If you are the owner of a rental property, you want to get the biggest "bang for your buck" for that investment. One way in which you can get a more favorable rent rate on a rental residence is to undertake some effective, affordable upgrades at the premises. There are nine effective, affordable upgrades that you can undertake to up the look, feel, and rental value of an investment property.
Replace Cabinet Doors
Kitchen and bathroom cabinet doors are primary focuses in a rental property. Cabinet doors truly are attention grabbers in both a kitchen and in bathrooms. One effective, affordable strategy you can consider undertaking to improve the appearance and value of your rental property is to replace cabinet doors.
There is a broad spectrum of cabinet doors available on the marketplace today. These cabinets come in a significant spectrum of styles and price ranges. Thus, you will be able to find replacement cabinet doors both in a desired style and within your budget.
If you want to change the look and up the value of a rental residence but don't want to take the step of replacing cabinet doors, you've another option available to you. You can repaint kitchen or bathroom cabinet doors very affordably and with a minimal time commitment.
Replace Doors
Another step you can consider taking to enhance a rental property is to replace doors at the premises. This can include replacing interior as well as exterior doors at the premises.
Oftentimes, interior doors placed in a rental property are not the most expensive products available. Thus, they can wear more quickly than some other options and appear to be at least somewhat worn. The appearance of such doors can take away from the overall look and feel of the premise and even make it more difficult to achieve an optimal rental rate. The easy and affordable replacement of these doors is what can fairly be called a quick fix to better a rental property, including providing a basis for a higher rental charge.
You might also want to consider replacing an exterior door. In that regard, one prime consideration you will want to focus on is security.
Add Fresh Coat of Paint
Even when a former tenant has occupied a residence for only a shorter period of time a fresh coat of paint should be applied at the premises. A fresh coat of paint represents one of the easiest and most affordable steps that can be taken to improve the appearance of a rental residence. Indeed, applying a fresh coat of paint is one of the easier do it yourself projects a landlord can take to improve the appearance of an investment property and save money at the same time.
Pressure Wash the Premises
Even prospective tenants are concerned about curb appeal when seeking a place to rent. You do want to be certain that the exterior of a rental property looks its best.
One of the easiest tactics that you can employ to improve the appearance of the exterior of your rental property is to pressure wash it. Pressure washing not only enhances the immediate appearance of a property but it aids in extending the life of siding, paint, or other materials utilized at the premises.
Install Wood Flooring
Yet another step you will want to consider taking to upgrade a rental property as part of a strategy to increase its lease value is to install wood flooring at the premises. The reality is that a considerable segment of the population truly likes wooden floors.
You actually do have a number of options available to you when it comes to wood flooring options. As a landlord, you will appreciate the fact that different wood flooring options come in an array of different prices. In other words, you can invest in wood flooring to improve your rental property and do so within your budget.
Install a Back Splash
A surprising number of rental units lack decent kitchen splash guards. There are practical as well as style benefits associated with splash guards. Another tip to consider when upgrading a rental property is to install or replace the back splash in the kitchen.
One tactic you can bear in mind when it comes to improving a kitchen back splash is that you can be creative in doing so but not spend an inordinate amount of money in the process. For example, if you are like many rental property owners, you've selected neutral colors for the kitchen of a rental property. You can use the back splash as a means of providing a dash of color for a kitchen.
Add a Washer and Dryer
If space permits, and plumbing allows, consider adding a washer and dryer to a rental unit. Many multi-residence structures have common laundry facilities or no laundry equipment at all. You can purchase an affordable washer and dryer set, including a stacked version of these appliances. Taking this particular step need not be expensive. There are a multitude of affordable options available to you in this regard.
Do Simple Landscaping
Finally, another tactic to consider employing to upgrade your rental property is to undertake simple landscaping. You don't want to get too complicated when it comes to landscaping. This particularly is the case if the rental premises and agreement are such that the tenant will bear responsibility for tending to the landscaping. Nevertheless, the typical tenant will want a nice looking exterior of a rented home. In regard to landscaping, consider planting perennials and bushes.
In the final analysis, each of these nine tactics can be effective at improving your rental property. The net effect of these improvements is not only to enhance the look of your rental property but to increase its lease value. As a consequence, you will want to seriously consider not only implementing one of these suggested strategies but to consider taking advantage of more than one of these solutions. Such a coordinated approach truly will provide you an effective and affordable mans of upgrading your rental property.
