What Property Improvements Should You Make This Winter? 9 Profitable Options
The temptation to retreat indoors and essentially "shut up business" until spring thaw is strong throughout winter. The days are short, and there are few places on the earth cozier than a couch close to a roaring fire in the middle of a snowfall.
Before kicking back and reaching for the remote control, take advantage of the winter slowdown by cleaning and freshening up your properties. After all, the slow season is always going to be a great time for property improvements.
To improve the value and safety of your property, here are some basic tasks and property improvements you can conduct during the winter to make it more secure and valuable.
However, before we dive into the process of making property improvements, if you need funds in order to finance your upcoming property improvements, click the link below to book a free strategy call to learn how we can set you up with funds from your existing home equity.
Fresh paint is one of the easiest property improvements
If you have any vacant homes, the winter is an excellent opportunity to make some basic property improvements and give them a fresh coat of paint. With little to no furnishings and little danger of displacing existing tenants, A fresh coat of eggshell white (or any other warm, neutral color) will add another layer of appeal to the property's appeal to a potential new tenant.
If you have long-term tenants in place, you should inquire whether they would be interested in a paint refresh. Allowing them to involve in a prospective color decision can create a sense of belonging for them, which leads to improved satisfaction on their part and increased income on yours.
Painting is a simple and inexpensive approach to completely remodel your rental property from top to bottom (literally). It is by far one of the most cost-effective property improvements.
Upgrade your home's thermostat
It's time to invest in a programmable thermostat if you don't already have one. There are countless advantages to using a programmable thermostat to lower energy bills and protect an unoccupied house. A programmable thermostat, commonly found in rental homes, allows renters to control the property's temperature according to their schedule.
An automated thermostat, which can be installed in homes that are currently vacant, guarantees that the property's temperature remains at a level that prevents pipes from freezing and other winter-related mishaps from happening without costing you a fortune in heating bills.
This is one of the few property improvements that can benefit you, your tenants and the environment all at once.
Re-evaluate your indoor lighting design plan
When the sun is shining brightly, the curtains are drawn, and there is plenty of natural light streaming in, the lighting in your home may not seem particularly vital. On the other hand, indoor illumination is critical during the winter months when the sun isn't shining, and a rental home needs to seem livable.
Make the most of those lengthy hours of poor light by planning the lighting in each of your rental spaces ahead of time. As most property managers are aware, a potential renter's sense of comfort can be made or broken by the lighting in their living area. Take the time to walk through each unoccupied property or ask your current tenants for advice on making the space more welcoming and inviting.
Pay attention to the bathroom
There are a variety of options for property improvements that you can make in the bathroom. A simple solution is to replace any knobs or drawers for a quick and easy refresh. A medicine cabinet, new mirror, or sink faucet are all possible upgrades for the bathroom. Even though these additions may not appear significant, these very modest changes can transform any room into a potential renter's fantasy.
Discover Residential Property Management With This Step By Step Guide
On the doorstep, there is safety
Falling and slipping are common incidents during the winter months. When the doors and exits to your property are covered with snow and ice, there is no need to increase the likelihood that any of your residents may wind up on their seats. Make sure that sidewalks are free of snow and ice and salted to prevent or cure slick spots if necessary.
Tenants should be checked in to ensure they understand who is in charge of shoveling and have the gear they require. It would be best if you can take a site survey to ensure that there is enough outside lighting to appropriately illuminate every inch of your property throughout the long, dark winter days. Aside from preventing falls among your residents, bright lighting can also deter criminals from targeting your building.
Take care of the insulation
Here's your daily dose of physics education: Heat naturally travels from hot to cold spaces in the natural world. When it's hot outside, this implies warm air is circulating through the walls of your building. During the winter, this signifies that valuable heat is attempting to escape to the outside. Tenants who live in poorly insulated buildings generally have to turn up the heat or air conditioning (depending on the season) to keep comfortable, resulting in rising energy expenses.
A well-insulated building makes it more difficult for warm air to travel from one building area to another region of the building. Consequently, energy prices tend to be lower in the long run. Providing enough insulation is a critical cost-saving step, but it is also highly vital for the safety of your tenants.
Take a second look at your entryways and doors
Renovation or replacement of your doors may make a significant difference in the overall look and feel of your home. If you find an inexpensive and simple approach to radically transform your home in one easy step, renovating or replacing your doors can be a great start. If you have the funds available, replacing the front door on a residential property can increase insulation while also serving to catch the attention of potential tenants the instant they step into the property.
On the inside, a fresh coat of paint may do wonders for enticing potential tenants to visualize themselves in the space they have created for themselves. Additionally, a new doorknob can enhance the look of a room in unexpected and pleasing ways.
Make your service appointments in advance
From your home's plumbing to its electrical infrastructure to its landscaping, everything on your property can benefit from a little professional attention during the winter months. Furthermore, you'd be surprised at how much easier it may be to make servicing appointments of all kinds throughout the winter months. Because there is less competition for service appointments, technicians in almost every profession may spend more time checking your home for potential or current difficulties.
If you take that extra precaution, it can make the difference between a few quick property improvements now and a slew of pricey expenditures down the road.
Customized Cabinet Hardware
A new collection of cabinet hardware may breathe new life into a bathroom, kitchen, or office area while requiring little in the way of financial commitment or physical labor. Drawer handles made of sterling silver can provide a touch of elegance to a domestic bathroom space. Traditional office cabinets can be transformed into unique accent pieces with some stylish soft leather handles.
Hold off on making any repairs or changes to your rental property until the spring. You will be in a better position in the summer if you take advantage of the opportunity while it is still available. You could even be able to persuade your present tenants to stay longer because they would like their newly refurbished space.
Now that we have explored the process of making property improvements, if you need funds in order to finance your upcoming property improvements, click the link below to book a free strategy call to learn how we can set you up with funds from your existing home equity.