If you own or manage a rental condo in Miami, you already have a major advantage — a stunning location! But you still need to set your condo apart from other Miami properties for prospective tenants and make renting as cost-effective as possible. Installing durable fixtures will help you do just that.
Rental Installations You Should Invest In
Keep reading for five quality installation ideas to leverage longevity for a more cost-efficient condo.
1. Quality Heating, Ventilation and Cooling
Install a modern, high-quality heating, ventilation and air conditioning (HVAC) system in your condo. Make sure it’s powerful enough to supply 25 BTUs for each square foot of condo space, as an overtaxed AC is vulnerable to breaking down.
Today’s HVAC systems are more durable and efficient than the old systems still installed in many properties. A new system reduces the risk of calls from disgruntled, sweaty tenants asking for costly AC repairs.
But remember that Florida isn’t just hot — it’s also humid. Humidity makes moisture damage and mold a real hazard to the safety of your tenants and your property.
Mold and mildew can damage paint, walls and ceilings, requiring expensive repairs. A new, high-quality HVAC system with humidity control features can improve airflow and prevent mold problems.
Plus, a modern, energy-efficient unit adds to the rental value of your property and its resale value if you ever consider selling it. Real estate market studies show up to an 8% increase in valuations of properties with energy-efficient installations, including HVAC systems.
For renters, efficient cooling reduces their utility bills and keeps them comfortable through Miami’s sizzling summers. Investing in a better-quality system maximizes these benefits for your tenants, allowing you to earn more in return from your rental property.
2. Dependable Windows
Tenants in your condo may enjoy a beautiful view of Miami every time they look out their windows. But how long will the windows themselves last?
There are a few things you can look at when investing in dependable windows for your rental property:
Fiberglass framing: Fiberglass is a durable bend- and warp-resistant window framing material. It’s also easy to repaint if you want to give your condo a touch-up or a new look.
Moisture-resistant blinds: If you’re furnishing your windows with coverings, choose metal or faux wood blinds that resist moisture and mold.
Lasting glass: To save on repairs and replacements, choose glass that lasts. Laminated and tempered glass windows offer strong weather resistance.
Property inspections find 18.4% of properties to have window-related issues. This makes windows the third worst offenders after roofs and electrical defects!
A broken window could be your tenant’s problem. But cheap windows are vulnerable to wear, warping and water damage and offer poor protection from the elements. Avoiding these issues with quality windows protects your property’s value and your repair budget.
3. Stone Countertops
Choosing a durable countertop material is essential because staining, scratching and other damage will become unsightly for new tenants and require restorations or replacements with each new lease.
Stone slab countertops offer a natural look with rock-hard resilience. They are especially practical for kitchens and bathrooms.
Natural stone slab countertops are more durable than wood, laminate or glass alternatives and more elegant than stainless steel. Marble has a classic look and is heat resistant, but it also requires some maintenance and is vulnerable to scratching, staining and chemical damage.
Granite is an excellent choice for virtually maintenance-free countertops that last a lifetime and resist heat, scratches, staining and most chemicals. Alternatively, quartzite is even tougher than granite yet has a gentler pattern.
Both granite and quartzite are attractive, lasting countertop materials you can rely on for your Miami condo.
4. Durable Flooring
Plush flooring solutions like carpets wear down easily under tenants’ feet. This leads to costly cleaning and replacements. With an average carpeting cost of $7 per square foot, even a one-bedroom condo at 500 square feet could easily cost $3,500 to recarpet.
For a lasting solution, install more durable flooring, especially in high-foot-traffic rooms.
Durable flooring materials include:
Vinyl: Durable, stain-resistant and easy to clean. Vinyl flooring also absorbs sound, which is helpful for upstairs condos.
Ceramic tiles: Timeless and tough, ceramic tiles are available in various colors and styles to suit your condo’s look. They are resistant to scratches and water damage and can last a lifetime.
Hardwood: A sturdy material with a classic look that renters will love. Be aware that, while more rugged than a carpet, a hardwood floor is vulnerable to scratching and water and will require some maintenance. Vinyl or ceramic flooring will prove more cost-effective.
5. Reliable Plumbing
For long-term cost-effectiveness, it’s crucial to invest in plumbing upfront. Dodgy plumbing requires regular repairs that can add up. Plus, a sudden, major plumbing fiasco can cause even more expensive damage to your condo.
Depending on the pipe's location, fixing a burst pipe can cost $200-$2,000 for parts and labor. Avoid these situations by investing in quality pipes and faucets and having them professionally installed.
For piping, some of the most durable and corrosion-resistant materials include:
Brass
Copper
Stainless steel
PEX
For faucets, explore quality options with solid brass or stainless steel bodies. Faucets made from either of these metals can last a half-century!
How to Get the Most ROI Out of Your Condo
Owning or managing a rental property in Miami has the potential to generate lasting wealth. But the most cost-effective way to earn from a rental property is to install long-lasting, low-maintenance fixtures.
Invest in your Miami condo by installing a quality HVAC system, dependable windows, stone countertops, durable flooring and reliable plumbing. Enjoy reaping the rewards of higher rental value and long-term cost savings!
Evelyn Long is a writer that specializes in housing market trends. She is also the founder of Renovated Magazine, where she writes essential resources for renters and homeowners. She has contributed to several other sites like National Association of Realtors and Realty Executives.