Charlotte landlords are required to provide a safe and habitable rental home for their tenants. If you really want to make some money off your investment, however, you’ll do a lot more than meet the minimum requirements.
Upgrading your Charlotte rental property offers a number of benefits. You attract and retain better residents, you improve the value of your investment, and you also increase the amount of rent you can collect every month.
You don’t have to completely renovate your property, especially if it’s already well-maintained. Instead, you should focus on a few upgrades that are both cost-effective and favorable to higher rental values.
Here are the upgrades we recommend for your Charlotte rental.
Counters and Fixtures in Bathrooms and Kitchens
There are a lot of options when it comes to counters, and there’s no reason to keep the older counters in your kitchen, especially if they’re fading, scratched, or chipped. Granite and quartz are nice, but it’s also expensive, so don’t go in that direction unless your competition is pushing you towards it. There are lots of different styles and surfaces in a range of budgets. You’re looking for durability and functionality.
Cabinets and fixtures can also make a big difference. A fresh coat of paint on the cabinets in your kitchen will make the whole room look modern. Shiny nickel and brass faucets and drawer pulls will also make a difference. These things will not cost a lot, but they’ll increase the value of your rental.
Consider the storage in your kitchen and bathrooms as well. Most tenants are looking for extra space, and if you can provide it, you’ll be able to charge more in rent.
Hard Surface Flooring vs. Carpet
A good investment in your rental property is new carpet. Even better than new carpet is hard surface flooring. Many tenants still like to have carpet in the bedrooms, but for living areas and common spaces, think about tearing out any carpet and replacing it with a surface that’s easier to maintain and keep clean. There are faux hardwoods, economy tiles, and even laminates that look great and perform well.
Tenants are especially happy to have these floors when they have pets or children. This type of upgrade delivers higher rents and better renters.
Improve your Charlotte Rental Home Appliances
When a prospective tenant is seeing your property for the first time, the appliances will be hard to miss. Make sure they add to your home. If your dishwasher doesn’t match your refrigerator or you find you’re called to repair them more and more frequently, replace them with new, energy efficient designs. Invest in good appliances that come with excellent warranties. This will save you money on maintenance and it will also increase your rental value and your tenant pool.
Curb Appeal and Landscaping
First impressions are important, and when a prospective tenant drives by your Charlotte rental home or approaches the property for the first time, you want them to feel welcomed. Make sure the lawn is trimmed, the trees look good, and there isn’t any debris or clutter around the front door.
During the marketing phase, consider some pots of bright flowers. Make sure the front door is free of cobwebs. Tenants should feel eager to get inside and see the rest of the home.
These are the best upgrades for your money. If you’d like some help preparing your property for the rental market or you have any questions about the benefits of professional Charlotte property management, please contact us at AM Realty.