Let’s face it, tenant move outs can be costly and with more and more people turning to real estate competition is fierce. Investors are constantly having to innovate to find better ways to compete against other properties. But how do you do that without breaking the bank. Here are a few ways to improve your rental without blowing the budget:
1. Add a Fresh Coat of Paint
You may find this surprising, but painting has the highest return on investment of any upgrades to rental properties. To receive an even higher return on investment, try buying paint in bulk. This way, when you need to do any touch-up work, you won’t have trouble matching the paint. You may even be able to negotiate a discount for a large bulk order of paint at your local hardware store. If you prefer to skip this step, you can offer to let your tenants paint themselves and cover the cost of the paint. Just be sure to list any conditions you may have in your lease regarding painting the rental property.
Potential Cost: $100-$1,000
2. Replace Interior and Exterior Doors
Both interior and exterior doors often get damaged in rental properties simply because of the amount of times furniture and other belongings are moved in and out of the property. Many property owners and managers will either ignore this damage or cover it up with some touch-up paint. However, over-coating doors with paint will end up looking like a mess if it’s done more than once. Instead, try adding new doors to the property, an inexpensive way to dramatically increase the visual appeal of the unit.
New doors can be found at your local hardware store, and you typically won’t have to pay more than $250 a piece for them (depending on if they’re interior or exterior). With a little help, you can install a new door without changing the frame.
Potential Cost: $250-$5,000
3. Replace Cabinet Doors
Although many property owners may consider replacing worn-out cabinets entirely, it’s more feasible to replace just the cabinet doors. However, it’s important to use high-quality, solid wood doors. Afterwards, you can paint them whatever color you like, though we recommend keeping things neutral. By replacing the hinges and knobs, your kitchen will have a fresh look that’s sure to catch the eye of potential tenants.
Potential Cost: $1,000-$3,000
4. Add a Fresh Backsplash or New Fixtures
Renters love a good backsplash, especially when it’s accompanied by new fixtures. Backsplashes add immediate value to your property. Just make sure to choose a backsplash that’s durable and easy to clean with a classic, timeless look so that each tenant finds that they can easily match their décor and appliances to the kitchen. New fixtures like a modern faucet and overhead lighting immediately freshen up the kitchen and bathroom. If you feel your property is a bit dated, a fresh backsplash and new fixtures are a great (and affordable) way to spruce things up.
5. Pressure Wash the Exterior
Don’t forget about the outside of your property, whether it’s a house, apartment, townhouse, or condo. Pressure washing is an important, and affordable, factor to keeping up your property. Pressure washing makes a huge difference in how a property looks. You can pressure wash the exterior of the property including the front porch, the back porch (or balcony), and the entryway to remove mold, mildew, or weathered materials.
You can either hire someone to pressure wash, or you can easily do it yourself by renting a pressure washer at your local hardware store if you don’t own one.
Potential Cost: $0-$300
These are just 5 of many small subtle improvements that can be made in order to provide value to your tenants but also not break the bank. If you need help with some of these improvements, Welcome Home has an in house maintenance technician that may be able to help. Feel free to reach out to our team today!