Obviously, you want to get as much out of your rental property as possible. There are a few projects you can take on that will keep your home renovation costs low, and significantly increase your rental income. There is a lot more involved in owning a rental property than just the property purchase. The appearance of your property plays a big role in getting it rented quickly, for a higher end price. By making a few inexpensive upgrades to your property, you’re likely to attract more potential tenants, with higher budgets. Give your home a little, low-cost makeover and watch the magic happen.
Here are a few popular home renovations that will be good for your wallet, while serving as a renter magnet. You'll also be more likely to attract long-term tenants, which is one of every landlord’s goals.
Giving your rental property a fresh coat of paint can make a huge difference in how it shows to potential renters. It is also one of the lowest home renovation costs. Neutral color schemes seem are best. Light beige, gray or sandy colors work well with all furniture and décor. They also tend to make spaces look bigger and brighter. It is fairly simple to paint a room by yourself. A regular bedroom can be painted within just a few hours, and the cost of a few gallons of paint is minimal. A fresh coat of paint on all your doors can really spruce up your rental as well.
New furniture can really make your space pop. Help your tenants feel more at home while transforming the look completely. Do some window shopping and select pieces that are cute, cozy and can fit easily into your rental. When measuring for the size of the furniture, make sure you leave some areas for open space within your rental. Make sure tenants can move around easily, without bumping into anything.
If this is beyond your level of expertise or not something you really want to deal with yourself, Blueground can help. When working with Blueground, you can feel confident that you’ll get a beautiful furniture upgrade. When your property gets leased out, our interior design team will furnish the unit with amenities and decor. All furnishings are tailored to each space. You will have the opportunity to keep the new look for yourself at the end of your rental contract with Blueground.
Studies show that most tenants prefer to have a dishwasher, along with a washer and dryer in their rental units. Making adjustments within your rental to accommodate these appliances means you are likely to attract far more long-term renters. Your tenants will greatly appreciate these renovations, and the addition of these appliances can add to the overall value of your rental property. There are other appliances that can add value as well.
New windows not only add beauty and light to your property, but they can save you a lot of money when it comes to your utility bill. Some landlords have reported saving almost $500 a year after installing new windows. Replacing windows can eliminate drafts, which are often a big turnoff to potential tenants. Along with keeping your property better insulated, new windows reduce outside noise, which is always appreciated by tenants. Round out the renovation by adding some lovely new curtains for a major uplift.
Tenants today want fresh, odor-free floors that are easy to keep clean. Removing old carpet and replacing it with hard flooring is a low-cost home renovation that adds a lot of value. Carpets get stained and ruined quickly. Also, they don’t offer as long of a warranty as hardwood flooring does. Wood laminate is a good choice, as it is quite affordable and very tough. Other options include tile and stained concrete. Of course, you can also choose hardwood flooring, but it is typically more expensive. However, hardwood flooring comes with a long warranty and lasts much longer than carpet ever could.
The addition of new fixtures, such as sink faucets, showerheads, lights, and ceiling fans can really spruce up your property. They are relatively inexpensive and easy to install. With a few hours of work, you can greatly enhance the look of your rental.
When it comes to finding quality tenants with larger rental budgets, upgrading your home can make a huge difference. A few low-cost home renovations can go a long way. You will be able to attract long-term tenants who are willing to pay for a better property that offers comfort, and style. Renovating your home can also save you money by reducing your utility bills.
Today’s tenants desire a simple lifestyle. Being able to wash and dry clothes at home, or quickly wash dishes are options that will greatly appeal to most renters. It will make your property stand out from those that don’t provide these amenities. Tenants also prefer homes that are easy to keep clean. So choosing to upgrade your old flooring is another great way to improve your property.
If you are not sure where to start, but you know you want to upgrade your rental in order to improve the value of your rental and find long-term renters, Blueground can work with you. We take care of minor renovations and new furniture to bring out the full rental potential of your apartment unit.