Owning a rental property can be an excellent investment if maintained correctly. Every property owner wants to see their property increase in value. The best way to do this is to achieve a happy medium of not spending too much on the improvements but maintaining a property that attracts would-be tenants. There are just five easy steps to increase your potential profit on any kind of rental property. To many people, this may seem like it would take a long time to do, but be surprised. With a little elbow grease, good old fashioned hard work, and some home improvements, your rental property will look brand new! While making the recommended home improvements, it is important to obtain home insurance in case something goes awry.
The first thing any rental property owner could do to spruce up their property is to throw on a brand new coat of paint. A fresh coat of paint has unlimited power when it comes to making something look new. Paint doesn’t necessarily need to be expensive either. One could just go to a discount store to purchase a can of paint at a fraction of the cost that retailers sell them for. Now, when it comes to painting, there are many different finishes you can choose from. To be most cost-efficient, the pros recommend choosing a flat or semi-gloss over that of a high-gloss finish. This is recommended because high-gloss paint typically needs more coats than that of a semi-gloss or flat paint.
The Bathroom And The Kitchen
Arguably the two most important rooms of any structure. These two rooms can either make or break it when it comes to your rental property. Having these two rooms updated and visually appealing is what you want. It may seem like this would be a lot of work in these two rooms, but you would be surprised. Close-out stores or discount stores will be your go-to. Typically they sell flooring at 70% cheaper than that of the big box retailers. Using these types of flooring makes it much easier for the installation as well. They typically have an adhesive back, so it’s easy to place them down and be done in a relatively short amount of time. What about the appliances, you ask? Make sure they are scrubbed down and free of any dents or cracks. Again, make sure to check discount stores when it comes to purchasing these items if you need, they sell at a fraction of a cost here and tend to be in good condition. Another option is to check out a second-hand appliance store; most appliances come with a 90-day guarantee if anything happens to be wrong with them. When it comes to the cabinets, you usually don’t have to replace the whole unit. Throw on some paint and some new hardware, and they will look completely different.
Windows are one of the many ways to improve rental property with minimal effort needed. Many people think of adding shades when it comes to upgrading windows. This isn’t the only way to make improvements. One could decide to go the route of applying window shades or even curtains. This route might also be more cost-effective in the long run. These tend to be easier to maintain, and even in most cases, the cheaper way to dress up windows. Although, please keep in mind that not all people like to keep their windows covered up. Another way to update the windows in your rental property is to install storm windows over the existing windows that you already have. You could even do this by yourself without having to hire a handyman if you tend to be handy yourself.
What is one of the first things people notice when they are looking at a possible place to rent? The landscaping. This is because usually, this is the first appearance that a person may get about a property. There are many ways to quickly change up the landscaping based on what season you are currently in. The easiest way to change up the landscaping is to add some perennials around the yard. These types of plants need little maintenance and grow back each year. It is recommended that you do some research to see what types of plants thrive in your area compared to those that would require a lot of care.
Cleaning The Rental Property
The simplest way to add some appeal to your rental property is cleaning. The best way to clean is to do it on a room by room schedule. Each room may require different cleaning methods and products, so be sure to do your research before-hand. Things will go much smoother if you have all the right products and know what you plan to do each day. You must make sure to read and follow the directions of each specific cleaning product so that you don’t run into any easy to avoid mistakes. If a product doesn’t work or do what it is supposed to do, rest easy. A lot of them have a money-back guarantee. Just the simple task of a nice deep cleaning can change any room in a rental property. A lot of people shy away from this because they think it will take a lot longer than it does.
Improving your rental property doesn’t have to cost a lot of money or take a lot of time. It doesn’t matter about the location; many would-be tenants are simply looking for a place to call home. Another idea to hold onto is to invest in appliances that are “green.” This will increase the efficiency of your rental property as well as boosting the value. Keep in mind to make the rental property affordable when renting out to would-be tenants. More people will become interested, and you will get the value of your improvements back tenfold. Using the five easy tips listed above will help you improve your rental property and obtain renters faster.