A home makeover can allow you to bring in more rent in the long run. We have 5 easy and inexpensive ways to increase the value of your rental property. Believe it or not, you don’t have to completely renovate in order to bump up its value for your tenants. Maximize your efforts by taking these steps:
A fresh coat of paint can breathe new life into your rental’s appearance. If you don’t have the time or money to paint the whole place, then select the areas that’ll make an impact. Want to make a great first impression? Think about painting the exterior, or even just the front door.
2. Create Curb Appeal
The front of the house is the first thing that your applicants will see when they come to the property. Spending a little time on landscaping will go a long way. Trim the lawn and shrubbery and consider planting a hearty flowering plant somewhere strategic, like near the mailbox. Not only will the details give the rental a homey feel, but it will also show your tenants that you care about the rental’s upkeep.
Even if your previous tenants left the rental in good condition, it’s always a good idea to clean before new tenants move in. Plus, it will instantly improve your rental’s overall appearance. Recently cleaned carpets can make the whole place smell fresher.
4. Update the Kitchen
Kitchens are one of the most important rooms to tenants. If you do choose to replace an appliance, think about matching the color of your appliances for a uniform look. If you have an electric stove, replacing the drip pans is low-cost fix. Wipe down appliances to make them look like new. Window cleaner can do a good job of adding shine and removing grime. If you opted to do a little painting, consider painting the backsplash to liven up the décor.
5. Organize the Bathroom
Bathrooms are another big draw for tenants. Mildew is a common problem for bathrooms, so be sure to remove any that you find. Check all the fixtures, from sink to shower. If anything is loose or cracked, fix or replace them. Are the bathrooms small? Consider investing in storage units to maximize the space. Places like Ikea offer storage solutions for less than $100.
There are a couple ways that you can add more visual appeal to the bathroom, as well. Adding a new layer of grout will make your tub and tile look newer and well-maintained. You can update the look of the room by replacing the light fixtures with something more modern. Lowe’s has some ideas on maximizing lighting in bathrooms.
With a few inexpensive updates, your rental’s value can increase. These tricks not only add to the appearance of your property, they also contribute to its overall maintenance.