sure that you can maximize your rental rate. The good news is that you can make numerous little updates to make it look and feel more modern without purchasing expensive things. As an illustration, simply upgrading your outlets, light fixtures, and locks can help increase your property’s value, enhance the appeal and guarantee that you are keeping pace with other rentals in your market. In this section, we’ll go over why these three upgrades are essential for all rental property owners.
Outlets
One reason that can make a property look and feel dirty and old is yellowed or outdated electrical outlets. Cracked or mismatched electrical plates are an eyesore, but the outlets themselves can also become a significant sore point for potential tenants. This is particularly the case today, when so many people rely on multiple electronic devices, such as smartphones and computers, to perform day-to-day life. Simply replacing some of your old outlets with new versions that have USB ports can leave a good impression on your renters. Plus, changing your outlets is typically a cheap and simple job that you or an electrician can do in no time.
Lighting
Lighting is another important improvement to keep on your upgrade list. Same with electrical outlets, cheap, defective, or outdated light fixtures may distract from an otherwise clean and tidy interior. Modernizing your light fixtures or replacing older style light bulbs with LED bulbs can make a substantial difference. Upgraded light fixtures will make your interiors brighter and make them more modern and clean. In addition, it’s usually possible 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 work, you could give your rental’s kitchen or other rooms a lot more custom feel your tenants will appreciate.
Smart Locks
Finally, a last smart upgrade with a small 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 a great 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 bother of a key, but several smart locks will also enable them to see data about who is going in and out of the property and when. Smart locks are also suitable for property owners since you can set temporary access codes and then change them when needed, such as if a handyman needs access to the property to do some repairs or between tenants. Besides, you won’t have to think about your tenants keeping extra copies of their keys when they move out.
Do you want to know more low-budget ways to upgrade your rental property and increase your rental income? Give Real Property Management Vanguard a call! Our local Orlando 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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