When you’re interested in earning more rent and keeping your Indianapolis rental property competitive in an active Indianapolis rental market, you may want to consider making some cost-effective upgrades and improvements. Keeping your rental home modern and attractive to high quality tenants will ensure it’s rented quickly, and for the most amount of money.
Unless your property is in terrible shape, a total renovation is probably not necessary. Instead, focus on some of these things that will deliver sound ROI and not set you back financially.
Making Functional Upgrades First
Cosmetic upgrades are important and reflect what tenants prefer to see in an Indianapolis rental home. However, the renovations that make your home functional and habitable need to be prioritized. These are not optional, and you won’t earn any rent at all if you don’t have working appliances and a water heater that doesn’t leak.
Conduct annual inspections of your rental property to ensure everything is working the way it should. If there’s an appliance that’s aging, don’t bother repairing it. Replace it instead. Kitchens are always going to be a great place for renovations and upgrades.
Have your heating and cooling systems inspected and serviced, and make sure all the outlets and wiring are safe and working. Check the sinks, tubs, and toilets for leaks.
A well-maintained home with the highest possible rental value does not have any deferred or unreported maintenance.
Upgrade Your Walls, Windows, and Paint
Paint is an important part of upgrading your property. Most homes need to be painted before a new tenant moves in, and you don’t want the work to look cheap or incomplete. Instead of touching up the faded or worn parts of the wall, paint the interior completely. This will give every room a bright, clean, and modern feel. It will show better and be more attractive to tenants, allowing you to avoid vacancy loss and increase your rental value.
The paint doesn’t have to be the same shade of white that shows up in every rental property. However, you want to keep the color neutral. Consider an eggshell off-white color or a light grey or beige. Texture is important, too.
Next, thing about windows. Bent, stained, or discolored blinds are ugly. Consider replacing them with horizontal blinds. There are some great wood blinds that add elegance to your windows. You can also choose linen shades. While you’re evaluating your windows, make sure the screens are in good shape.
Consider a Hard Surface Flooring Upgrade
Carpet shows up in many Indianapolis rental homes, and if that works for you - great. Just make sure the carpet is in good condition. It should be clean and free of stains. Replace carpet when it looks worn.
If you’re looking for more rent, consider installing upgraded flooring. Some types of vinyl look great and don’t cost a lot. Faux hardwoods are also popular. These are cleaner and easier for tenants to maintain. You’ll also have a longer lifespan, which means you won’t be cleaning and replacing carpet every year.
Beyond these tips, always focus your renovation dollars on kitchens and bathrooms. Improve the lighting and the floors, and make sure the faucets, hardware, and counter tops are in good, attractive condition. Upgrades to these spaces will always be worth the investment.
If you’d like some helping earning more rent with your Indianapolis rental property, please contact us at Red Door Property Management.
