In the Richmond area, there are thousands of new rental properties under construction every year. Many of these will be luxury apartments, and they will come with the bells and whistles of high-end living.
Whether you are investing in a small set of apartments or you own a more traditional rental property, you’d be wise to find a way to make your Richmond rental property stand out from the rest. One of the best ways to grab the attention of your potential tenants is to upgrade your rentals: many renters today expect to have their cake and eat it, too.
An upgrade can be the cherry on top that brings hungry renters to your door. Here are some of the best updates you can offer in Richmond.
A Beautiful Mudroom
This isn't your grandparent's mudroom! Gone are the days of a few hooks next to the garage and a bin for muddy boots. The modern mudroom is sleek, stylish, and functional. Busy families will appreciate a beautiful and practical mudroom across Richmond's seasons.
A mudroom doesn't necessarily have to be an add-on to your home: a repurposed entryway hall can be a great candidate for conversion with the right storage.
- Add the right storage: A mudroom's primary purpose is to act as storage for boots, coats, and other functional gear you'd rather not have tracking mud across the home. Give your tenants plenty of storage, whether it's cabinets or cubbies, and they'll appreciate your property even more!
- Pick smart flooring: As the first stopping point for your wet jacket and umbrella, the flooring in your mudroom should match the theme. A tile floor here will not only add character to your mudroom but make cleaning and maintenance easy. If you already have a wood floor, that is also an option you can extend naturally into the mudroom from the rest of the home.
- Finishing touches: Adding a built-in bench, decorative hooks, and the right coat of high-gloss paint can transform your mudroom from merely being functional to fabulous! Don't be afraid to paint your mudroom in complimentary but bold colors.
An Outdoor Entertaining Space
Outdoor space for entertaining can quickly take a rental property and make it an ideal rental home. Millennial tenants and Boomers alike appreciate a low-maintenance outdoor area that gives the home character and appeal.
Your outdoor space doesn't have to be a significant renovation: a simple, timeless patio with some above-ground planters can quickly transform a space into a relaxing haven. You could even consider adding a small trellis or pergola to maximize the green space of your Richmond rental property.
Better Plumbing Fixtures
Brushed nickel or oil-rubbed bronze adds a touch of class to any space. They can also be complemented by matching cabinet handles or even interior or entry doorknobs. Most metallic finishes go well with décor, whether your tenants have a modern or classic interior design scheme.
They improve the value of your real estate investment portfolio because they won’t break the bank, and tenants use them every day—so they’re a gift that keeps on giving.
New, Energy Efficient Windows
New windows have a two-fold benefit: they look great to tenants, and they can help reduce operating costs. Ultimately, if you ever choose to sell the property and invest in a new one, you'll have the benefit of the upgrades in the sale price. If you choose to install new windows, you should focus on their energy efficiency rather than the finish of the frame.
Even though vinyl windows may not have the classic look of wood, they often maintain their shape better over time—which keeps a nice, tight seal around the edge. This helps block keep out unwanted heat and cold so your HVAC system can do its job without having to work too hard. With the variation in Richmond temperatures, your windows should be able to stand up to all forms of weather we enjoy here in beautiful Virginia!
A New Floor
Similar to new windows, a new floor can make tenants smile—and make your life a little easier, too. If you choose a floor that is easier to maintain, you will have less work in between tenants. This doesn’t mean you have to go with tile: most hardwood floors and many engineered ones can be refinished. You can sand it once every couple of years, giving a new or existing tenant a fresh, new floor.
An expert property management company in Richmond can suggest the most profitable upgrades for your real estate portfolio. With years of experience seeing what rents, what doesn’t—and what gets rented the fastest—property management professionals know the upgrades that get renters to sign for your investment property.
Once you have qualified applicants ready to rent your property, it's time to make your property ready! Download Mission Realty Property Management's FREE Make-Ready Checklist to get started! Whether you have one investment property in Richmond or ten, we can help you make them all rent ready.