When you first begin investing in property, it can be challenging to get the hang of your work as a landlord. While you are establishing your long-term wealth, it's a smart move to improve the property you're investing in. By making your Lake Nona rental more beautiful, more efficient, or just more appealing, you gain many benefits.
For one thing, you can achieve a higher rental rate! When your property is in demand, you can reduce your vacancy rate. You also increase the number of tenant applications you receive, giving you better options for highly reliable tenants. Lastly, updates can save you money if your rental rate includes things like utilities.
Here are some of the best upgrades to make in the Lake Nona area of Central Florida.
1. Energy-Efficient Appliances
Whether you are looking at a new washer and dryer, a water heater, or a new dishwasher, adding energy-efficient appliances is a win-win for you and the tenant. High-efficiency appliances reduce costs, either for the tenants if they pay utilities or for you if you do. Tenants appreciate better, more functional devices. If you want to build in a rental-rate increase, you can consider mentioning that certain utilities will be included on the property from then on. Nice-looking appliances give an air of luxury to even an older home, so don't underestimate what this can do for your bottom line!
2. Smart Home Features
Lately, everything from motion-sensing thermostats to video doorbells has made it easy to incorporate technology into your rental. Some individuals will appreciate security features, entertainment options, or just efficient additions when you add smart home items to your rental. Make sure you choose things that get great reviews online. If a particular brand of intelligent door lock looks slick but breaks frequently, it won't be a worthwhile investment. Some of the companies in the smart home business, however, have been around for years now. Incorporating these items tends to be reasonably inexpensive, and can add a real air of high-tech quality to your Lake Nona investment property.
3. Landscaping for Curb Appeal
If you are between tenants, one of the best property upgrades you can make is to the landscaping around your property. Invest in excellent looks in the flower beds and a frequent mowing service—whatever it takes to make the first impression of the rental property one of positivity and luxury. Keep in mind that a mowing service is something you can even incorporate into your lease and rental rate once you find the perfect tenants!
Your tenants approach your Lake Nona rental for the first time and begin immediately making judgments about whether it is the right place for them. Help them form a great first impression by taking special care with the appearance of the outside. Even renting a pressure washer to clean the exterior of your building can make your Lake Nona home look substantially younger!
4. Revitalized Lighting
If you ever feel like your space is somewhat dim in your rental, make an effort to add some modern lighting. Whether you opt for recessed lighting, wall sconces, or other exciting additions, consult your local home improvement store first and see what they think would be the most "on trend" option. You'd be surprised by how many new opportunities exist! The same simple bedroom or kitchen can look completely unique with a different tone of light or a different style of the fixture. If this works well in your Lake Nona rental, you may find yourself wanting to upgrade your own home! Your tenants will appreciate feeling like their space is full of light; this is even more helpful if your property is lacking in natural light.
An Expert Property Manager Can Provide Guidance!
While these are all excellent candidates for your rental property upgrade dollars, it can be hard to know what to do first. When you have an investment property in Lake Nona, it's essential to see which upgrades boost rental income—before you experiment. This is where your expert property manager can support your next step. Your property management partners at Verandah Properties know how to select upgrades that will highlight your Lake Nona investment. This is because we have worked with a variety of properties and know which updates are most popular right now in Central Florida. When it comes to crafting a competitive investment property than can command higher rental rates, we know what works.
When you are choosing a rental property manager, select someone who knows what matters to you as a landlord. Verandah Properties offers excellent Landlord Protection Insurance to our owners. From malicious damage to loss of rent and even eviction costs, we work to protect your peace of mind—and your investment! If you're feeling ready to take the next step forward as a landlord, it's time to get your property ready, too! Take a look at our free Make-Ready Checklist, and let's prepare for your next tenant together.