Owning rental homes can be extremely lucrative, but many landlords make the mistake of over investing in expensive renovations without seeing an increase in monthly rental income. It can be hard to increase the appeal of the home without going over budget. Tenants want to feel comfortable and proud of their living space, but at the same time, they aren’t likely to care for the property as well as they would if they were homeowners. Thankfully, there are many affordable ways to take your rental houses to the next level without spending a fortune. Not only will these simple upgrades allow your house to become more competitive with nearby rental properties, you might be able to charge a higher rent and it could increase the overall value of the home when you decide to sell.
Professional Carpet Cleaning or Floor Buffing Service
Replacing carpets and hardwood floors can add up quickly. Unless the previous homeowner or tenant has severely stained the floors, most of the time they just need a little freshening up. Hiring a professional carpet cleaner or floor buffing service can work wonders. Your floors will look fresh and new, and it will only cost you a few hundred dollars at most. Best of all, you won’t worry about having to hire an installation team that could possibly put you behind or cost you an extra month of rent.
Fresh Coat of Paint
Have you invested in a home with outdated or outrageous taste in décor? You might be surprised how much a simple coat of fresh paint in a modern color can give your entire rental property an instant facelift. If you’ve had tenants that had children, pets or were heavy smokers, a little paint can go a long way in repairing the damage.
Replace Fixtures
Renovating a bathroom or kitchen can cost tens of thousands of dollars. Adding new tile, backsplashes, flooring, plumbing and countertops isn’t always necessary. An easier, and more affordable way to add some modern appeal to your property is by simply switching out the fixtures. Replace old faucets with something sleek and modern. Get rid of the old green, pink or beige tinted sinks and bring in a stainless steel or ceramic model. You can also get the same dramatic effect by changing out the old, worn out light fixtures with some beautiful new ceiling fans or minimalist track lighting.
Update Appliances
Updating your appliances can make a huge difference in the appeal of your rental home. Keep in mind that the family that moves into your home will be cooking every day, and they will feel much better if they know they won’t need to worry about the need for constant repairs. Also, swapping out a dingy off white refrigerator and stove with a mid-priced stainless steel version from a local hardware store won’t cost as much as you might think. Check for sales in your area, or items that are on clearance because of minor dings. Most of the time, these slight defects won’t affect the quality of the appliance and can’t be seen when installed anyways. For less than a thousand dollars, you might be able to make your old kitchen look brand new. If you can’t afford to replace them all at once, just choose one item at a time between tenants and in a few short years you’ll have a completely updated kitchen.
Simple Landscaping Improvements
Landlords often neglect the importance of landscaping. However, it’s important to consider that the quality of your property’s curb appeal is dependent on the condition of your trees, bushes and grass. If you have overgrown bushes, heavy tree limbs leaning too close to the roof or a patchy front lawn, many renters might not even care to look at the inside. The landscaping may be considered a reflection of how well the property owner maintains the house overall, and many aren’t willing to sign a long-term lease for a home that seems neglected. Hire a local landscaping company to mow and prune your trees and bushes. Lay down some grass where needed and plant some pretty flowers. It won’t cost a lot of cash or take very much time, but it could make a big difference in the number of interested tenants.
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Today’s landlords juggle a lot of responsibilities. Many have other important investments to manage or must balance heavy demands from their job or family. Imagine how much freedom you could gain if you had a team of experienced professionals handling day to day tasks like marketing vacant properties, screening potential tenants, making service calls for maintenance issues and collecting rent payments. Call DKRentals.net today and find out what we can do for you.
