Property owners must constantly look for ways to increase the value of their properties. The right small (or more significant changes) can help boost a rental property's returns.
The best property management Detroit offers knows the best ways to ensure tenants are comfortable and happy while optimizing returns for investment properties. One thing we recommend is replacing worn or damaged hardware throughout the rental unit, like hinges, doorknobs, and bathroom hardware.
Can new hardware really be a game-changer for your bottom line? Here’s what rental property owners need to know about this simple (yet profitable) approach to boosting ROI!
There are many ways to spruce up a kitchen. However, before taking on a significant renovation project that might cost more than the returns you’ll see, consider replacing small hardware like doorknob hinges and bathroom hardware.
Sometimes all it takes to refresh a room and give a rental property a cost-effective facelift is to change out old, worn doorknobs, hinges, fixtures, and cabinet pulls. You might not realize how outdated the kitchen looks until you see the “after” from this process!
Profitable rental property updates don’t always require tearing out kitchen cabinets, replacing flooring, or redoing the bathroom. Instead, improvements to small details could be just the thing that catches the eye of your next excellent tenant! Plus, you spend a fraction of the costs to update hardware than you would with a full kitchen or bathroom renovation.
So, what kind of hardware should you choose to spruce up your rental properties? It depends on the home itself and your budget.
For example, if you have a modern kitchen design, you might opt for sleek stainless steel knobs instead of wood knobs. Or, if you have a traditional kitchen, avoid brass knobs and other antiquated styles. Anything that dates the home to prior decades can deter renters from seeing your properties as well-kept, modern homes they’d love to rent!
One thing to keep in mind when adding design touches to a rental property is to avoid anything too bold or busy. Instead, stick to simple modern looks that allow potential renters to visualize their furniture and décor in your property. For example, cabinet pulls with too many colors or patterns can work against aesthetically pleasing upgrades to the kitchen or bathroom. Likewise, complicated handles and hinges or materials requiring special attention can be frustrating for tenants.
To maintain the cost-effective nature of replacing hardware, there’s no need to overspend on high-end hinges, knobs, or pulls. Find pieces that are good quality but not costly while meeting your design needs. If you own multiple rental properties, consider buying hardware pieces in bulk for updates throughout each unit. There’s no reason multiple properties can’t have the same hardware style if it saves money!
It's easy to forget about replacing door knobs and locks when making minor changes to your property. However, front and back doors and interior doors can benefit from a hardware update, too!
Property managers recommend replacing the front doorknob and locks with smart locks, making it easy for renters to unlock and lock the doors via a phone app. They also don’t have to worry about losing keys or wondering if they locked the door when they left home earlier in the day.
For investors, smart locks make it easy to change the “locks” between renters. Simply change the code instead of replacing the hardware! Property owners also don’t have to deal with getting keys back from tenants after they move out.
By implementing smart locks on doors, you can improve the security of your property while also making it more appealing to potential tenants. Many renters look for homes with smart features.
When upgrading your rental unit, it may be worth considering doing it yourself. However, if you're not comfortable replacing cabinet hinges and adding hardware to a kitchen, you may end up with poorly installed cabinet pulls and loose hinges.
Experts that deliver professional property management services can help with hardware and other updates that boost returns! This is just one of the many ways rental managers help property owners. When searching for “property management near me,” make sure the company you choose has the right experience to help you make smart decisions to optimize your returns.
When it comes to increasing ROI, some investors believe that the only way to do so is by making extensive, expensive renovations. However, this isn't always the case! Instead, investors can often achieve better results by making smaller (yet meaningful) updates without spending too much money.
Our Own it Detroit property management professionals are the best option to help you make smart upgrade decisions that improve returns. Reach out to us today to learn more about how we help rental property owners boost ROI!
Looking for more ideas? Download our free resource, “10 Things You Should Do to Improve the ROI for Your Rental Property.”