Simple Renovations That Increase Rent
One easy way to boost the cash flow of your rental property is to increase the rent. But before you do so, it would be best to make your property worth it. Your rental property has to be up-to-date or even better than what is obtainable in the environment.
To do this, landlords often engage in renovations. However, there are different types of renovations. Also, renovating a rental property differs from remodeling your home. You do not have to engage in costly renovations. Renovations could be major or upscale, moderate or midscale, and minor or simple.
Reports from several surveys show that major or upscale renovations are expensive, but their return on investments is low. However, minor and simple renovations are inexpensive, but they offer a higher return on investment.
Also, upscale renovations will make the rent of the property too expensive for renters. And this will increase the vacancy rates, warns Real Property Group. But simple renovations will boost your rent to a price that tenants can still afford.
Below are some simple renovations that will increase the rent of your property.
Apply a fresh coat of paint
Applying a fresh coat of paint is a simple way to make your rental property look more appealing and enticing. But before you do this, inspect your walls for wear and tear. And repair damages on the walls before you repaint them.
Doing this erases signs of wear and tear on the property. It also makes it look well maintained. We recommend that you always paint your rental property between tenants. Avoid the temptation of using hot colors for your rental property.
If you paint your rental property in hot colors, it will not attract many renters. However, using neutral colors will entice several tenants. That is because neutral colors will match well with the renter’s furniture and accessories.
2. Replace light fixtures
Old and outdated light fixtures will make your rental property look dull and obsolete. As a result, it may be hard to increase rents on an old property. But replacing your light fixtures has a way of making the property look modern and lively.
The good thing about it is that this renovation is cheap but efficient and makes the rental safer. You can replace old light fixtures with stylish and modern ones. There is also an option of installing sensor switches in specific rooms like the bathroom, laundry, and pantry
3. Work on the flooring
The condition of the floors of your rental property has a tremendous impact on how renters will value it. Old flooring with much wear and tear will devalue a rental property. Also, renters will not want to pay higher rent for a property that has dirty carpets.
If you have carpets on your rental property, you can hire the services of a carpet cleaning company between tenants. These professionals can make your carpet as clean as a new one.
Furthermore, tenants with kids will prefer hardwood, tile, or vinyl flooring because they are easier to clean. Cheaper flooring options that you can consider are laminate, ceramic, and vinyl.
4. Replace broken fixtures and appliances
Renters will not be happy to pay higher rents for a property that has a broken doorknob, plumbing leaks, or faulty appliances. We recommend that you inspect your rental property between tenants.
Check for all faulty appliances or fixtures. Repair all plumbing leaks and replace old showerheads. Most of the repairs are inexpensive, and your property will entice tenants if the accessories are in good condition.
5.Install new window coverings
New window coverings can transform the appearance of your rental property. It would be best if you replace the old window coverings with new or modern ones. The cost of this renovation is cheap. We recommend that you consider blinds. That is because they are durable and attractive. Also, they allow natural light and will make the interior of the rental property look modern.
6.Improve the curb appeal
Renters have the first impression of your property from the exterior appearance. If the exterior look is unattractive, they will scrutinize other aspects of the property and rate it low. However, there are simple ways you can improve the curb appeal of your rental property.
You can do this by installing a modern front door handle, weeding the garden, and mulching, and mowing the lawn. Trimming overgrown trees will also make the property look neat. All these will entice renters and help increase the rent.
In conclusion
After performing these simple renovations on your property, we advise that you hire professional photographers. They will take high-quality photos of your rental property and help you highlight the new renovations. Doing this will show that your rental property is worth the price.
Finally, it would be best to discuss with your property managers before increasing the rents. They will also guide you on the simple renovations you should perform on your property.