Spring has sprung, and that means it’s time to spruce up your rental property. As a landlord, it is important that you keep up with the latest trends in design and renovation to keep your renters interested. Whether you want to reward your current renters or you want to entice new ones, there are a few simple ways to do so. Below are just a few ways you can freshen up your rental property.
Increase Curb Appeal
The first thing your rental candidates are going to see as they pull up is curb appeal. A renter will judge a book by its cover. This means that if the outside of the property looks dirty, shabby, overgrown, and unkempt, then your potential renters may likely keep on driving. Fortunately, there are many ways to avoid this.
One way to increase your curb appeal is to make sure the outside of your home looks spic and span. Your property may be well overdue for a proper cleaning. If this is the case, consider power washing your rental. Power washing allows you to get deep in to the nooks and crannies of the exterior of your home. Invest in a power washer and revamp your property with one clean sweep.
If a power wash won’t do the trick, it may be time to give your property a new coat of paint. Typically, you should repaint your rental every five years or so, or perhaps sooner depending on the weather of your region. Be sure that you paint it a neutral tone, and be sure that it follows the Home Owner’s Association’s guidelines should you live in an area governed by their restrictions.
Landscaping plays a large role in the curb appeal of your property. Whether you own a multi-unit complex or a single home, if you have any space for a little greenery, you should certainly take advantage of it. Of course, this is not a cheap endeavor. If you bought a property that has been long neglected, it’s likely you will have some gardening to do. Fortunately, once you properly landscape the yard, maintenance won’t be nearly as expensive. If you have a green thumb, you may even find it cheaper to garden yourself. If you plant a yard that needs weekly upkeep, consider hiring a gardener. Keep in mind that should you renovate your yard, you can offset the cost by raising rent.
Revitalize the Interior
Maintenance is simply part of a landlord’s job. Whether you rent out a mid-century home in the suburbs or a condo in downtown, you will need to keep up with maintenance in order to keep your tenants happy.
Even if you already have tenants living in your rental, it may be time to replace some fixtures. If you are aware of a faulty air conditioner, for example, it’s best to get it repaired or replaced before the summer heat kicks in. On the other hand, you may have a simple fixture that is in need of replacing. For example, perhaps there is a bathroom sink with a large crack or a faulty door that lets valuable energy escape the home. Offer your renters the option of a simple upgrade to the rental—it is a simple service that will keep your rental looking fresh and your tenants happy.
If you are in between tenants, it may be an excellent time to put in some much needed upgrades that can raise the value of your property. Landlords participate in a competitive market, so it’s important to keep your property up to date. However, these upgrades don’t need to break the bank. For instance, it may finally be time to rip out the old shag carpet. As an alternative, try replacing the carpet with wood laminate flooring. Wood laminate flooring is an inexpensive alternative to carpet, and requires less maintenance. Your tenants will also be happy to know that it requires less cleaning.
Every rental property needs a little face-lift now and then. If you need to tweak your property to catch a renter’s eye, then even the most subtle of renovations can truly make a difference. Always remember to perform credit checks online to ensure all of your work pays off with the placement of high-quality, high-paying tenants. Follow these tips and both you and your tenants will enjoy a happy rental property.