When investing in rental properties, increasing the return on investment is always top of mind. While major renovations and upgrades can help, they can also come with hefty price tags.
However, there are more affordable and cost-effective ways to improve the look and feel of a property.
In this blog, the experts at Osprey Property Management will discuss how replacing the kitchen, bathroom, and door hardware can give your property a fresh look without breaking the bank.
Upgrading hardware in rental properties carries a multitude of benefits.
Aesthetically, it can breathe new life into a space, refreshing outdated kitchens and bathrooms with modern touches, or giving doors a sleek, polished look. This can make a property more appealing to potential tenants, increasing marketability.
Functionally, new implements can increase the longevity of these areas, reducing the frequency and cost of future repairs.
Most importantly, these upgrades can significantly enhance the property value, increasing rental income and return on investment. Modern, appealing, and functional hardware is a small change that can make a big difference.
By replacing outdated and dingy hardware with new and stylish options, you can bring a whole new level of charm to your kitchen.
Not only does this simple update spruce up cabinets and doors without the need for painting or staining, but it can also significantly increase the value of your property, making it a wise investment.
This can be especially advantageous if you're considering selling in the future, as it adds a touch of sophistication and modernity to the heart of your home, leaving a lasting impression on potential buyers.
The number of options available for a kitchen upgrade might seem overwhelming. Here are a few popular choices to consider, each with its unique style and charm:
Cabinet Knobs and Pulls: Swapping out old, unappealing cabinet equipment with sleek, modern knobs and pulls can instantly transform the look of your kitchen. Choose finishes like brushed nickel, bronze, or matte black for a contemporary aesthetic that appeals to many tenants.
Faucet Replacement: A modern, functional kitchen faucet improves usability and serves as a focal point in the kitchen. Consider a high-arched, gooseneck faucet with a sprayer for added functionality.
Drawer Organizers: Upgrading drawers with built-in organizers improves the functionality of your kitchen but also adds a touch of luxury. These are especially appealing to tenants who value order and efficiency.
Under-Cabinet Lighting: An affordable yet highly effective upgrade, under-cabinet lighting illuminates your countertops, making kitchen tasks easier and adding warmth to the space.
New Door Handles: Replacing worn-out door handles with new, stylish options can add elegance to your kitchen. Choose from different styles and finishes to match the kitchen décor.
Consider upgrading to matte black accents for a modern, on-trend aesthetic, or brushed nickel for a timeless, classical look. Whichever style you choose, new kitchen hardware is a minimalistic upgrade that can dramatically impact the overall appeal of your rental property.
Just like the kitchen, the bathroom can be transformed into a stunning oasis with a simple hardware update. By replacing towel racks, door handles, and other fixtures, you can instantly breathe new life into a dull and outdated space.
Luckily, many affordable options cater to various styles and preferences, ensuring that you can find the perfect pieces to suit your bathroom's aesthetic. Whether you prefer a minimalist design or a more elaborate one, there are hardware options to suit every taste.
In addition to the aesthetic transformation, updating bathroom equipment and touches is often quick and straightforward. With easy-to-follow instructions and basic tools, you can complete the installation in just a few hours.
This makes it the perfect DIY project to tackle over the weekend, allowing you to enjoy the satisfaction of personalizing your bathroom and creating a space that truly reflects your style and personality.
To elevate the look of your rental property's bathroom, here are some specific hardware upgrades to consider:
Towel Bars and Rings: Replace older towel bars and rings with sleek, modern designs. Select a finish that complements your other implements for a cohesive design.
Showerheads: Consider swapping out an old shower head for a newer model with multiple settings. This can offer a luxurious shower experience that tenants will appreciate.
Faucets: A new faucet can dramatically change the look of a bathroom sink. Opt for designs that are both stylish and water-efficient.
Cabinet Knobs and Drawer Pulls: Matching the furnishings on your cabinets and drawers to your new fixtures can help bring the whole design together.
