The idea of any business is to provide a product or service at a price above the actual cost to make a profit. Renting a home is no exception. The idea of investment property such as an apartment, townhouse, or home is to find a tenant willing to pay a rent that is above your costs. These costs can include mortgage, upgrade and repair costs, maintenance fees, and administrative fees in the cases where a landlord uses third parties. You should aim to rent a property at the highest possible price while also maintaining a number that matches the market and remains attractive to interested parties. Before listing your property for rent, consider these three upgrades to increase the value and attractiveness of your property.
- First Impression is Key
The first impression has a psychological effect. The event creates an emotional response that cannot be forgotten and will influence the rest of the perception. This is why it is important to ensure that the property is attractive and well maintained. Basic maintenance such as cleaning and painting walls and ceilings is relatively inexpensive and will create a good first impression. Also consider pressure washing windows, the driveway, and the roof. In the exterior, plant flowers and groom the trees and shrubs. In the interior, replace light bulbs with bright LED versions to make rooms appear brighter and remove clutter and unnecessary furniture to create a spacious feeling. Also look for small details that can give a bad impression. For example, fix any broken door knobs and replace any lighting fixtures that detract from a room’s appeal. This first upgrade is simple and relies exclusively on taking care of minor repairs.
- Equip the Home
A well-equipped kitchen and a beautiful bathroom will cause a great impression immediately. A great kitchen top instantly stands out. Consider a high-quality granite and quartz supplier for this upgrade. Additionally, a nice refrigerator, stove, and washing machine will add to the appeal of the property, and these small details can make a difference. However, this does not mean that you will need to go to your local Best Buy and purchased the latest and greatest in appliances. When purchasing appliances, stick to reputable brands that provide good warranties, as these units should last a relatively long time. In the bathroom, make sure that the faucets and other minor details look new. It may be a good idea to invest in any item that can add to the feeling of cleanliness. For example, consider changing the shower curtain and shower heads, even if the renter will end up replacing them. Create a beautiful atmosphere that gives a comfortable vibe. An area that captures the attention of prospective tenants is storage space. Therefore, consider adding closet space and maximize the amount the storage that the property has available.
Flooring is an important detail; however, this is a bit tricky as renters may differ in opinion on the everlasting debate of carpet versus tile or wood flooring. To help you decide, keep in mind that these upgrades are being made to make the property as attractive as possible. There are many options to choose from. However, these options should not be vinyl or linoleum flooring as this will cheapen the look. Carpet, although an acceptable choice, has its set of disadvantages. Although in the short-term the option can be cheaper, stains can ruin the look and force you to change carpets with each new tenant. Also, some people have carpet allergies. Therefore, wood flooring is a better option as it will immediately raise the value of the property, has a longer life, can be easily cleaned, and does not have a negative effect on those with allergies.
Although these modifications will add to the appeal of the property, this is not the only advantage. These upgrades also add value to the property itself. If you choose to sell instead of rent, the home is market-ready. Also, these expenses are tax-deductible and will provide a better experience for your tenant. Lastly, take care of the property by using an online rental application that provides you with background and credit information for potential tenants.