You Bought a New Property: Always Upgrade This Immediately
Congratulations. You made a wise decision and invested in a rental property that will provide a home for a lucky tenant and a good income for you. But, to get the most from your investment, you are going to want to have something spectacular to offer potential tenants.
When you buy a new property, you will want to take care of a few upgrades before you seek your first tenant. Not only will the upgrades offer a more appealing look for tenants, but they can also provide a safer environment, too.
The front door.
You already know that you should be changing the locks when you move, but you will want to change the door, too. Doors tend to get damaged and can even be a safety concern. This simple upgrade can offer protection for your property and can also make it more appealing to the eye.
Floors can get nasty. This is especially true when it comes to carpeted areas. Therefore, one of the first things you should upgrade in any investment property is the flooring. Clean it, steam it, replace – whatever you have to do to provide a sanitary and eye-appealing floor for your future tenants.
What is the first thing a potential tenant sees as they approach the property? The outside. If you want to have any chance of renting out your property, you will want to make sure someone can get through the front door without running away. Clean it up and make it presentable.
Updating the appliances is always a wise choice. Unless you were lucky enough to purchase a rental property with relatively new appliances, your appliances may have to go. New appliances not only look better, but they typically run more efficiently and safely.
The little things.
Replace light bulbs, light switch coverings and other outlets, provide a fresh coat of paint, and replace the batteries in the smoke detectors. These are all often overlooked and dismissed but are simple additions that can make a positive impact.
Buying your first rental property is just the beginning. Taking care of some immediate upgrades can have you landing your first tenants in no time.
Marina Shlomov, a managing partner at ALH|Podland Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube, Bigger Pockets and REI CLub and LinkedIn.