If you’ve ventured into the real estate game to create a steady source of income, chances are that you decided to become a landlord and invest in a rental property. Good for you, renting is a great way to build a profitable business for yourself and slowly but surely expand your portfolio to include multiple properties. Down the road, you might even decide to sell a house or two, who knows. But for the time being, your top priority should be to attract the best tenants and maximize the ROI of your rental.
To do this, you have to invest back into your property. It’s like in any other field of business, it’s important to invest back in your company in order to facilitate growth. So, the time has come for a home improvement project that will elevate the value of the rental, allow you to raise the rent safely, and attract top tenants around. Here’s what you need to do to achieve all of that and much more.
Refresh the space with a new paint job
Nothing brings a breath of fresh air into a rental like a new paint job to wow and dazzle potential tenants. Let’s get very real for a second, nobody likes moving into a place that looks like it has just been vacated by someone else a day prior. If there are signs that someone used to live here that are very apparent, you’re going to struggle to justify the rent and you’ll definitely struggle to find good tenants.
No, people want to move into a beautiful new space that looks like it was waiting just for them all along. The first thing you should do to inspire this look is to repaint the interior. You can’t go wrong with a neutral color scheme, because it serves as a good foundation for all other décor elements and it lets plenty of natural light saturate the space.
Focus on the little details that make a big impact
The best tenants have a very keen eye, they know what to look for, they know what they want, and they will go through the rental with a fine-tooth comb until they are satisfied with what you’re offering. With that in mind, there can be no room for mistakes on your end. It might not be a big renovation, but focusing on the details is a big improvement that can have a grand impact on the look and feel of the space.
After all, it’s often the details that create a perfectly staged home, and they make a rental pop in the eyes of the tenants. You can start by cleaning the space from top to bottom to make everything look new. Next, replace and upgrade the hardware around the interior, install new faucets and a new showerhead, replace the shower curtain, update the cabinetry, fix the shelves and the drawers, and so on. Focus on these little repairs to leave an amazing first impression and elevate the value of the property.
Invest in the kitchen and its energy efficiency
The kitchen is, without a doubt, the room that potential tenants will focus on the most. Yes, all other rooms are important, especially the quality of the bathroom, but the kitchen is the space where most of the action takes place. So, it not only needs to look amazing, but it needs to be functional to boot.
Focus on the appliances and the overall energy efficiency of the kitchen. Upgrade the old stove to a more energy-efficient gas burner that will help lower the living costs along with a smarter refrigerator, an energy-efficient dishwasher, and smarter kitchen accessories overall. The tenants want to see that living here won’t cost them a fortune, so they’ll love the fact that the kitchen is optimized for minimal financial waste.
Don’t forget about the exterior
If you’re renting an apartment in a building complex, there’s not much you can do to spruce up the exterior without the tenants’ association on your side. However, if you own and control the exterior of the property, say a house, then you definitely need to include exterior renovation and remodeling in your plan.
Why? Because you can’t hope to attract the best tenants if the quality of the exterior doesn’t match what’s on the inside. One of the best improvements you can make is to upgrade the landscaping with some creative ideas and focus on creating a beautiful oasis full of peace and privacy. People love their privacy, which is becoming increasingly difficult to get these days, and they’ll gladly pay for it.
Optimize and scale the lighting
Lastly, make sure that the interior lighting is on point. The lighting scheme in your rental can make all the difference, and it has the power to shape the look and feel of every room. Use curtains and blinds wisely, and try to get as much natural light in as possible. For those hard-to-reach spots, use mirrors to bounce the light through the space.
For artificial lighting, be sure to use a combination of general overhead lighting with task and accent lights. Install a programmable light switch in every room so that the tenant can scale the lighting scheme for every occasion.
Over to you
You don’t need to invest in cumbersome renovations to attract the best tenants around. Combine these remodels and improvements to elevate the value of your rental and inspire the top-quality tenants to get in touch, fall in love with the property, and make it their new home.
About the author: Mike Johnston is an experienced writer, blogger, and editor. He’s a regular contributor to numerous online publications where he writes about real estate, construction, home improvement, and interior design.