Being a landlord isn’t always easy. You can’t simply sit back and rent out your properties, watching the money flow into your account from tenants and not having to worry about a thing. There are all kinds of challenges that landlords face on a regular basis, from making sure to pick quality tenants who will treat their properties with respect to ensuring that repairs are handled promptly and efficiently.
You also need to make sure that any periods of vacancy for your rental property are as short as a business. Vacancy is a landlord’s worst nightmare, and every day the home goes unused is another day’s worth of rent that you are missing out on. Getting and retaining tenants is vital, and one of the best ways to do this is to make regular improvements and keep your rental property up to date and appealing to renters.
This, too, can be a challenge. You need to make sure that the changes you make are cost-effective so that you aren’t actually losing money on the property, and you need to make changes that are useful, while still letting space feel like a “blank canvas” that tenants can adjust and adapt into their own homes. This guide will look at some simple ways to make your rental property more valuable and attractive.
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Kitchen Renovations
The kitchen is one of the most used rooms in any home, and it’s also one of the most popular rooms to renovate for American homeowners. People love new kitchens and they really enjoy stepping foot in a kitchen with quality cabinets, clean countertops, and fancy floors. So a great way to massively boost your rental property’s appeal and value is to focus on the kitchen.
Many landlords shy away from the idea of kitchen renovations due to the possible costs, but there are actually a lot of ways to spruce up a kitchen without paying thousands and thousands of dollars. Refinishing the cabinets or counters, rather than replacing them, for example, is a good way to start. Getting some new faucets or a fresh backsplash are some other inexpensive improvements you can make.
Bathroom Remodeling
After the kitchen, the bathroom is another hugely popular space for renovations, remodels, and improvements with homeowners and renters alike. In fact, this is a really important space for renters, and many will turn a property down right away if they feel that the bathroom looks old, worn down, or dirty in any way.
An up-to-date bathroom is absolutely essential, and once again, you don’t have to break the bank to spruce up this space. New fixtures and fittings are a good way to start, or some new tiles on the walls or floors to add a fresh aesthetic touch without requiring a full renovation. Repainting the ceiling and replacing the toilet seat are some other minor alterations you can make that actually have a big impact on how the room looks and feels.
Improving the Curb Appeal
When tenants are looking for new rental properties online or with the aid of their real estate agents, the first thing they usually see is a picture of the outside of each home. This is where their first impression is made, and many tenants can be turned off right away if the exterior of the home appears old, dirty, or poorly looked after.
In short, curb appeal is really important for renters. There are lots of ways you can freshen up the outside of your rental property to encourage potential renters to step inside and find out more. Even something as simple as repainting the door and window frames can make a huge difference here, and power washing the front of the property can help to remove lots of dirt and grime as well. Some new flowers and window boxes will make the property look warmer and welcoming too.
Add More Amenities
These days, many renters are more discerning in terms of what kind of property they choose to rent, and they’ll look exclusively for those properties that have the features and amenities they need. So, in order to appeal to a wider audience, you may want to consider adding some of these key features.
A dishwasher, for example, is one of the most requested appliances for renters. They also like it when properties have good A/C systems, especially in hot areas, and parking is important too. Other advantages include outdoor spaces like patios and balconies, along with washers and dryers to look after their clothes.
Final Word
These are just some of the many ways you can make your rental property more valuable and enticing for tenants. Carry out additional research to find more top tips and make the necessary changes today.
