As a landlord, you desire to have a lucrative business and see your rental property’s value increase. You have two options to achieve your aim: one, wait for the housing market to improve, or two, take some essential steps so that you don’t have to wait indefinitely for a positive market change.
While taking necessary steps involves money, you need to be sure that you’re spending money on fixing the right things to beautify before listing your rental property and draw potential tenants. If you end up doing the opposite, you have to be prepared to deal with an unattractive, vacant property that will not fetch you anything in return. If you’re feeling clueless and overwhelmed, don’t worry, we’re here to help you.
Take a close look at the following enhancements to your rental property so that its value increases and tenants line up to live on it:
1. Enhance your property’s curb appeal
Every successful landlord would want their property to catch people’s eye as they walk by, don’t they? So, make sure you enhance the look and feel of the property exterior to improve its curb appeal.
To that end, consider mowing the lawn, painting the outer walls if the paint’s starting to come off or looking filthy, and putting up a fence for more privacy. You could even add a few potted bushes to segregate your home from that of others. Is that all? Of course, not! There are a few additional steps you can take to beautify the outside of your home:
- Sow new grass on your property.
- Set up a small garden with flowers such as tulips.
- Remove weeds in the driveway.
- Add more potted plants that don’t need much time and effort to be looked after by you or your tenant. Keep them near the entrance or on the walkway.
- Crop overgrown trees and shrubs so that they don’t block the front of your property.
- Add a new front door to make it look pretty.
- Set up some nice, modern furniture for your porch to make the front of your home seem more cozy and lived-in.
- Set up a fountain to drown out sounds from around the neighborhood, traffic and other noises.
Remember, a perfect tenant will take a look at the outside of your property way before they see the inside. So, the more appealing it looks from the outside, the more people you’ll have showing an interest in your rental!
2. Refurbish the kitchen
The kitchen is an important place because your tenant will spend time cooking or having their meals here. Potential tenants tend to pay particular attention to the kitchen when deciding whether the rental property fits them. So, refurbishing it will keep it up-to-date and equipped with the needs of the modern tenant.
There’s no need to buy new kitchen cabinets unless necessary. Consider sanding them to smoothen the surfaces and then painting them. Add some pretty hardware. As far as countertops go, the best option would be granite, but they are a little high-priced. It’ll give your kitchen a new sophisticated look. If granite is not an option, select something reasonably priced but strong enough to resist heat and scratches, and lasts long.
Some other options include slate and quartz. Last but not least, add finishing touches by installing a new faucet and setting up a backsplash. Glass tile backsplashes are excellent, and they don’t take up much time while cleaning.
In the end, good-quality products that don’t need much upkeep are suitable for you and your tenant because neither will have time to maintain them diligently.
3. Renovate the bathroom
People spend a considerable amount of time in the bathroom every morning, so they’ll want a place that’s vibrant and clean, not dirty and dingy! Make some basic changes that include the following:
- Change the toilet seat or the entire toilet. Replace the faucets, showerhead, and cabinet hardware with trendier and more contemporary stuff.
- Decide the alterations based on the size of the bathroom: Let’s consider a small bathroom. The modifications should give it the illusion of space because tenants would prefer a roomy bathroom.
- Install a pocket door to create more room.
- Turn the bathtub into a walk-in shower.
- Add shelves for storage of towels, bathrobes, and bath linens.
- A cabinet will add to the appeal of the small space. If you don’t wish to buy one, use an old dresser with a sink on top, and you’re good to go.
Also, your tenant would want a nice-looking floor because it looks good on the eye. An old and stained one might put them off, or anyone for that matter. Refloor with laminate or new hardwood. You can do it yourself because many of them come with self-adhesive options. So, you can save on costs that accompany professional help.
Depending on your budget, you may want to consider pairing every bedroom with a bathroom. Potential tenants will rent out your property in hordes and pay whatever rent you ask for!
4. Fix or replace the roof
A repaired or new roof can enhance your property’s rental value more than you think. The condition of a roof determines the habitability of a house. A defective roof’s as good as living out in the open. Also, regardless of how beautiful the house may be, no tenant will give it a second look if it has a leaky roof.
