Renters are becoming more and more conscious of home decor and architecture thanks to popular shows on networks like HGTV and the DIY Network. Everyone wants an attractive rental property to show off to their friends and family.
Check out these low cost ways you can make your rental property pop!
As a homeowner, you most likely purchased your rental property in hopes of making it a great investment. It may seem like your rental property is more work than it is worth if you are constantly dumping money into it. Luckily, there are some minor changes you can make to attract more tenants that won’t cost a lot of money.
1. Spring Cleaning
This is probably one of the easiest ways to attract tenants. And we’re not just talking about wiping the counters and mopping the floors. We’re talking about the rolling-up-those-sleeves-and-getting-elbow-deep-in-Pledge-and-Windex type of cleaning.
Ever heard the saying, “Leave your campsite as if no one had been there”? The same applies to a rental property where a slew of people have been in and out. Whether you choose to hire a cleaning service or do it yourself to save money, you can’t go wrong. Take special note to dust fans, blinds, baseboards, windows and A/C vents. Bathroom showers and toilets should be white, and kitchens should sparkle. Renters take note of everything during a walkthrough, so make sure your home is ready to wow them!
2. Curb Appeal
When you drive around your neighborhood, what do you notice? If you look around and notice the grass is yellow and spotty, or the flowers are dying, it’s time to get those green thumb to work!
The first thing people notice about a home is the way it looks on the outside. First impressions are everything! To save time, hire a landscaper to come in and trim bushes and hedges. They can even check watering systems and apply a timer to ensure grass and plants get enough water while keeping things low maintenance for the renter. They can also help knock down spider webs and spray off exterior walls, the garage, and the front door to get the dust off.
Your front door is the main focal point when people enter the home. Apply a fresh coat of paint if the door is faded, and throw a new door mat down to welcome visitors. Cleaning front-facing windows will also add a lot of sparkle to the outside!
3. Fresh Paint
If your rental property is still sporting wallpaper from the 80’s, it’s time for an update. A good rule of them is if the paint hasn’t changed in 10 years, its time for a re-do. Remember, styles and trends can go in and out before you know it. Choose a paint with the primer in it, improving adhesive properties of your paint. It will appear more effective, more transparent and more natural.
4. Add a Backsplash
If your kitchen is missing a little something, chances are you don’t have a backsplash. Adding a tile backsplash to a kitchen is a low cost way of completely transforming the look of your kitchen. Not only will you save your walls from the splatters of spaghetti sauce, but your kitchen will look much cleaner.
There are tons of DIY videos that can show you how to install a tile backsplash in case you don’t want to hire someone to do it. If you aren’t sure what kind of backsplash would look best for your kitchen, start by doing some research. Sites like Pinterest and Houzz can show you different ideas based on your cabinet color and the overall look you are going for.
5. Hang Shelving for Additional Storage
You can never have enough storage space in a home. If your rental property is a single-family home, add shelves to make it stand out. Whether you add storage to the garage, kitchen or closets, your potential renters will appreciate it. Often, tenants are in between homes and need to store a lot of items in the garage. By adding additional storage, you free up that space and allow them to park vehicles in the garage, or use it for larger items.
6. Update Hardware Throughout the Home
If the doorknobs and drawer-pulls are from the 70’s and are starting to flake brassy paint, you need an overhaul. Updating interior doors is one of the easiest ways to give a rental property a fresh feel after painting the interior. Consider changing out the doors themselves. If they are still in great shape, apply a fresh coat of paint and install new door knobs.
This also includes kitchen hardware. You can change out knobs, or add them to cabinetry for minimal cost. Once you add them, you won’t be sorry and renters will notice the nice touch.
7. Update Light Fixtures
This is another really important item that property owners tend to overlook. They assume that because the home has light, renters won’t be bothered by gold fixtures that belonged in another decade. The same rule that applies to paint can also be applied to light fixtures. If it’s been 10 years since they’ve been installed, they may need a make over.
One of the best ways to get light fixtures at a low cost is to buy at the right time. Year end sales drive costs down, and often you can find great deals online. Take your time, shop smart. You may fall in love with a $3,000 chandelier, but remember that this is a rental property!
You may want to hold off on spending any money on your investment property, but it is important to remember that a clean, attractive home will help attract better quality tenants. Not only will you rent your property faster and for more money, but you will most likely attract people that will take better care of the home. Any good investor knows that you have to spend money to make money!