If you’re a rental property owner, you’re probably searching for new ways to improve your rental income and maximize your profits. After all, you want your investment to have a higher payoff. However, this also means that you need to invest in a couple of home upgrades to truly make your property shine.
Renters look for various features when browsing through property listings. If your rental has some of these highly coveted features, it’s likely to catch their eyes and nudge their curiosity.
The question then arises: what home upgrades should you invest in to enhance your property’s value and negotiate a better rental price? Here are a few things that you can do to achieve this.
Add a Fresh Coat of Paint
One of the simplest yet most effective ways to boost your rental property’s value is by giving it a new paint job. Whether your walls are looking a little dingy and inconsistent or you have paint peeling off from the corners, a new paint job is a cost-effective strategy for transforming your interior and exterior spaces.
Start with the exterior walls of your house. Opt for neutral tones that make your property look fresh and inviting. It’s best to choose a color theme that complements your property’s landscape to balance things out.
Next, assess the color palette inside your house. Are there any spaces that could do with a little more color? What if you brighten things up a little by accenting a wall and resetting the theme? A bright yellow, orange, green, or blue wall in your living room is a great way to spruce things up. Alternately, you can opt for neutral colors or take a monotone approach.
Invest in Landscaping
You can’t ignore your curb appeal. After all, this is what gives renters the first impression of your property.
Start by smoothening your pavement and adding symmetry to your exterior space. This will make your home design look more uniform. Next, add some greenery to your home. If you don’t have enough space for a lawn, consider adding some hanging or potted plants next to the front door. You can also opt for hedges or bushes to create a natural fence for your home.
If your front yard includes a porch or deck, you can upgrade the flooring of these spaces. Upgrade the floor tiles to create a more modern look that attracts more renters.
Enhance Your Cabinetry
What do modern bathrooms and kitchens have in common? Sleek new cabinetry!
Bathrooms and kitchens are both spaces where homeowners stack up multiple items. From spices and cooking utensils to cleaning supplies and toiletries, you need a place to store your room-specific items. Cabinets are an affordable upgrade option that can help you transform your indoor spaces.
If your rental home already has kitchen and bathroom cabinetry, consider refurbishing them. You can opt for a new coat of paint or polish, upgrade their knobs and handles, redo the interior shelving arrangement, or even replace worn-out doors and cabinet parts.
Increase Your Storage Space
Speaking of cabinetry, here’s another upgrade rental property owners should invest in: storage space. This is one of the most coveted features for renters. By adding multiple or advanced storage options to your property, you’ll instantly add to its overall value and desirability.
There are several ways to go about this. For instance, you can renovate a section of your home to create a storage room or closet within the house. Think of the space underneath the staircase or the vacant space in your backyard, and see how those could be utilized for storage purposes. You can also opt for built-in closets in the bedrooms or add storage cabinets in designated spaces.
Other small yet effective storage options include adding shelves and hooks to the walls, especially in areas like bathrooms or bedroom entryways.
Revamp Your Rental’s Lighting
Finally, transform your rental home by upgrading the interior and exterior lighting. Excellent lighting can make a stellar first impression on buyers, convincing them of the property’s value. The fancier you get with your property’s lighting, the greater your chances are of securing a good deal.
Of course, this doesn’t mean that you have to break your budget. Simple upgrades such as switching from fluorescent lighting to incandescent or LED lighting are a great way to revamp the place. With LED lighting, you also get to incorporate energy-efficient lighting into your home design, which is something buyers prefer. Similarly, you can invest in additional lighting fixtures throughout your indoor spaces to brighten them up. If a room is well-lit, it’ll look warm and welcoming as opposed to dingy and depressing.
Outdoor lighting is also a great way to attract more buyers. Consider investing in high-quality lighting options for your front or backyard, patio, terrace, garage, or any other outdoor space you have at your property. Make sure your entry and exit points are well-lit. Don’t forget about the pathways or stairways outside!
Some popular indoor and outdoor lighting options include:
- Ambient Lighting
- Accent Lighting
- Task Lighting
Sensible Home Management is a Washington-based property management company that helps property owners look after their real estate investments. Our affordable property management services include property maintenance and we help our clients execute promising home upgrades. In addition to this, we also offer tenant screening, lease reviews, advertising services, owner reporting, and property inspections.
For more details about our property management services in Federal Way and Pierce and King Counties, contact our team at (253) 236-0337 today! We look forward to working with you and helping you improve your rental income.