If you own a rental property, you want to get as much out of the investment as possible. This means keeping the rent at a high, yet reasonable, rate. There are a number of ways you can add value to any property, even if all you own is a small studio rental.
Paint
Find paint on clearance at close-out stores and add a fresh coat to your property every time a resident leaves. This simple act will perk up the apartment and give it a fresh feel. The walls will look cleaner and the atmosphere will feel newer. You’ll want to refresh the paint to cover up any worn spots from the previous tenants.
Redo the Bath and Kitchen
Make sure the appliances are clean and updated. Additionally, make sure they all work properly. You can add to the rent if the appliances look modern and are well maintained. Again, visit close out stores to find replacement appliances if any break. Redo the floors as well, as this will help with the appearance of the property. Laminate flooring is easy to find at a discount, especially in bulk prices for all your properties.
Take the cabinet doors down and repaint. You’ll be surprised what a good coat of paint can do. If the doors are too far gone but the cabinets are fine, replace the doors completely. You can charge more rent simply by making the bath and kitchen look nice.
Look at the Windows
Many landlords overlook the windows and leave them dirty between renters. Consider the cleanliness of the windows. While you are cleaning up the windows, consider their energy efficiency. You can charge more for rent if you have energy efficient windows, especially if the tenants pay for electricity. They will happily pay more rent when you prove your efforts to help them save money by adding energy efficient windows to the property.
Landscaping
Simple landscaping is pleasing to the eye and keeps the property looking appealing. Consider how you feel when you approach a landscaped piece of property – you think it must be worth more, right? Repeat this feeling for your renters with some simple flowers outside the property.
Clean Everything
Before you begin any of these projects, clean everything. You may find you don’t have to replace or paint anything with a simple once-over. Use a bleach solution or an industrial cleaner to give a good shine to everything.
Conclusion
As a landlord, you want to get the most return on your investment. You can get higher rent with minimal work, but the effort is worth the long-term return in paid rent.