Among the home inspector’s first few places of inspection is the roof, so if it appears damaged, it’ll be regarded as a ‘fixer-upper.’ However, that’s not something you want for your property, especially when you’re trying to enhance its value.
As far as repairs are concerned, you can remove the old shingles and place new ones, but ensure they’re the same as those you had before. Also, consider the age of the roof before deciding whether fixing it is the right way to go. If it’s been around for more than a decade, would you want to spend a few thousand bucks to repair it, only to repeat the process the following year? It’d be far more economical to install a new one!
Ideally, a roof should be replaced every 15 years; else, it might destroy your property during inclement weather.
5. Remove walls to make an open floor plan
Open floor plans are an excellent way to create more extensive spaces for shared living. Should you have enough funds, break down a few walls on your property and create more space. Also, if you install a few windows, it increases the area because it allows more light to enter, making the room look bigger.
You could remove a door and turn it into an archway or break down a wall but keep a support column. If you don’t want professional help, think about the wall type you intend to knock down. Some walls are load-bearing and support the house, so make sure you can differentiate between them. Ask a structural engineer for advice before deciding the next steps.
6. Change the window style
Windows aren’t just meant for air and sunlight but also for enhancing the property’s appearance and helping retain and release heat and cold when closed or opened. Additionally, they result in lower utility costs, which is a perfect selling point for attracting prospective tenants. Old and worn-out windows don’t work in varying temperatures but lead to higher utility bills, forcing tenants to look for alternatives.
So, work on upgrading the window style without going beyond your budget because it’s expensive. Do a little digging to find out the designs worth investing in. New windows increase the property’s value, allowing you to market the property well enough to draw more tenants.
Might we suggest double-pane windows for more padding and preventing unwanted noises from entering the house. You could add curtains and shades for privacy and protection against the sun’s rays. Let’s say your property’s in a sheltered area. In that case, you don’t need to put up drapes or shades but have the tenant take a call based on their requirements.
To sum up, exterior storm windows could be another way to go. The benefit is you don’t have to replace your windows entirely, and these provide extra protection. You can also install them without professional help.
7. Repaint the walls
Take a walk around the inside of your property and assess the condition of your walls. See if they look as good as new or stained and lifeless. If you cringe, imagine a potential tenant’s reaction when you bring them inside for a tour! Ask yourself when the walls were last painted. If it’s been over five years, that’s your cue to repaint the entire house.
Paint the walls with neutral shades such as beiges, whites, or grays. In fact, if we were to suggest specific colors, you could check out light grey, light blue, beige, and off-white! Most tenants prefer such shades, so you’ll be doing them a favor! Also, if you allow, they can paint it in a color they like once they move in to feel more at home in a rental space. Make sure you ask them to repaint it back to the original color before they move out.
While repainting, use a semi-gloss finish, not a high-gloss one, because you’ll need fewer coats and won’t have to spend a bomb on paint. You may also want to search for paints that include built-in primer and color swatches. Why? These will tell you exactly how many paint coats will be required for the exercise to be cost-effective.
8. Turn your home into a smart one
One of the most crucial devices we use every day, the mobile phone, uses smart technology! So, is there any reason why our homes should be left behind? We don’t think so! Smart technology is the order of the day, so as a first-time landlord of the 21st century, you should seriously think about investing in a few smart home devices for your tenant’s security and convenience.
As a result, you’ll have prospective tenants making a beeline for your property in numbers you can’t even imagine! And you know something else? You get to charge a much higher rent without worrying about tenants not willing to pay what you ask for!
The best part about smart home devices is that you can use your mobile phone to operate them from anywhere. Smart lighting is one such technology you can use to keep criminals away from your property.
Another reasonably-priced device is a smart video doorbell that captures videos of everyone who comes to your door and serves as an alarm system too. Consider a smart thermostat and let potential tenants know that they can save a great deal on electricity and gas bills.
Other equally beneficial investments include smart door locks, smart security systems, and smart smoke detectors. You can use smart door locks, wherever you may be, to allow contractors, real estate agents, and tenants on your property.
Some of your tenants may prefer cooking their meals at home, so consider investing in a smart oven. They can set it to warm up their food while they’re on their way back so that their meals are ready to eat by the time they reach home. They save on energy, effort, and time!