Toilet Paper Holders: Even this small detail can make a difference. Choose a toilet paper holder that matches the style and finish of your other hardware.
Lighting Fixtures: Upgrade any outdated lighting fixtures with newer, energy-efficient models. This can improve the overall lighting in the bathroom and add a modern touch.
Consistency in design and finish across all hardware components can improve the overall aesthetic and appeal.
While it may not seem like a significant detail at first, upgrading door knobs and hinges throughout the home can make a remarkable difference in the overall aesthetic and ambiance.
By replacing mismatched or outdated furnishings with carefully selected contemporary or classic options, you can effortlessly tie the entire home together, creating a seamlessly cohesive look that will leave a lasting impression.
Moreover, apart from the visual appeal, this simple upgrade can also enhance the functionality and durability of your doors, ensuring a smooth and reliable experience for years to come.
Investing in a state-of-the-art smart lock for the front door can be a game-changer for both tenants and investors. Not only does it provide an unparalleled level of security and peace of mind, but it also eliminates the hassle of dealing with physical keys.
Imagine being able to grant access to your property from anywhere in the world, whether you're on vacation or simply not near the property. This added flexibility and control can enhance the rental experience for landlords and tenants.
Gone are the days of worrying about lost or stolen keys. The advanced technology of a smart lock ensures that only authorized individuals can enter the premises, providing extra protection for your rental property.
Additionally, a smart lock offers a range of features that can enhance the overall rental experience. For example, you can create temporary access codes for guests or service providers, allowing them to enter the property for a specified period. This eliminates the need for physical keys or coordinating schedules for key handoffs.
Choosing the hardware for your rental property is a crucial step toward creating a desirable and functional space.
Here are some tips to guide you:
Match the Hardware to the Style of the Property: The equipment you choose should complement the overall style of your property. For instance, if your property has a rustic or vintage feel, choose hardware with an aged finish.
Consistency is Key: Whether it's door handles, cabinet knobs, or bathroom fixtures, maintaining a consistent theme throughout the property can create a cohesive and professionally designed look.
Quality Over Quantity: While it might be tempting to opt for cheaper hardware, remember that high-quality implements last longer and are less likely to need replacing. Investing in durable hardware can save you money in the long run.
Consider Functionality: While aesthetics are important, functionality should not be overlooked. Choose hardware that is easy to use and install and meets the needs of your tenants.
Keep Your Tenants in Mind: Consider who your tenants are. For instance, properties likely to attract families with young children may benefit from durable and easy-to-use equipment.
Smart Home Technologies: For a competitive edge, consider investing in smart home technologies, such as smart locks. Not only do they add a level of convenience and security that many modern renters are looking for, but they can also justify a higher rental price.
While these touches may seem like a minor detail, they can influence a tenant's perception of your property. Selecting the right hardware is an investment that can significantly enhance your property’s appeal and value.
The effect of hardware upgrades on the rental value of a property is often understated. These minor modifications can have a significant impact on a property's desirability, attracting a broader range of potential tenants and, in turn, increasing its market value.
A well-maintained and stylish property commands a higher rent, contributing to improved cash flow. Furthermore, properties featuring modern amenities, such as smart locks, are often perceived as more valuable, justifying a higher rental asking price.
Also, appealing and functional hardware minimizes maintenance requests, leading to satisfied, long-term tenants, resulting in consistent rental income.
As you can see, replacing hardware throughout your rental property can be an affordable and effective way to give the space a facelift. By choosing stylish and functional options, you can increase the property's value and attract quality tenants.
At Osprey Property Management, we provide exceptional property management services. Our dedicated team is here to assist you if there is a property management maintenance request, ensuring your property is well-maintained and in top condition.
For more tips on increasing your rental property's ROI from the team at Osprey Property Management, download our free resource, 10 Things You Should Do To Increase the ROI for Your Rental Property.