Your rental property is an investment, and like any investment, you want to get as much return out of it as you can. While you don’t want to charge so much that no tenant can afford to live there, you naturally want your passive income to be as profitable as possible. Fortunately, there are some simple things you can do to spruce up your rental property which will make it more valuable to potential tenants, allowing you to charge a bit more rent.
Improve curb appeal
You don’t necessarily have to shell out thousands of dollars for a landscaping overhaul (unless the property really needs it), but anything you can do to improve curb appeal will help you get you the rent you want. Mow and fertilize the lawn; weed the flower bed (and plant a few flowers). Clean the windows. You’d be surprised at how a bit of simple upkeep can improve the perceived value of your rental property.
Fresh paint
Always apply a fresh coat of paint on the interior walls between tenants to present a “new” look. For best results, avoid bold colors that not everyone will go for; instead, keep it to lighter, neutral colors, as this also has the effect of making the home look larger. (Side tip: you may also negotiate a slightly higher rent by offering to let the tenant paint as an incentive to rent; you can write approval stipulations and re-painting policies into the lease to protect your interests.)
Update kitchen / bath fixtures
When things look old and dated (especially in the kitchen and bathrooms), the perceived value of your property goes down. New lighting fixtures are not that expensive, and they go a long way toward making kitchens and bathrooms look newer and more inviting. Replacing worn toilet seats and flush handles are also inexpensive fixes. Also, consider painting or staining the cabinets, or even just replacing the handles and knobs for a more current look. Finally, if your budget allows, consider investing just a bit more into new faucets and sink fixtures to make them more attractive.
Clean, clean, clean
It’s amazing how much value you can add to your rental just by removing dirt. Spotless floors, clean countertops and shampooed carpets all make a good impression, and tenants are more likely to agree to your rent if the place looks “move-in ready.”