In a word, saving on energy and utility bills makes your property an environmentally-friendly place, another selling point for potential tenants especially in metros like NYC, San Francisco, Los Angeles and San Diego.
9. Add a new floor
According to data from a Dumpsters.com survey, 25 percent of renters prefer adding new floors in the rentals they live in. And hardwood floors seem to be the preferred choice. Any idea why hardwood is the winner? Because it takes less time and effort to keep it clean!
Carpets may not be popular among tenants because they give off strong smells and are challenging to maintain. If you don’t wish to take up carpet flooring for your rental property, would you prefer to polish your floors or remove them and add new ones?
Adding new floors is expensive, so consider refinishing your existing floors. If the purpose is for them to look glossy and brand new, this does the job. As far as replacing floors go, it’s a long-term investment, and it’ll draw prospective tenants, so think about a suitable time you want to get it done.
To conclude, if you’re a little tight on cash and want something cheaper but longer-lasting than hardwood, some options are luxury vinyl tile, wood tile, or wood laminate flooring. They’re attractive and low-maintenance and don’t need much effort to set up.
10. Increase the rent
One of the quickest ways to enhance your rental property’s value is to increase the rent. How so? Well, a higher baseline rent indicates that if you decide to sell the property to a real estate investor, you’re likely to receive a much higher value for it.
There might be a slight problem, though, especially if you’ve had worthy tenants for a very long time, or you’ve been charging them pretty low for a while. After all, who’d want to pay more money to live in a place they’ve been occupying forever?
Nonetheless, talk to experienced landlords and seek advice on gradually increasing rent or phasing it out to avoid pissing off your tenants. Their extended stay ensures a steady income for you, and you definitely shouldn’t lose out on that!
11. Include amenities
Think about what your rental property has that could further increase its value. Having a few essential amenities that potential tenants look for in a rental would be a great way to increase the rent and enhance the property’s worth. This could also be a selling point for drawing more potential tenants. So, though this investment might be a little on the pricey side, you’re likely to receive returns for many years!
If your property has some old and outdated appliances, consider replacing them because their lifespan is limited, and you don’t want to end up spending more on repairs. Why not just buy some new ones and not worry about repairs and fixes for a while? You’ll end up saving money! Some amenities worth your investment include:
- A dishwasher: Make sure it’s stainless steel so that it looks more sophisticated.
- An air conditioning facility: A centralized A/C system will work wonders with tenants because they can avoid the summer heat by staying indoors most of the time.
- A washer and dryer: The National Multifamily Housing Council data reveals that most tenants (77 percent, to be exact) will walk away from a unit that doesn’t come with a washer and dryer. It’s more of a necessity than a luxury.
- Storage space: Tenants will be bringing their belongings with them that need space to be stored. Make sure your property has enough room for them to put away their things.
- An outdoor living area: A patio or even a balcony gives tenants some outdoor space to enjoy the weather when it’s pleasant and soak in nature’s goodness.
- A fenced yard for pets: If you’re thinking of entertaining tenants with pets, this seems like a logical investment.
Finally, you may also want to add refrigerators and built-in stoves to the list here because they form an integral part of the kitchen, and a tenant can’t sustain without them.
12. Make sure it’s squeaky clean
Everything looks better, livelier, and more visually appealing with a good cleaning. The same is true for your rental property. So, give it a thorough wash from top to bottom and prepare to be surprised with the end product!
Get a professional carpet cleaner to clean the carpets and consider replacing your floors after at least a year. Some other cleaning options include:
- Pressure washing the walls of your home and the wooden patio boards.
- Scrubbing windows clean of dirt and dust.
- Removing mold and rust without delay.
In summary, consider the services of a professional cleaning company for more in-depth cleaning, or if you find the whole process overwhelming and can’t manage it on your own.
Conclusion
So, are you all set to begin your journey of enhancing your rental property’s value? We believe you are! While we understand the entire process may seem daunting, remember the more time, energy, and effort you put into the exercise, not to mention the money you invest, the more returns you’re likely to receive in the form of increased rent or a higher selling value should you choose to sell the property at some point. That said, when tenants see a well-kept property with plenty of desirable amenities, they’ll realize what sets it apart from others and treat it with love and respect. They’ll also stay longer!
