If you’re like most business owners, you’re in the rental property business to make money. And one of the challenges of this is finding ways to make it worth higher rent without spending a fortune to do so. And since more households are renting today than at any time in half a decade, you’ve likely got some competition. The good news is that there are plenty of small changes you can make to improve your rental property that won’t break the bank. Here are just a few.
Add some curb appeal
The appearance of the front of the house may make or break a potential renter’s opinion of the property. One inexpensive update that will change the appearance is to paint the front door. Depending on the color of the exterior, popular colors like red, black, or gray might make the perfect statement. Poor landscaping is another eyesore that can devalue a property. You might not have the time or expense to sod the lawn and establish the landscaping, however, you can do a few things to spruce it up. First of all, make sure the property lawn is clean and well-trimmed. Secondly, add some inexpensive shrubs and potted plants. Other things you can do to add curb appeal are replacing door hardware, adding shutters, or painting the trim.
Pay attention to the kitchen
A kitchen often sells a house. It also commonly rents it. Remodeling a kitchen can be a costly venture, but there are some small improvements that can make a big impact. Hardware, for example, is a relatively inexpensive upgrade. Swapping out the faucets, cabinet handles, and drawer pulls can give a kitchen a completely new look for a very small investment. Coppers, golds, and brasses are very trendy this year. But if you want a look that will last, make sure you stick with simple and sleek designs. Don’t be afraid to be a little bold with these choices if you have a good eye for design. These are cheap to change in a few years, should they become outdated.
Painting outdated cabinets can also make a huge difference. You’ll want to keep the color scheme fairly neutral to appeal to more people, but there’s no reason you can’t follow some of the trends that are around to stay for a while. One of those trends is two-toned cabinets. Gray bottom cabinets and white uppers is a popular look. Just stick to lighter shades of gray and varying shades of white. But if paint won’t save your kitchen, don’t hesitate to put your reno budget in this room. Call on some trusted homebuilders in Michigan to replace old cabinets and build something that makes your rental property stand out.
Inspect your flooring
Flooring is one of the first things people notice when they walk in the door. And if the living room is covered with dingy shag carpet, you’re going to have a hard time charging much rent. If you do need to replace the flooring, wood is always a popular choice. But you don’t have to spend a fortune to get the look most people like. These days, manufacturers make some great alternatives, such as quality laminates or vinyls. Keep in mind that all the improvements in the world won’t make your business profitable if you don’t have quality renters. If you sink your budget into renovations only to get tenants who damage your property and skip out on rent, you’ll never recoup your investment. Always screen your tenants by having them fill out a rental application and provide references. While these methods won’t guarantee you’ll never have a bad renter, they will certainly decrease your chances.