As an investment property owner, upgrading your rental property from time to time is a must in attracting and keeping quality tenants. Here are a few simple, budget-friendly home improvements to appeal to your local rental market.
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Give the Kitchen a Facelift
An up-to-date kitchen tops most list of prospective homebuyers and renters. Replace old white or black appliances with new Energy Star certified appliances to make the kitchen more appealing and efficient. If you can't splurge on actual stainless steel, go for stainless steel look appliances.
Cabinetry can also easily date kitchen space, but it's also an expensive replacement project. Consider re-facing the cabinets completely or making use of the dated doors by painting them with chalk paint and replacing the hardware with brushed nickel pulls and knobs.
Re-Paint on the Regular
While the old tenants may have removed their belongings, it's likely they left some wear on the walls. Fill those nail holes and grab a paint brush. You'd be surprised what a fresh coat of wall and ceiling paint can do to an interior space. Keep your wall colors light and neutral, like Benjamin Moore's Wicker Basket, so natural light will radiate throughout the home.
Freshen Up the Bathroom
Another top-list item on most renters list are updated bathrooms. If you don't have the budget for a full upgrade, the bare minimum - new faucets, showerheads, and fixtures - can instantly increase the vibe of a "newer" bathroom.
Add ambiance and personalization to your renter's home experience by adding dimmers to overhead lighting in main living areas and bedrooms. Ceiling fans with light fixtures are also a great choice in bedrooms for renters looking to keep their cooling costs at a minimum.
As an investment property owner, one of your goals is to keep maintenance at a minimum, including landscaping. But that doesn't mean you should leave your property bare. A few quick and cheap fixes include:
- Replacing house numbers
- Planting perennials around the home
- Updating the mailbox
- Painting the front door a stand-out, yet complementary color
- Replacing outdoor light fixtures
Bring in the Pros
If the home is vacant, bring in a professional cleaning service before showing the space to prospective tenants. Have them clean top to bottom, including ceiling fans, baseboards, blinds, etc. Have the carpets cleaned after each renter vacates the home. Renters who feel the home has been well cared for and maintained are more likely to jump on a prospective property.
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