8 Low-cost Tips to Improve Your Rental Property
If you’re a landlord and have been experiencing a lot of vacancies in your property, then chances are your property needs renovation. Although the words “improvement” and “renovation” typically coincides with the word “expenses”, if done correctly, you can increase the value of your property without sacrificing a huge amount of money.
The key to having a successful renovation is to have a plan. Study your property and think about your audience and the clients that you want to attract and work to achieve what they would want. Analyze your current property as well and consider its features that may come off as unattractive or undesirable and think of ways to improve those. No matter how small or huge of a project it may be, whichever you decide on doing, always have a plan.
To help you decide, here is a list of tips for improving your rental property:
Focus on Easy Fixes
Before you try to jump into big projects, try to look for easy fixes first. From moving around furniture to make space look bigger to fixing small holes, or even repotting indoor plants in the property to a more modern vase, small efforts may go a long way if considerably done.
Improve Your Kitchen
Kitchen renovations create huge impacts on a property and there are a lot of low-cost ways to improve your kitchen. Start with your cupboards; instead of completely replacing your cupboards, try to sand and paint them by yourself. You can also improve your cupboards by easily replacing the doors and hardware. Replacing your faucets and sinks with newer ones is a relatively cheap improvement as well.
Renovate the Bathroom
Bathrooms are also considered as one of the major rooms in any property which is why this should be included in your renovations plan. Whether you’re looking to replace your toilet, faucet, or showerhead, be sure to consider low-flow features to help your future clients save on water consumption.
Bathroom vanities are also a great investment and there are a lot of cheap options available. There are numerous tutorials available online for bathroom vanity installations which will help you save money as well.
Improve Your Curb Appeal
First impressions are crucial and your curb is the first thing that your potential clients will see and there are a number of low-cost ways to improve your curb appeal. Start with improving your front lawn, try to plant grass, or grow a garden to attract clients to your property. Repainting the exteriors of your house will also create a huge impact on first impressions.
Add Attractive Amenities
The amenities in your property is what will set you apart from other property owners as these are the “add-ons” of your property. From additional storage space, or a fenced backyard, to appliances such as a dishwasher and a washing machine, these are the little things that will set your property apart.
Update Light Fixtures
Lighting is an important element to a property as it sets the mood for the entire house. Try and look for modern light fixtures in hardware stores, most of these would probably be on sale. This is also another that you do on your own but if you aren’t comfortable and confident, try and look for a handyman as they will most likely charge you for less than an electrician.
Replace Your Windows
Windows are also a part of your curb appeal when trying to sell a property. Although some may consider windows as a disposable feature in a house, a new window can be functional and value-adding to a property. Try to look for windows that have insulation features and mention that to your potential clients.
Create an Outdoor Space
If your backyard is bare, try and set up an outdoor space. This will provide your property with an additional living area and is an added attraction for a number of potential clients. Outdoor space may be a simple living area, it may have an outdoor grill, or even a playground, all of which is a welcome addition to the property.
So whether you decide to take on small or huge projects, the important thing is that you stick to your plan and be patient in doing your research for low-cost alternatives to get the best results.