Making improvements to your rental property can have a big return on investment, but you want to make sure that you’re spending money on the things that tenants look for and that will ultimately make you more money. When updating your rental property, you don’t want to over-renovate. The space should look inviting, but even though it may be difficult, the property doesn’t need to be updated as if it is your home. All of these updates should allow you to charge higher rent and attract more tenants.
One final note, once you invest in updating your property you want to make sure that you present the property in the best way possible when showing it to prospective tenants. Make sure that it looks clean and well-lit – you want the people viewing the property to see themselves living there.
Clean, Clean, Clean.
When tenants look at a rental property, they want it to look like no one has lived there before them. We recommend hiring a professional cleaning company to scrub the inside of the property from top to bottom. Clean all of the obvious areas, but don’t neglect the baseboards, inside of cabinets and drawers, tops of window frames, and other more hidden places. Even without any other improvements, thoroughly cleaning the space will add automatic value to your property in the eyes of the tenants.
Make Small Upgrades.
Without spending a lot of money, you can make upgrades to little things on your property that can have a big return. Repair or replace anything that is broken; this includes linoleum tiles, a drawer that constantly comes off the track, or blinds with missing slats. For relatively low cost, you can replace door knobs, switchblades, and vent covers which can improve the overall look of your property.
Update Kitchen & Bathroom.
If you are going to spend money updating any part of your property, spend it in the kitchen and bathrooms. These areas are the primary selling points of your property and it pays to spend a little bit of money to make them more attractive to tenants. At the very least, bathrooms need to look extremely clean or new. To achieve this result at a very low cost, repaint the bathroom in a clean white or light blue and replace the shower and sink fixtures. Installing a curved shower curtain rod and painting the vanity cabinets is a quick and relatively inexpensive way to make your bathroom look newer more updated.
If you have some money to invest after updating the bathroom, spend money updating the kitchen appliances. New appliances allow you to charge higher rent and attract good tenants. If you can’t buy new appliances for the kitchen, clean the appliances very well and replace any knobs, burners, or oven shelves that cannot be cleaned to look like new. Painting the kitchen cabinets and updating the sink fixtures can quickly liven up an older kitchen.
A lot of rental properties look old and lived in. You can make your property stand out by putting a fresh coat of light-colored paint on the walls. You don’t have to go with the standard light tan – choosing a different color will make the space look more modern and help you to stand out when tenants compare your property with others that they looked at. Consider adding an accent wall in the main room to make the property look more inviting.
It also pays to update older lighting fixtures to something newer which can make the property look more updated. To make the living spaces feel more modern, install expensive-looking curtain rods and new blinds. These little changes will make new tenants feel like the space is more comfortable and they will be better able to see it as their home.
Update the Outside.
Minor landscaping like cutting the edge of the grass, weeding any flowerbeds or putting mulch down can improve the curb-appeal of your property. If the front door is looking worn, you can give it a fresh coat of paint, but don’t use paint to cover up actual damage to the door. This is the first thing that renters will see when they look at your property, so you want it to look good and safe. You also want to make sure that the outside looks safe by checking the locks and latches on gates.