If you own long-term rental properties, chances are that you know how competitive the market is. While renting out in the long term is clearly a lucrative investment, it requires more than simply purchasing a property and handling the keys to your tenants.
If you want your property to be successful, you have to make it stand out in a crowded market and provide your tenants with an exceptional experience all the way around. Fortunately, the good news is that you can do that without draining your bank account. To help boost the appeal of your rental property investment so you can attract renters, consider these practical, budget-friendly tips.
Beef Up Security
One of the best things you can do for a healthy ROI with your investment property is to put in a reliable home security system. This will help ensure that your property and tenants stay safe at all times, providing both you and your residents with peace of mind. If you don’t live in the area in which your rental property is located, be sure to go with either a professional monitoring service or a smart security system that lets you monitor the property remotely; there are many top-notch, cost-effective smart security systems on the market.
Upgrade the Appliances
New appliances can go a long way in boosting the appeal of your property. If your kitchen appliances (e.g., refrigerator, oven, stove, etc.) are out of date, replacing them with stainless steel appliances can enhance the aesthetics and raise the value of the home. Also, consider smart home devices that can make your tenants’ stay more comfortable, such as an automatic washing machine and a tumble dryer.
While many of these items are expensive, you can find great deals that make them affordable. And by visiting sites like Rakuten, you can often pile on the savings for home appliances through extra promotions and cashback opportunities.
It is true that whi