We recommend this for sellers of residential properties, and it is also a good idea for rental property owners. It is a popular opinion that renters make up their minds, whether or not to give further consideration, within seconds of seeing the property. The curb appeal is hugely important.
A few things to consider:
If you have landscape maintenance skills, then go ahead and make improvements. If not, hire someone adept at updating and sprucing up the outside of your rental property. When prospective tenants see that TLC is given to the outside, they will assume that the inside is in perfect shape.
Be sure to invest in professional photography and videography when listing your rental. Professional photos will accent spaces in ways that your phone can’t. Many renters are looking for videos and are renting sight unseen. Give your property every chance to receive viewing from all the places you’re listing your rental online.
On your walkthrough, pay attention to doors and locks. Safety and security are a concern to most tenants. If doorknobs are loose or don’t latch correctly, fix them. It’s those little things that mean a lot to renters. And they speak volumes on your care of your property as a landlord.
Take a serious and in-depth look at the kitchen. If the appliances are old and in a state of disrepair, consider replacing them because the kitchen is an important part of most homes. Older appliances can use up electricity and drive up the monthly bill. If you pay for the utilities, then you will want to invest in Energy-Star certified appliances. If your tenants pay their own bill, they will be grateful for the upgraded appliances. It will also save you the headache of calls when the appliances are failing continuously.
Cabinets that show lots of wear and tear are not attractive. It isn’t necessary to replace cabinets. Robin Knapp, the owner of Custom Closets and Cabinets in Tampa, suggests that doors and hardware replacements on the cabinets make them look new again. This process is referred to as kitchen cabinet refacing and is more cost-efficient than replacement. Countertops don’t have to be the latest trend in materials and colors. Take advantage of places that sell discounted countertops. Many specialize in offering inexpensive solutions for rental properties.
Paint and lighting will give an old kitchen a wonderful makeover. If you have carpeting in the kitchen and/or bathrooms, get rid of it. Select some “easy to maintain” flooring products instead. The upkeep of carpets and their tendency to look outdated and dirty is a good reason not to have them in the kitchen and bathrooms.
Bathrooms deserve good scrutiny. If you were going to rent your rental, what turns you off in the bathroom? Are the faucets dripping? Is the cabinet hardware ancient? Is there any storage? Is it dated because of the flooring? Is the lighting inadequate or outdated? What can you do to make the space more functional and brighter?
Sometimes a coat of paint can work wonders. And having the windows washed, inside and out, can brighten up a living space with only a few hours of work and minimal investment.
The goal is to showcase your rental property in the best possible way. Making the repairs and upgrades that your budget allows can go a long way toward making a good presentation to potential renters. When a property shows that the landlord cares about it, there is usually more incentive for renters to be more attentive and considerate.
Some renovations may increase the value of your property and allow for a rent increase. However, this is not your home, so resist the temptation to put the same time, effort, and money into the rental that you would invest in your own home.
There are real estate agents who specialize in rentals. It might be a good idea to connect with one. They’d give you some advice on how to add value to your rental and make it more attractive to potential renters.
