You want your Boston-area apartment investment property to look its best for prospective tenants. The right update can save you money or allow you to charge a higher rent. The following upgrades can refresh your property and boost your return on investment (ROI).
1. Update the Kitchen
You don’t have to spend a fortune on a complete kitchen renovation. Instead, consider adding a few upgrades. For example, replace cabinet doors and hardware instead of installing new cabinets. Add a tile backsplash or replace an old faucet with a modern fixture. Replacing kitchen countertops can account for up to 11 percent of total rent increases, according to the National Apartment Association (NAA).
Granite countertops may be attractive, but you may not be able to recoup the cost in that neighborhood. Formica laminate is heat resistant, lasts up to 20 years, and is less expensive so it helps your ROI.
2. Replace Bathroom Vanity
A vanity combines a mirror, sink, countertop, and a cabinet or drawers for storage. For a cost-effective upgrade, consider replacing an old, worn-out vanity with a dramatically different style or color. You can even spruce up the existing vanity by replacing the sink fixtures, hardware, or mirror frame. An upgraded vanity can improve the look of an entire bathroom.
3. Install New Flooring
Let’s face it, genuine hardwood flooring is expensive and you may not be able to recover the cost in your apartment investment property market. Laminate flooring is an attractive, cost-effective alternative. Unlike genuine hardwood, it’s moisture-proof and scratch-resistant. Small sections of laminate flooring can be replaced or repaired, and it’s easy to keep clean.
4. Add Lighting
You can’t beat lighting for creating an appealing living space. Lighting is one of the first things a potential tenant will see when looking at your property. You can make a great first impression by upgrading the lighting. Options include
- Ambient lighting for general illumination, such as ceiling lights and wall sconces.
- Accent lighting that highlights certain areas, such as track lighting or a spotlight on artwork.
- Task lighting for work areas, such as a kitchen counter.
- Dimmers that adjust the brightness of lighting.
5. Switch to Energy-Efficient Appliances
You can save yourself or your tenant’s money on utility bills if you opt for energy-efficient appliances. You will also increase the likelihood of finding a renter since green features are highly valued by prospective tenants. According to the National Apartment Association, up to 16 percent of total rent increases are attributable to energy-efficient appliances.
Look for Energy-Star-certified models when replacing a refrigerator, washer and dryer and other large appliances. Energy-Star products meet strict energy-efficiency standards set by the US Department of Energy and the Environmental Protection Agency (EPA).
6. Upgrade Windows
Another potential energy-saver is to upgrade the windows. If you’ve ever felt a draft near an old window, you can understand the importance of installing new windows. When cold or warm air seeps in from outdoors, heating and cooling bills go up.
Double-pane windows are a great choice for an apartment upgrade. They help maintain a consistent indoor temperature and keep out noise, too.
RH Blanchard can provide expert general contracting services for your apartment investment property. Request a free quote today!