There are a number of cosmetic and cost effective ways to increase the value of a property prior to selling or attracting a new tenant that can translate into thousands of dollars extra in your pocket on a sale or increased rent roll. Here’s how to improve a rental property!
1. Painting
After a tenant moves out, the paint in high traffic areas such as hallways, stair cases, and entrances will most likely have some noticeable wear and tear. Minor drywall repairs and a fresh coat of paint is often needed before a new tenant moves in. The same is true if you plan to attract a new buyer. It is often not necessary to paint the whole house. But if it is time for a complete repainting, this is still a relatively small expense. The ROI you can get you on just a couple buckets of paint is too good to pass up.
2. Deep Clean – carpets, blinds, appliances, windows, kitchen cabinets, bathrooms
As with painting, an extensive clean can really increase the appeal and value of a home. Overlooking the importance of such a simple task as cleaning is a mistake. It will result in lower offers or completely turn off some buyers and potential tenants. Things like dusting/washing blinds/drapes, outside/inside all appliances and kitchen cabinets, and thoroughly cleaning the bathrooms go a long way. Cleaning carpets and removing carpets stains is also important, and extends their usable life span. It can convince a potential buyer that the carpets are in good condition and that they will not need to spend any money to replace them anytime soon.
3. Bathroom and kitchen updates
A thorough bathroom cleaning should include the removal of residues such as mildew and rust. After your cleaning, the shower, tub, toilet and sink should all be sparkling clean as well. However, if caulking is looking worn, yellowed, or has mold (and cannot be cleaned first) it needs to be removed and a fresh application of new caulking should be applied. New shower heads, bath/kitchen sink faucets are also relatively inexpensive and easy updates. In homes where the bath and kitchen cabinets appear dated, these can be painted for a fraction of the cost of replacing them.
4. New lighting fixtures, curtain rods, hardware
Similarly to the bathroom, fixtures and hardware can make a big difference in other areas of the home. New lighting fixtures, curtain rods or door knobs can take a house from feeling dated and cheap to modern and desirable. Update cabinet or closet handles, interior door knobs, bathroom towel rods, and curtain rods/curtains/blinds to new to give the property a fresher and more modern look.
5. Yard maintenance
If your lawn is in poor shape and full of weeds you will want to put in some elbow grease. This can be as simple as mowing the lawn; just that can make such a big difference! You may want to consider laying some new sod in some areas, or aerating the lawn and putting down some fertilizer to bring it back to life. Make sure to remove any weeds from the lawn and any garden spaces and to trim any overgrown hedges or trees . Once again, these are inexpensive solutions that leave the impression of a well cared for property. If you have a fence or deck that is still structurally sound, consider refinishing or painting it to complement the well kept yard.