Rental Property Upgrades in Grand Rapids That Won’t Break the Bank

Dec 11, 2020 | Owner Education, Property Management Education

One of the best ways to increase your ROI and earn more on your Grand Rapids rental property is by making simple and cost-effective property upgrades and updates.

You don’t have to spend a lot of money on these improvements. There’s probably no need to renovate your entire home, especially if it’s in good condition and well-maintained. However, a few affordable and minor changes can really make an impact in how quickly you attract a good tenant and what kind of rental value you can establish.

Tenants Appreciate Modern Kitchens and Appliances

A good place for cost-effective upgrades is the kitchen. This is an area that tenants are going to be most interested in. They’ll want a kitchen that’s fresh, clean, modern, and bright.

Replace any old and tired appliances. That dishwasher from 1985 needs to go. Stainless appliances are extremely attractive, but check out what other homes feature in your market. They may not be necessary. New, energy-efficient appliances will make a difference, even if they’re not stainless. Install new counters and better lighting. Even the faucets could probably use a facelift, and new ones are not expensive.

Paint Your Rental Property’s Walls

A fresh coat of paint is rarely expensive, and an easy way to make your rental property look brand new.

While the walls don’t have to be the same depressing shade of off-white that’s found in most rental homes, you don’t want to be too creative with paint colors. Keep them neutral. You might love hot pink in the bedrooms, but you never know what your potential tenants will prefer. Consider shades like eggshell and taupe. Cover up any small nail holes and pay attention to the trim and baseboards. Painting those will really make the room pop and give it the clean, modern look you’re hoping to get.

Forget Carpet: Install Hard Surface Flooring

Replace any worn or stained carpet with mid-grade carpeting. Better yet – abandon the worn and tired carpet and consider investing in hard surface flooring.

There are many types of vinyl on the market which look great and don’t cost a lot. Faux hardwoods and laminates are also popular. These surfaces are cleaner and easier for tenants to maintain. Potential residents with allergies or pets won’t have to worry about trapping dust and dander in the carpet fibers. You’ll also have a longer lifespan, which means you won’t be cleaning and replacing carpet during every tenant turnover.

Upgrade Your Window Treatments

Those cheap plastic blinds are not terribly attractive, and they attract dust and tears. Think about replacing those if they look bent and misshapen from outside the house. It will elevate the attractiveness of your property, and provide a more modern feel. Consider horizontal wood blinds or linen shades that easily pull up and down. While you’re at the windows, make sure the panes are in good condition. You want them to lock properly and insulate your home from water, weather, and insects.

Pay Attention to Curb Appeal

Pay Attention to Curb AppealFinally, provide a welcoming and inviting atmosphere at your rental property. This will create a sense of urgency among tenants and allow them to really imagine themselves living there. That kind of appeal will translate to higher rents. Make sure the outside of the home looks attractive. Mow the lawn and trim the trees and weed the flower beds. Check your lighting.

Property managers are especially good at recommending improvements at your rental property that will lead to a better rental experience for you and your tenants. If you’d like some help with this or anything pertaining to Grand Rapids property management, please contact us at Short South Realty Group.