So a long-term tenant has moved out of your property and you’re getting ready to show potential new tenants. As you do your walkthrough, a thought strikes you; this place could use an update.
It doesn’t matter if the property is a house, condo, or apartment; it’s simply easier to make major renovations when a property is empty. No one is inconvenienced and you can take as much time as necessary to get it done properly. Even better, the improvements will attract more tenants who will be drawn to upgraded features.
Put in New Floors
There is literally no better time to install new flooring than when a house, condo, or apartment is empty. There will be no personal belongings or furniture to move or store, and the tenant won’t have to stay at a hotel for a few days to a few weeks. It’s also a great way to give the property a fresh start, as floor wear and tear is common but not always easily fixed.
You can make the call on whether you want to install new floorboards or carpet. Carpet can provide insulation for your tenants but can be harder to clean and limit decorating options. Meanwhile hardwood or linoleum floors can get scratched up by furniture but it’s easier to sweep up dirt and mop up spills.
A Fresh Coat of Paint
Freshly-painted walls can really brighten up a room. If you have a room that’s smaller or doesn’t get much natural light, the right color can make it appear larger and brighter, and thus more attractive to potential renters. But no tenant wants to have their walls painted while they’re living there. It’s messy, they’ll have to move their belongings out of the way, cover their furniture and rugs with plastic, and of course live with the smell until the paint fully dries.
This isn’t just limited to the interior. A fresh coat of paint on the outside of the building can vastly improve its curb appeal.
Install New Windows
With the rising cost of heat in Massachusetts, both you and your tenants would much rather not have to worry about a massive utility bill due to drafty windows. Inefficient windows can lose up to 30% of your home’s energy. That’s why it’s important to inspect your windows and, if necessary, get them updated or replaced. These renovations will also benefit you and your tenants in the summer as good windows will keep the cool air in, meaning fans and air conditioners won’t be sending the electricity bills up either.
Make Electrical Upgrades
If you’re renting out an older property, it is essential that you get your wiring regularly inspected. This is easiest to do when you have easy access to walls and can rip them open if necessary. This could very well save a life, as you’ll have peace of mind that an electrical fire isn’t waiting to happen.
Also, with our dependence on technology, from kitchen appliances to computers to phones, it’s important to go in and ensure there are enough wall outlets to appeal to new tenants. If it feels like there aren’t enough, call up an electrician to install more.
The time to act is now, so don’t wait until it’s too late! Get these renovations done before showing the property off to new tenants. Your future renters and your wallet will thank you.