Published November 17, 2021. Updated August 10, 2023.
When you are a property owner in Bellevue, making strategic improvements to your properties can attract better renters and boost ROI. In addition, keeping your properties in great condition can cut down on the volume of maintenance requests you might receive from renters.
However, if you don't have the funds to completely overhaul the entire kitchen in a rental unit, you can still generate quite a bit of interest with a thoughtful upgrade. New appliances are one way to do this—especially when you bring in modern, energy-efficient appliances that renters look for.
Are new appliances really worth it? Rental roperty owners often put off new appliances due to the initial costs — but we can tell you as experienced property managers that new appliances are one of the best things you can do for your rental property returns. Keep reading for the best property management Bellevue insights from our team!
Enhance a Rental Property Kitchen With a Refreshing Update
Since the kitchen is often the focal point of a home, new kitchen appliances may be just the thing that attracts prospective tenants.
People often spend a lot of time in the kitchen, eating, entertaining, having morning coffee, and so on. New kitchen appliances make life simpler for the tenant and benefit you as the investor.
As noted above, you may not have the funds to make over your rental kitchen completely, but purchasing new appliances requires a lower upfront investment that can pay off! Even adding one or two new appliances can spruce up the kitchen and enhance a rental property listing. Modern appliances refresh a kitchen without overwhelming costs to help manage your budget.
If you can only purchase one appliance, you may want to consider a refrigerator. Refrigerators can do impressive things these days and provide the whole kitchen with a significant boost.
Some of the features that rental management companies know renters find appealing about a new fridge include:
Artificial intelligence (smart technology in refrigerators)
Ice makers and water dispensers
Convertible bins with temperature controls
However, before overspending on a top-of-the-line refrigerator, choose features that make the most sense for your budget and renters. Most new fridges have plenty of conveniences to keep renters happy, including better energy efficiency than an outdated model used too long.
Add Smart-Home Tech
Investing in a smart refrigerator for your rental property can offer a range of benefits, chief among them being its appeal to a tech-savvy tenant demographic.
Today's renters are increasingly drawn to homes that integrate smart technology, such as smart thermostats, lights, and security systems. Adding a smart fridge to the mix only enhances this allure, potentially making your property more competitive in the rental market.
This appliance doesn't just keep food cold; it often includes features like voice control, grocery list management, and even internal cameras so tenants can check their fridge contents remotely. However, it's crucial to balance this upgrade against its cost.
Smart refrigerators can be expensive, and you'll need to consider whether adding one would necessitate raising the rent. A rent increase could make your property less accessible to potential renters and limit your market reach. Make sure to assess your local rental market to ensure the investment makes sense.
Choose Energy-Efficient Appliances
While it can be "cool," smart technology isn't necessary to attract quality renters with a new refrigerator or other kitchen appliances. Choosing energy-efficient appliances can reduce your upfront costs while appealing to applicants looking for ways to reduce utility costs.
New appliances offer better efficiency than outdated appliances. For example, if your property's refrigerator is about 20 years old, some research says the new one will take about 50% less power and have more storage capacity.
So, replacing an old refrigerator not only helps attract new tenants because of the sleek new appliance, but it also helps them reduce energy costs — making your rental property even more attractive to them. Happy tenants often renew leases (and improve your ROI)!
Enjoy Fewer Maintenance Requests
Anything that cuts down on the maintenance requests is a win for property investors and a boost for ROI.
Brand-new appliances will certainly not need as much maintenance as aging appliances do. Therefore, Bellevue property owners can enjoy fewer maintenance calls with a new piece of equipment—plus, new warranties should reduce repair costs if something goes wrong.
Renters are happier with appliances that work consistently, and rental property owners deal with fewer headaches and repair hassles!
Select the Perfect Appliance
If you have decided to replace the current appliances in a property, what is your next step in the process? Research your options to get the right appliance that is a good fit (and the right price) for your property.
For example, you don't want an oversized refrigerator if you have a small rental unit, and you don't want a small one when the kitchen is spacious.
You'll also want the appliances to match the décor and be functional. To learn more about the types of appliances renters prefer and that make good financial sense for investors, the best property management company Bellevue offers can help!
Realize Better Rental Property ROI With Updated Appliances
A property manager can tell you that installing new appliances in residential properties also translates into better ROIs for you. Even though you have to invest some money upfront, investors can often recover those costs quickly.
With new appliances, a property owner can raise the rent slightly to market a property competitively and generate more rental income. New appliances also become a tax deduction for your rental property investment through appreciation when it's time to review rental property taxes.
New Appliances and the Best Property Management Bellevue Offers Boost ROIs!
The right property management company can advise you on smart upgrades for maximized ROI. If you're considering your next round of upgrades, consider the many benefits of new kitchen appliances!
With the best property management Bellevue offers, investors have expert insights into choosing appliances and managing the installation process to minimize downtime in your rental properties.
Real Property Associates is here to help! Reach out to learn more about how our professional property management services help real estate investors experience better returns.