Are you thinking about selling your rental property? If you are, you might consider making a few upgrades that can help boost your property's sale price. After all, real estate is all about maximizing the return on your investment!
One of the best ways to ensure a good return on your investment is with a few relatively simple plumbing upgrades. In this article, we’ll review some common plumbing upgrades that can add value to your rental property.
Upgrade to Modern Pipes
For many new homebuyers one of the first things they check when purchasing a home is the age and condition of the plumbing. An existing plumbing issue or an outdated plumbing system may scare off potential buyers or decrease demand for your property. Outdated or damaged plumbing could also result in a failed inspection which could jeopardize the sale or rental of your property.
For all these reasons, replacing any worn, broken, or outdated pipes with new ones will be money well spent. New or recently updated pipes are a good selling point and give your property a competitive edge over the rest of the homes in your market. Potential homebuyers or renters will like the security of knowing that the house they are about to buy or rent has safe, reliable plumbing.
Add or Replace Your Garburator
Does your rental property have a working Garburator? If not, it may be time to add one. Most potential renters or buyers expect modern conveniences, like a Garburator, to be installed and in good working order when they buy or rent. Installing a garburator is a relatively inexpensive addition that makes cleaning up after meals faster and easier. So, it’s safe to say if your rental property doesn't have one installed, you should look into adding one. If you do have a Garburator, be sure to check that it’s been updated within the last few years and that it’s still in good working order. Potential renters or buyers prefer updated appliances that don’t have to be repaired or replaced once they move in. Making sure that your Garburator is in good working condition helps boost both your rental property value and your profits.
Include A Hot Water Dispenser
If you want to entice potential homebuyers or renters to your property, installing a hot water dispenser is a small investment that goes a long way. Besides tea, coffee, hot cereal, and instant hot water for cooking, a hot water dispenser can be a unique selling point for your property. You can let potential home buyers or renters know that besides the obvious practical uses, it also helps save energy and water. A hot water dispenser can also help reduce your environmental footprint and save money on monthly utility bills. If you choose not to sell your property, and rent instead, a hot water dispenser can help improve tenant retention.
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Install A Water Softener
Looking to really captivate potential home buyers? Install a water softener in your rental property. A water softener is a filtration system that removes high concentrations of calcium and magnesium, which can cause ‘hard water’. Over time, excessively hard water can rust and corrode plumbing pipes, resulting in expensive repairs or replacement. However, when water flows through a water softener, the system filters out many of the minerals that cause hard water. This puts far less stress on your plumbing system and eliminates the rust and stains associated with hard water. By installing a water softener, you reduce the chance of plumbing problems occurring, which is very enticing to both potential homebuyers and renters.
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Get Professional Installation
Whether you decide to rent or sell your property, keep in mind that the plumbing upgrades we’ve suggested can really add value to your property. If you do decide to make a few of these plumbing upgrades to your rental property, be sure to hire a licensed plumber professional like Mr. Rooter. Our plumbing experts have the knowledge and experience to help you with all your plumbing needs. So, whether it’s a new garburator, hot water dispenser, or installing an entire plumbing system, Mr. Rooter can do it all, and do it right, with service options that fit your needs and your budget. Call Mr. Rooter today to schedule an appointment.