Renovations can have a dramatic impact on your rental property. Many owners put off renovations because of the perceived costs associated with a major remodel. However, you don’t need to remove flooring or gut a property to make it more appealing to potential renters.
A few simple and inexpensive changes can help you refresh the look of your rental property. Investing a little bit of money into updates will allow you to increase the rental price, so you will can recoup your initial investment in a short amount of time.
Try completing one of these simple renovation projects to boost the value and desirability of your property in the future.
The exterior of a home is the first thing that potential renters see when they drive up to your property. It doesn’t matter how nice the interior looks, if the yard is unkempt, then renters will be left with a poor impression of the property. These landscaping projects can be a simple and affordable fix:
- Plant some flowers to add color to the yard. Choose perennials so that the flowers will bloom by themselves each year.
- Eliminate any bare dirt by planting thyme, laying down mulch, or installing paving stones.
A few simple additions to the landscape of your rental property can boost curb appeal and make the property more desirable.
2. Interior Paint
A gallon of paint and a few hours of hard work are all that is required to refresh the look of your rental property’s interior. Many landlords think that white walls are best. But too much white can give a home an institutional feel. White walls also show all dirt, smudges, and imperfections that affect the wall surfaces over time.
Potential renters will appreciate a little customization with color, and paint can be a valuable tool to help you highlight some of the architectural features in a home. An accent color can draw attention to picture windows, a fireplace, or high ceilings.
A fresh coat of paint between tenants can also help you eliminate any signs of wear or age that the walls may show. Stick with a neutral color palette so that any future tenant’s furniture will blend seamlessly into the design of your newly-painted rental property.
3. New Fixtures
Another simple and affordable way to update is with the installation of new fixtures. Dated fixtures not only act as an eyesore, they can affect the efficiency and function of a property as well.
Old bathroom and kitchen sink faucets can use a lot more water than modern faucets. Replace these dated fixtures with low-flow models that will look fabulous and help reduce monthly utility expenses for future tenants.
Light fixtures can also be replaced for an affordable price. Select fixtures with a finish that matches the other hardware in the home (drawer pulls or cabinet handles). You should also lean more toward streamlined fixtures that blend seamlessly with the structure of the property.
Light fixtures with a simple design can accommodate many different decor styles. This lets any tenant decorate your rental property’s interior without worrying about their personal style and the style of the light fixtures clashing with one another.
Regular upgrades can help improve the quality and appeal of your rental properties. A property management company can be a valuable ally in determining which projects will have the greatest impact on the rental value and tenant retention rate for your property.
Let NRB Property Management LLC help oversee your rental properties and take some of the stress out of being a landlord. Contact us today to learn more about our management services.