6 Affordable Upgrades for Your Rental Property
Every rental property owner needs to give his or her unit a little face lift every now and then. Whether you already have tenants, or you are in between renters, tenants will stay longer in a place they know looks current and well taken care of. Attract high quality tenants with simple upgrades. Below are six affordable upgrades for your rental property.
1. Repaint the Outside (and Inside).Paint can cover a multitude of sins. Updating the paint will keep your home, townhome, or multi-unit property looking as good as new. When it comes to painting the interior and exterior of your home, stick with neutral tones that will draw the eye. Stay away from bold colors that will distract people. Remember that what is beautiful to one may not be beautiful to another. Your creative expression may look gorgeous and refined to you, but another person may think it’s garbage. Keep walls neutral so potential tenants to envision his or her life in your property. Loud colors like red and bright yellow could ultimately become very off putting. In addition, consider painting accent walls. Accent walls compliment a space by using slightly different shades of the same color on different walls. The effect will play with the light that naturally enters the space to create the illusion that your property has more dimension and feel like it has more space.
2. Pressure Wash the Outside. Sometimes, you do not need to give the outside of your property a new coat of paint. Instead, all you may need is to pressure wash the outside. Many landlords forget that the outside of their home inevitably gets dirty. Athorough pressure wash will deep clean all of the cracks and crevasses on the outside of your home. Thought you needed a new coat of paint? Perhaps you are surprised to see that now your home looks brand new after a proper cleaning.
3. Invest in Landscaping.When it comes to renting out a property, what is on the outside counts. Nobody likes to drive up to a property only to see a brown patchy lawn and the sad looking bones of what used to be rose bushes. Show your potential tenants that you take pride in your property and that you want others to love it as much as you do. If you are not handy with gardening yourself, hire a landscaper who can create a beautiful yard that is both cost and energy efficient.
4. Update Cabinetry.Cabinets are usually considered to be one of the more expensive investments when updating a home. However, your cabinets may need a facelift. If your cabinets have an old-fashioned wood look to them, try giving them a fresh coat of paint. Depending on the color of the walls, a simple white or black paint job will do.
5. Offer a Washer and Dryer.In many areas, most properties still do not have washers and dryers in-unit. In fact, some complexes do not have them in the building at all! Today, most people do not have the time to devote energy to a laundromat or have the money to pay someone to do it for them. What is more, some multi-unit building will only have one washer and dryer. Unless everyone in the building coordinates to wash and dry at certain times, frustration will ensue. This is what makes in-unit washers and dryers so appealing. Gone are the days when you have to sit idly by to keep an eye on your laundry in a public or communal facility. With a stackable washer and dryer, you can save space and give your unit the extra flair it needs to steal the heart of a perusing tenant.
6. Install Wood Laminate Floors. Install wood laminate floors to save yourself a headache later. The truth is that carpet is hardly ever a good option. Carpet will easily stain due to food, liquids, or dirty pets. It does not take very long for a carpet to start to look ragged and unclean. Also, carpet often needs to be replaced every few years. Wood laminate floors, on the other hand, are cheap, neutral colored, add richness to the inside of a home, and best of all, they clean easily. A hard-wood floor can be a slightly more expensive investment, but your tenants will thank you when they don’t have to lose their deposit due to a spilled bottle of wine on the carpet.
Once you’ve upgraded your rental property, be sure you’re placing tenants that are going to keep it up. Every landlord knows the risk and damages related to a nightmare tenant, and taking the time to vet potential renters is important. Get a credit check at www.mysmartmove.comto find quality tenants and protect your investment—you’ll be glad you did down the road.