If your property listings include single family units, there are a number of cost-effective upgrades the are sure to pay off in increased monthly incomes. While individually, each might not seem to be that much of a change, when you stop and look at how much each is capable of increasing your income, either by itself or in combination with the others, it puts a completely new spin on investing in upgrades.
Although renovating the front yard of your rental property might be a little on the expensive side if you try to go all out, you don’t have to spend a fortune to make a significant difference in how your property looks when prospective tenants pull up. Start by having a landscaper come in and spruce up the lawns, trim trees and shrubs, add simple beauty and color using hanging baskets full of blooming flowers or potted plants. In other words, make your rental look welcoming right from the first moment.
That Old Front Door
The first place a prospective tenant has any type of interaction with what could be their new home, is with the front door. If the door is faded, damaged, and worn out looking or the lock sticks, it could make your tenant wonder what the rest of the place looks like. You want this first impression to be just like the one you wanted to make when you interviewed for your last job. Buy that new door, put in new locks, and make sure it looks and works perfectly.
A Fresh Coat of Paint
Giving your rental property a fresh coat of paint throughout is one of the most cost-effective ways of dressing up a property and making it look clean and inviting. Even if all you do is paint the bathroom, kitchen, and main living areas using neutral colors is a great way to make your rental property look its best.
One Step at a Time
The floors in most rental units tend to take a beating, but replacing the flooring can be a major investment. However, when you stop to look at the potential payback, it may be well worthwhile. For example, taking out that dirty, dingy old carpet and replace it with hardwood flooring may be costly, but it can literally open up the space and create an amazing environment. If you can’t afford new, spring for steam cleaning carpets and having old hardwood refinished can have a similar effect.
A Clean House is a Happy House
Of the upgrades you can make, there is one that doesn’t have to cost a lot, but can make a huge difference in how your home presents to prospective clients. This is to hire a professional cleaning service to come into the home, even if the previous tenants have already “cleaned” the unit. They come to the unit and deep clean every inch of it to make sure it is ready for the next tenant. Not only does this make the home more inviting, many tenants will pay more for it than they would if it looked a little dingy.