When your rental property becomes vacant, this is the time to take a good look at the condition of the space and at what is trending to attract prospective renters. With normal wear and tear, you already know that routine maintenance is required to keep your tenants happy and comfortable. But when the lease is up, you might want to invest a little capital to renovate the property to gain more interest in it. This will be a good return on investment in the long run. Here are 5 things you can do to increase the value of your rental unit.
Use Paint
It is amazing what a fresh coat of paint can do to spruce up a space. This is an easy project, though you should do it right by hiring a professional who can repair holes in walls and cracked trim around doors and windows. It is always best to keep the color neutral and light. Light shades make a space look brighter and larger. If inclined, you can offer your tenant the option to choose from a specific color palette.
Update the Kitchen
The kitchen is the epicenter of many rental units and homes. You want to keep up with market trends by painting or replacing cabinets and countertops. Properly working appliances are a must for both your tenants’ and your safety. Consider upgrading those white or avocado green appliances with stainless steel. You don’t need to go super high-end. There are many affordable options from reputable brand name companies.
Service HVAC Systems
Similar to appliances, HVAC equipment needs to be serviced and cleaned on a regular schedule. You will definitely want to use your HVAC installation company to do this work. Service the furnace and air handler, change the filters, clean the ducts, and replace rusty radiator covers and supply air grills.
Replace Plumbing Fixtures
You can give the bathrooms a clean and modern appearance by replacing things like toilet seats, shower heads, and broken or leaky faucets and fixtures. No potential tenant wants to see a bathroom that clearly shows wear from prior tenants, especially fixtures that are stained from a less than tidy past resident.
Clean Carpets and Refinish Floors
If the carpets are in perfectly acceptable condition, have them professionally cleaned to get rid of odors, stains, dust mites, and other allergens. A smelly or stained carpet is an immediate turn-off. Tile floors can be cleaned by the same company that freshens the carpets. Hardwood floors need to be refinished approximately every 5 to 7 years to preserve them.
There is no reason to renovate a rental property to the extent that you might renovate your own home unless it is a very high-end rental. Some tenants may not respect the unit as much as you would hope because it technically doesn’t belong to them. But if you want to get a decent rent on your space, these five ideas can help you without putting a giant hole in your wallet.
