Most landlords see property renovation as a stressful, overwhelming process, and they end up putting it on the backburner. After all, going through all that trouble for a house or apartment you won’t even live in makes it feel like a waste of time and money.
Most home improvements pay for themselves, though. Let’s examine four cost-effective, straightforward repairs that can make a world of difference.
Touch Up the Colors
Sprucing up the paint makes any property feel fresh and modern. All you need is a weekend and willingness to DIY, and an old, stuffy home quickly turns into a desirable living space.
Go for neutral, light shades for the walls. They make the property feel more spacious and give potential tenants a blank canvas to work with once they move in.
If you already have a renter, ask them which colors they’d like to see to kickstart a healthy, transparent relationship.
When it comes to the furniture, a glossy finish and a coat of paint on the knobs will make all closets look good as new.
Boost the Curb Appeal
Curb appeal determines the first impression your vacancy leaves on potential renters. People make quick assessments, instantly deciding whether they like the vacancy. Some factors that could sway them include:
- Green spaces. Whether it’s a family home or an apartment building, tidy landscaping makes the home ten times more alluring.
- A clear path. Stone or brick paths surrounded by bushes and flowers make your vacancy look like a cohesive unit that people are excited to enter.
- Attractive doors and windows. Symmetry is your best bet here. Place lamps and potted plants around the entrances to create a balanced, appealing look.
Also, curb appeal upgrades tend to be more affordable than other remodeling projects you might take up. If your budget can support only one of the ideas, this one is the way to go.
Improve the Kitchen
The kitchen is the central room of the house, functionally and aesthetically. Updating anything that has to do with it – especially the appliances – gives you a great return on investment. You don’t have to spend a fortune to make it count, either.
Make sure that all appliances are as modern as possible. If you’re purchasing from various sources, match the color finish on the fridge, dishwasher, and oven for a more unified look.
Paying some attention to the cabinets is also worthwhile. All-new cabinetry isn’t necessary if the old ones aren’t chipped or too small. You can do just as well by sanding and repainting the existing storage spaces.
Once you have the basics down, add some inexpensive details such as a backsplash, good-looking faucets, and metal boxes for coffee and tea to make the room seem inviting and homey.
Add Popular Accessories
Once all the basics are fresh and shining, it’s time to add some finishing touches to set your rental apart from the competition.
Take a look at lux apartment searchers such as https://theurbanavenue.com/ to see which luxury amenities capture the most attention. If you can’t make a scenic rooftop desk happen, focus on less extravagant, functional amenities. Good examples include:
- Functional storage space. Make sure there are enough closets around the house for comfortable living. You could also include a garage spot with shelves in the mix.
- Air conditioning. Central A/C is a massive bonus for your property, especially if you live in a warm part of the country.
- Outdoor living areas. If the property doesn’t have a patio or balcony, add outdoor furniture in the yard behind the building to create a comfortable sitting area. You get bonus points for promoting a sense of community!
It can be many other things as well. From dishwashers and washer/dryer combos to parking spots and fenced-in gardens that accommodate pets, anything that makes the renters’ lives more comfortable is a renovation worth considering.
The Bottom Line
Remember that renovations are vital in retaining happy, responsible tenants and increasing rental property value. Whether you go for indoor or outdoor improvements, these tasks are worth the time, money, and effort in the long-run.