A good rule of thumb is that every 5 to 10 years you should complete these 4 updates:
This is especially true for carpet, which arguably should be replaced more often than every decade, depending on the number of tenants and pets. If the carpet is ripped, stained or has odors that won’t come out with a professional cleaning, it’s time for a change. If you have any sort of linoleum in the kitchen, you should also look at replacing it every 10 years, dependent on the number of tenants and its current condition. Stained flooring could potentially be the reason you have trouble gaining new tenants at the property.
Hot Water Heater
You may be thinking this cost is extravagant for a tank that isn’t showing any form of leak or fail. But often hot water heaters show no sign of a leak or a failure before they need to be replaced. It’s very important to know the age of the water heater in your property. If the tank is 10 years or older, it would be a smart decision to plan to replace it NOW, before you incur the cost when it does suddenly go out.
If your property is 10 years or older and has never had an update to the dishwasher or other included appliances, you should look at replacing them now. A new dishwasher will also be a huge selling point for new tenants; not only does it make the kitchen look more updated and modern, it also serves to lessen the number of maintenance issues involved with older appliances and could actually save you money in the long run to update now.
Fresh Interior and Exterior Paint
Many factors contribute to how often you need to repaint your rental property – with the largest factor being the weather in the area of your rental. As a landlord, you probably frequently repaint areas of the property that are the most heavily used. But, if you don’t or you have areas of the home that have not been repainted in 5-10 years, doing so now would be a good choice. This will especially be a good investment if you are actively trying to lease the property.
Making updates to your rental property can not only save you money, but potentially allow you to increase the rent and your rental income. What are the most frequent updates you make to your rental properties?
Author Credit: Rebecca Moseley