5 Inexpensive Impactful Rental Home Improvements
Being a landlord means wearing a lot of different hats. There is the tenant screening and background checking hat, the rent collection hat, the property acquisition hat, and the maintenance hat. Being proactive when it comes to maintenance and repairs is one of the best things you can do to keep costs down. But how do you prioritize what home improvements to do first? Which are the most cost-effective and which are the most impactful? Before you break out your toolbox or make a call to your local contractor, consider these five inexpensive rental home improvements that can help maximize your ROI, keep costs down, and keep tenants safe and happy.
Rental Home Improvement #1 | Mini Kitchen Upgrade
If you have to choose one room to upgrade, make it the kitchen. Along with bathrooms, the condition of the kitchen will play a significant role in the home’s value. It will also be a focal point for renters, and so an upgrade here can go a long way. A full kitchen upgrade doesn’t fall under the “inexpensive” category, but there are a few small, cost-effective home upgrades you can make to dramatically change the look and feel of your kitchen. Repainting the cabinets can work wonders in an outdated kitchen, and replacing old hardware with new hardware can also give the kitchen a fresh look. New appliances aren’t exactly budget-friendly, but a new trendy backsplash can give the kitchen a new look.
If you have to choose between updating the floors or countertops in your kitchen, go with the countertops. This upgrade can give the kitchen a more sleek and modern feel, and floors can always be upgraded later when you decide to upgrade the flooring throughout the home.
Rental Home Improvement #2 | Paint
It’s amazing what a few coats of fresh paint can do to a rental property. If the walls of your property are scratched, faded, and dirty, it can really taint the entire room. A fresh coat of neutral-colored paint can brighten up any room and is relatively inexpensive. If you are willing to put into the work, a fresh coat of paint in an average living room will only cost you between $500-$800. Avoid bright and bold colors and stick with neutral tones. Be careful with accent walls, as some people will love having a bright blue wall in the kitchen and others will find it too loud.
Rental Home Improvement #3 | Curb Appeal
The first thing potential renters will notice about a property is the condition of the yard and exterior of the home. An overgrown front yard, chipped paint, and a mailbox covered in cobwebs doesn’t set a great first impression. A few weekends of hard work can dramatically change the front of the house and set a more positive first impression when tenants arrive for the first time. Some inexpensive curb appeal upgrades that make a big difference include:
- Mowing the grass
- Pulling weeds
- Pressure washing the driveway, front walkway
- Planting flowers
- Cleaning windows
- Sprucing up the front door area
- Remove toys, signage, and lawn ornaments
The property will also look better in pictures when the landscaping is done.
Rental Home Improvement #4 | Update Lighting
Another cost-effective but impactful home improvement is updated lighting. A home shows better when it’s well lit, and energy-efficient light fixtures are a major draw for modern home buyers. Replace current bulbs with energy-efficient options. Look for places where you can replace overhead lighting with lamps or decorative hanging light fixtures. Take your lighting upgrades a little further and hire a contractor to install recessed lights to a dark kitchen (or do it yourself if you’re handy!) A well-lit house shows you have nothing to hide, makes a room feel bigger, and creates a more positive ambiance throughout the home.
Rental Home Improvement #5 | Create An Outdoor Space
Sometimes the upgrade your house needs isn’t inside your house at all. Many modern home buyers put having an outdoor entertainment space at the top of their priority list. You don’t have to spend thousands of dollars to create a backyard oasis, but a designated area where tenants can enjoy sun, shade, and privacy can go a long way. A small concrete patio in the backyard with outdoor lounge furniture can be the very thing that has tenants choosing your property over something similar. A wooden deck costs a bit more, but can dramatically increase the appeal of the property. Sliding glass doors that lead from the living room out to the patio can blur the line between indoor and outdoor living, and this small change can make a big difference.
If you plan to add an outdoor space to your home, take the extra step and include an electrical outlet. With so many people working from home, the ability to take work outside and work in the fresh air is appealing to many renters. A well-landscaped backyard with a place to sit is an inexpensive way to increase the living space of your rental property.
Take The First Step To Improving Your Rental Home
Now that you know what home improvements can make a big impact without becoming a big expense, it is time to inspect your property and see which one of these upgrades would suit your property the best. The home maintenance part of owning property can be time-consuming and overwhelming, which is why many landlords and property investors hire a professional property management team to take care of these details.
Benefit National Property Management works with an extensive network of trusted and professional contractors who can handle these routine home maintenance repairs and upgrades so that you don’t have to. They are Temecula & Murrieta property management experts.
Take the next step towards easier property ownership and connect with Benefit National today.
Pingback:5 Inexpensive Impactful Rental Home Improvement...