No matter if you’re a professional real estate expert, or you’re simply renting your extra property, the fact is that you definitely wouldn’t mind a rent increase. However, if your property is not up to par at least, you can’t really hope to do so. Regular and preventive maintenance is, of course, a necessity but be aware that you’ll also have to make some upgrades from time to time.
Now, when talking about upgrades, you should always choose those that don’t necessarily cost a ton, but that will significantly boost the value and quality of your rental property. Not sure what those are? Keep on reading.
1. Upgrade plumbing fixtures
Plumbing fixtures in rental properties experience a lot of wear and tear over time, so it would be best to replace them after every couple of years. Additionally, not only do they tend to break down fairly easily, but they also become outdated fairly quickly as well.
For example, the current “standard” for kitchen taps, bathroom faucets, and showers is a shiny chrome finish, but if you wish to make your property look more modern, you can choose anything with a rubbed-oil bronze or matt finish.
2. Take care of lighting
Lighting is another crucial aspect of your property which you need to take care of before you decide to rent, that can significantly boost the overall look and vibe of your property. First of all, make sure you call in a professional to inspect your wiring and help you install new outlets and a couple of additional light sources. Layering the indoor lighting has become huge over the past couple of years, so you should definitely consider it for your rental property.
Next, once all the light sources have been installed, browse through different electrical goods to find the best match for your property. Finally, make sure all the light in your rental comes from eco-friendly LED light bulbs because not only do they offer healthier lighting – they are better at mimicking natural light and reduce eyestrain – but they also don’t spend as much energy as the outdated incandescent light bulbs do.
3. Boost your curb appeal
It takes only seven seconds to form the first impression, so keep that in mind when taking care of your rental property’s curb appeal. No matter if you’re renting a house or an apartment, make sure that the exterior of your investment property looks maintained. Of course, if you’re renting an apartment, you can only do so much when it comes to its exterior – make sure that the doors and windows are in good condition and freshly painted, and make sure you replace the welcoming mat as soon as the old one starts looking shabby.
Now, if you’re renting a house, keep your yard well maintained, your fence freshly painted, and make sure that your driveway is not cracked, stained, or damaged. Additionally, take care of your facade and make sure that the paint on your front door and window frames is not starting to peel and crack. Basically, make your rental property look as appealing as possible from the outside.
4. Show your floors some love
Floors are another piece of your rental property that experience a lot of wear and tear. Because of this, they have the power to make everything look outdated and dirty if they don’t look their best. So, a relatively cheap and easy trick to boost the look of your investment property is showing some love to your floors.
For example, if you have a hardwood floor, make sure you call in the experts to polish it and apply a fresh coat of lacquer if the old one has seen some better days. Additionally, re-grout your tile floors to give them a cleaner look. Finally, for the floors that are covered with carpets, call in a professional deep cleaning service to give them some of their old shine back. Do keep in mind that if your floors are covered with a carpet, it will preserve them, but you should make sure to replace the carpet approximately every seven years.
5. Spruce up your walls
Finally, the walls also play a huge role in the overall look of your rental property. You should make sure to repaint them after every tenant or, if you have long-term tenants, you can make a deal with them and repaint the walls as necessary.
Now, if you want to make things easier (for yourself), keep in mind that simple, plain white walls are the easiest to maintain and repaint. However, they are definitely not the prettiest as they can look plain boring. However, don’t go crazy with colours either, as tenants can easily give up on the property simply because of the color of the walls indoors. What you should do instead is opt of a neutral shade, such as light grey, beige, or even light pastel green to give your rooms some visual interest without making them too overwhelming.
As you can see, none of these tips requires a lot of investment, but they are bound to significantly elevate the look of your rental property. And, of course, the nicer and cleaner your investment property looks like, and the more functional it is, the higher the rent you can for it will be.
This article has been contributed by Stella Van Lane.