There are many important aspects of property management, and one of those aspects is to provide renters a comfortable, clean and updated place to call home. Depending on your position a full remodel of a property is not always an option. Thankfully there are numerous smaller projects you can perform on your rental property to give it the look that many potential tenants desire. Also, updating your property can give you a leg up against competition! Here are five small renovations that you can do to make your property more desirable without emptying your wallet!
1. Change Out Old Fixtures
Changing out old fixtures can be a relatively inexpensive way to update your property! Fixtures among a home tend to wear out, and become unappealing to the eye. By converting to new fixtures in a property you can really give your spaces a newer, fresh look. Some areas you can update fixtures in are…
- Bathroom – update shower heads, and faucets with updated, shiny new ones.
- The Kitchen – you can update the kitchen faucet with a more modern faucet. Another consideration is updating or adding a garbage disposal.
- Living Areas & Bedrooms – you can update wall plates for light switches and power outlets to new, clean ones.
2. Replace Damaged Carpet with Linoleum
There is nothing worse than walking into a space as a tenant and seeing stained, dirty carpet. Replacing old carpet is a more labor intensive update, but it makes a HUGE difference! Replacing your old carpets with a material like linoleum is a great way to update your property! Linoleum is a material consisting of a canvas backing thickly coated with an oil and powdered cork. After the carpet is removed and the floor is prepped for linoleum, the process can be very straightforward. Many tenants will not only love the look of the new flooring, but be more mindful of how they treat the flooring if it is in good condition!
3. A Fresh Coat of Paint
It is suggested that you should repaint the walls and trim inside your home every three to five years. Nonetheless, in rental properties it is suggested every two to three years. With tenants moving in and out, it is easy for walls to get scuffed and trim to get chipped. Keeping up with painting helps keep the space feel fresh and managed. While white walls are usually chosen to keep it neutral, think about using a light gray or even an earthy beige. White can be sterile and not inviting to many people. In the kitchen, painting old cabinets can help improve the space making it feel more expensive than it really is. It is important to keep the space neutral colors, so that your tenant can decorate the space in a way that makes them happy!
4. Storage Solutions
Many tenants will be attracted to homes or spaces that have one specific detail; storage. Let’s think about small areas inside the space that can be modest to update.
- Bedroom – change closets that only have a rod and wire rack to a closet organizer.
- Kitchen – think about adding more shelves in the pantry. If there is no pantry, consider adding a pull out shelf in one of the cabinets to have an area to store items.
- Bathroom – something as simple as adding more hooks for towels could be helpful.
5. Utilize Space
Are there areas in the home that are not being used in the best way possible? If you have an unfinished basement, think about ways to make it livable. If finishing the basement is not an option, think about adding storage shelves for tenants or maybe even painting old concrete floors to make it look and feel cleaner. Sometimes in a home you will need to be creative to find ways to make it more livable, inside or outside. If outside you see a space that could benefit from a little walkway or an area that could become a patio, be creative with this area and this will enhance the home.
Sometimes, a full renovation is not possible due to time and money. These small projects can greatly improve the aesthetic of a home and make your property feel more valuable. At BACH Real Estate Investment group we preform many of these small, but big improvements to our homes! We strive to update our properties to be clean, fresh, and inviting to potential tenants!
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