Owning a rental property can be a great way to make money. However, owning a rental property can also be an expensive investment. In order to be sure you're receiving a return on investment, here is how you can boost the ROI of your rental property:
Remodeling your rental property can improve its value, allowing you to charge more money for it. One way to boost your rental property's ROI is by installing energy-efficient windows. New windows enhance curb appeal. They also help a space feel more modern and fresh. They can even improve safety thanks to advanced locking mechanisms. Lastly, new windows are more energy-efficient than older windows. This is because they are made with low-E glass and are double-paned. Windows designed like this can reduce an electric bill by up to 25%.
Next, upgrade old plumbing. This is a significant investment, but it can actually save you money down the line. Older plumbing systems run the risk of leaking. Not only do leaks raise water bills, but they also cause water damage, which is another notable expense. You may find yourself repairing old plumbing frequently, but upgrading old plumbing is the most cost-effective and safe way to go.
Speaking of plumbing, refreshing the bathrooms can help you boost the ROI of your rental property. Many tenants are interested in a modern, clean bathroom that feels spacious and comfortable. By switching out the toilet seats, shower heads, sink faucets, shower curtain rods, and other hardware, you can instantly make a bathroom more appealing to potential renters.
Another simple, yet effective way to boost your rental property's ROI is installing modern lighting. Old light fixtures can make a space feel outdated and dark. Meanwhile, modern lighting spaces can instantly brighten a space and improve the appearance of the property. Modern light fixtures also typically use LED bulbs, which are up to 75% more energy-efficient than average bulbs.
The flooring of your rental property takes a beating, no matter who your tenants are. To boost the ROI of the property, put in better flooring. Updating the floors of your property can make the space feel more modern, fresh, and inviting. This is also an incredible way to boost property value and attract renters. If you opt for hardwood or laminate flooring, as opposed to carpet, this also makes your rental space more durable and easier to clean and maintain.
If you want to update the flooring in your rental property, shop with TongueandGroove.com. We carry top-quality flooring that can transform your rental property and boost your ROI. Visit our website to shop our selection and reach out to us by phone at 800-689-9006 with any questions.