Are you looking to make property improvements that help get higher rental rates?
If you have a vacant rental property in Colorado, it is extremely important to update the property to attract a target demographic in the area. If your property does not have the features, the appliances, or the updates that prospective tenants are looking for, nothing is stopping these tenants from viewing rentals available from competing landlords who have made the investment to upgrade the interiors of their investment properties. There are several additions and improvements that you can invest in that will attract new tenants, but choosing the modifications that will help you raise your residual income should be a priority. Here are upgrades to consider that will put your property in a higher pricing bracket.
Kitchen Improvements Give You the Most Value
If you ask experienced Property Managers in Colorado, they will tell you that most tenants will ask to see the kitchen before any other room. You should invest in kitchen updates that will translate into capital improvement, like a new dishwasher, upgraded stainless steel appliances, upgraded counter tops, or higher quality flooring. Once you make these improvements, you an benefit from higher property values and rental income.
Washers and Dryers on the Property
A washer and dryer is a must for many families, and if your target demographic is families, you should consider providing a washer and dryer. If you have hookups already, this is a very affordable addition, but if you do not have hookups you may need to hire a professional plumber to install them. Washer and dryer additions will make your home much more desirable.
Energy Efficient Windows
Older Colorado homes commonly have single-paned windows, which are inefficient and lower the quality of air in the home. If you are targeting a green crowd, who believes in environmentally friendly living, you should upgrade your windows to double-pane models that save energy and improve the air quality in the home. You may even be able to get tax credits for making this improvement.
Maintaining your rental property is important, but you should also focus on making improvements and updates that will help you compete with newer rental homes in the area. By hiring expert property managers in Colorado, you can get advice on which additions and upgrades will pay off. Choose the right additions and investments that will earn you a residual income every month, and you will earn you money in long term capital gains and rental income.