If you are a landlord or a property manager, you know how important it is to keep your rental properties in good condition and attract quality tenants. One of the ways to do that is to upgrade your appliances and make your units more comfortable, convenient, and energy-efficient. Not only will this increase the value of your properties, but it will also allow you to charge higher rents and increase your cash flow.
But what kind of appliances should you invest in, and how can you get the most bang for your buck? Here are some tips and suggestions to help you make smart decisions when upgrading your appliances.
- Choose appliances that match the style and size of your units. You don’t want to buy appliances that are too big or too small for your space, or that clash with the existing decor and layout. For example, if you have a small kitchen, you might want to opt for a compact refrigerator or a counter-depth model that doesn’t stick out too much. If you have a modern and sleek design, you might want to go for stainless steel or black appliances that blend in well.
- Choose appliances that are durable and easy to maintain. You don’t want to spend money on appliances that break down frequently or require costly repairs. Look for appliances that have good warranties, high ratings, and positive reviews from other users. You might also want to look for appliances that have self-cleaning features, such as ovens, dishwashers, and washing machines. This will save you time and hassle when cleaning the units between tenants.
- Choose appliances that are energy-efficient and eco-friendly. Not only will this save you money on utility bills, but it will also appeal to environmentally conscious tenants who care about reducing their carbon footprint. Look for appliances that have Energy Star labels, which indicate that they meet the standards set by the Environmental Protection Agency (EPA) and the Department of Energy (DOE) for energy efficiency. You might also want to look for appliances that have water-saving features, such as low-flow faucets, showerheads, and toilets.
- Choose appliances that add value and convenience to your tenants. You want to provide your tenants with appliances that make their lives easier and more enjoyable. For example, you might want to invest in a washer and dryer combo that allows your tenants to do their laundry in their own unit, rather than having to share a communal laundry room or go to a laundromat. You might also want to invest in a microwave oven that allows your tenants to heat up their food quickly and easily. These appliances can justify higher rents and increase tenant satisfaction.
- Choose appliances that fit your budget and return on investment (ROI). You don’t want to overspend on appliances that won’t pay off in the long run. You need to consider the cost of purchasing, installing, operating, and maintaining the appliances, as well as the potential increase in rent and property value. According to Remodeling Magazine, a minor kitchen remodel can recoup about 72% of your costs and add an average of nearly $19,000 to your resale value. However, this may vary depending on your location, market conditions, and tenant preferences.
As you can see, upgrading your appliances can be a smart move for your rental properties. It can improve the appearance, functionality, and efficiency of your units, as well as increase your income and property value. However, you need to do your research and plan carefully before making any purchases. You need to find the best appliances for your units that suit your style, budget, and goals.
If you need more advice or assistance with upgrading your appliances or managing your rental properties, feel free to contact us at Peach State Property Management Pros. We are a professional property management company that can help you with all aspects of renting out your properties. We can help you find quality tenants, collect rent, handle maintenance requests, conduct inspections, and more. We can also help you with renovating and improving your properties to maximize their value and appeal.