For many rental property owners, there is often a constant struggle to get more leads. It’s important to create a space in which your property can do the selling for itself. There are a variety of upgrades, repairs or maintenance projects that will help increase the value of your rental property.
These projects can help you maximize future prospective payments along with increasing your bookings. If you’re ready to reel in renters, add the following upgrades to your rental property to-do list.
Replace Your Appliances
It’s underrated how important a home’s appliances are to its integrity. Switching out your dishwasher, garbage disposal, stove and cooktop, or refrigerator can cut costs from your monthly energy bill while improving the appearance of the kitchen. Also, the design and functionality of the newest appliance models can significantly improve the lifestyle and level of enjoyment of your renters.
Replacing the outdated appliances will not only change the appearance in your home but can also increase the value of your home. Some property owners might even be open to investing in appliances that are eco-friendly or more sustainable than their previous counterparts, saving them money and energy.
If you rent out your home, it may be wise to consider investing in a home warranty policy. This way if something drastic were to happen to the appliances, you can easily navigate a solution. Instead of combating appliance failure directly, you pay for services that can save you thousands of dollars in repairs. Major appliance problems can be sudden, surprising, and detrimental to the integrity of your home and everyone inside. This process can save property owners further spending on repairs and create a faster replacement process.
It’s important for rental property owners to prioritize how the home looks from the inside and the outside. It will be extremely helpful to prioritize the appearance of your home by first considering the landscaping. Landscaping can be the first thing that most people see as they drive past a property; use this as a welcome mat – a first impression of sorts.
A relatively refreshing way to spruce up your landscape is by rearranging plants, planting small trees, or perhaps building a sidewalk. It can be helpful to hire a landscaper to do all of the dirty work for you now, and can even help to maintain the property for your tenants while it’s being rented. This is a great perk that can help to attract new renters. These professionals can upkeep any bushes, grass, and even mulch areas where things can get a bit chaotic. Add decorative touches to the outdoors by adding accessories such as hanging baskets and placing potted plants by the front door for a more welcoming feel.
Add a Fresh Coat of Paint
For rental property owners, the interior paint job can either turn prospective tenants away or allow them to feel a sense of home. It’s essential for almost every wall to have a paint job that is smooth with little-to-no holes, scratches, or imperfections. A simple way to keep your property with a well maintained look is by having well-painted walls in areas such as the kitchen, bathroom, and the hallways.
Some property owners tent to be relatively relaxed in this area, when in reality they should consistently repair the walls whenever needed. Use neutral colors, that way when people walk into the home they are not turned off by a color that appears abstract or different. Consider complementary colors, especially colors such as creamy whites or even darker tones like a chalky blue. It can be best to hire a residential painter; hiring a professional will ensure a solid foundation and will generate a longer life span for your walls.
Replace Your Flooring/Rugs/Carpet
Flooring is a relatively large investment but can be the most beneficial in the long run. An underappreciated element of a home is the flooring, including carpets and rugs. Different rooms will have different flooring patterns, and it can be very good to invest in either new carpets or simply replace your previously used rugs. There are several benefits to replacing rugs—they can add warmth and definition to a home. The most obvious reason to replace a rug is for aesthetic reasons; almost every guest wants an attractive space.
Renters definitely don’t want to live in a home with flooring that is spotty, unreliable, and, more importantly, gross to step on. Investing in new rugs can reduce allergens in the air while getting rid of any unwanted odors. It’s very common for older rugs and carpets to build mold and mildew, so getting rid of those will create cleaner air. Carpet removal and carpet installation will cost a bit more than buying a rug and laying it yourself. However, carpet cleaning can be a viable option if you don’t have any aspirations to replace them.
Refreshing your rental property can be very exciting. However, it’s important for rental property owners to realize their boundaries and limitations. Being as creative as possible will unlock the potential guests see in their rental home and can lead to further bookings in the future.