When it comes to rental properties, location is everything. But what happens when your rental property is in a great location but is outdated? You may be worried that you won’t be able to attract tenants or charge enough rent to make a profit. But don’t worry! You can still get the most out of your outdated rental property with a bit of work. Here are tips to help you do just that:
Make Cosmetic Updates
One of the easiest and most cost-effective ways to update an outdated rental property is to make cosmetic changes. For example, a fresh coat of paint can go a long way in making a space feel new and updated. Also, consider updating light fixtures, cabinet hardware, and appliances if they are dated. Making these kinds of small changes can significantly impact the overall feel of your rental unit without breaking the bank.
Update The Flooring
Another way to give your outdated rental property a facelift is to update the flooring. If your unit has old carpeting or linoleum, consider tearing it up and opting for something more modern, like hardwood or laminate floors. Not only will this give your unit a more updated look, but it will also be easier to keep clean – meaning happier tenants!
Renovate The Bathroom
Your bathroom is one of the essential rooms in your rental unit, so it’s important to keep it looking its best. If your bathroom is outdated, consider renovating it with new tile, fixtures, and lighting. These changes can make a significant impact in terms of both aesthetics and functionality – two things that are sure to please tenants.
Be Flexible With Rent Prices
Remember that you may need to be flexible with rent prices when renting an older unit in a good location. In some cases, you might not be able to charge as much rent as you would like because the unit’s age will turn off potential tenants. However, if you are upfront about the unit’s age and condition and offer competitive rent prices, you should be able to find interested tenants easily.
Consider Renting To Business Owners
Consider renting to businesses if you are looking for tenants willing to pay more rent and commit to a longer lease. Medifit Design and Construct is well known for its work in creating medical practices. If your unit is suitable, Medifit might be an option to help you convert the space to get the best possible income from your rental property. Just be sure to have all the necessary documents and medical legalities before you start.
If you have an outdated rental property in a good location, don’t despair! You can still get the most out of your investment with some elbow grease (and maybe some money for renovations). By making cosmetic updates, updating the flooring, renovating the bathroom, being flexible with rent prices, and even considering converting the property and renting to business owners, you’ll be well on attracting interested tenants – no matter how old your unit may be!
This post is in collaboration, however all opinions are my own.
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