Looking to increase the value of your rental asset at a low cost? There are a few simple strategies you can employ as a landlord or property manager that will make your property look great, increase tenant satisfaction, and increase your rental income in the long-run.
Follow these five tips for increasing your rental property value on a budget:
Maintain your Landscaping
Landscaping is key to a good-looking, quality property. As one of the first things anyone sees of the home, the yard should be maintained in a clean and neat fashion that shows care and attention to detail.
Keep your yard mowed and trimmed. Cut back any overgrown bushes or trees. Pull weeds in the driveway and flowerbeds. And finally, plant flora that will be beautiful and low maintenance.
Plants and flowers like perennials and host will keep coming back and look great in combination. Add some colorful tulips to spice up your garden area, and make sure you keep everything looking healthy and cared for.
Install Inexpensive, Quality Upgrades to your Kitchen and Bathrooms
Your kitchen and bathroom are where you want to focus most of your time and money if you are looking to upgrade your property. These rooms raise rental value like no other. Plus, everyone wants a clean and fresh-looking kitchen and bathroom.
Consider replacing the flooring with some new hardwood or laminate. Many of these options are easy to install yourself, with self-adhesive backing that will save you money and the cost of hiring a professional. You can usually find flooring options like these at a discount as well. Check out close-out stores and local deals.
Then, update appliances older than a decade or two, if possible. Tenants don’t want to feel like they are cooking or bathing in the 1970s. Check out second-hand appliance stores even for some good-looking and discounted finds.
But if full replacements aren’t in your budget, start by replacing fixtures. Simply installing new faucets or cabinet doors and knobs can give your kitchen and bathrooms fresh and modern looks on the cheap.
Touch-up and Repaint
You should be giving your interiors a fresh coat of paint about every 5 years. In the meantime, thoroughly inspect your walls to determine if you need a fully new coat or just some touch-ups to give your property a flawless look.
If you’re repainting, try a semi-gloss rather than a high-gloss finish. This will allow you to use less coats and thus spend less money on paint. Look for paints that have a built-in primer and color swatches that include the number of coats needed to best plan and cut costs on your repainting.
Enhance your Windows
Enhancing your windows and the areas around them can help lighten and revitalize any room. You can easily update your windows without spending a lot of money. And keep in mind, there are better options than Venetian blinds.
Shades, drapes, and curtains can often provide tenants with the privacy they want without being a pain to maintain and replace. If your property is in a more secluded area, consider going without window coverings, leaving the option completely up to the tenant.
Another cost-saving addition to your window area might be exterior storm windows. These will provide you some added insulation without fully replacing your windows and can be relatively easy to install on your own.
Enhancements to your windows will not only make the property look great, they can save you money long-term in maintenance costs and energy bills.
Keep it Clean
Before you make any replacements to things like carapeting and appliances, start with cleaning. You might be surprised how new everything looks after a thorough, professional-quality cleaning.
When it comes to carpeting, you need to hire a professional. Pay for a carpet cleaner and see if you can put off replacing your flooring for another year or so.
For appliances, invest in polishes and touch-up bonding to even out scratches and wear.
You may also want to hire a professional cleaning service to go over the entire house, giving attention to areas you may not even have thought of. By eliminating much of the wear and grime on your property, you can give it that renovated feel for just a small cost.
Adding Value on a Budget
We know it can be difficult to find the money for extensive renovations. But you can always try these simple tips to bring added value to your property. Prospective tenants will admire and appreciate your attention to detail on a well-maintained property, and you will be able to rent at higher values.
Higher rent value means higher income, and in the end, these small enhancements will pay for themselves.
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