There are some decided differences between fixing up your own home and a property you plan to rent out. One of those differences is often your budget for repairs. If you want to make a profit on your investment property, repairs must be kept to a minimum. Since repairs are also a necessity to attracting and maintaining quality renters, it is also important to learn how to make repairs on a limited budget. The good news is that there are some repairs and improvements which can be made to your property without spending a lot of money.
Fresh paint is a major improvement in the look and feel of a rental. The paint is inexpensive, but the labor may cost you a pretty penny if you can’t or won’t do it yourself. Don’t be afraid to pick up the paint brush, it can actually be very therapeutic. Be sure to pick neutral hues in light gray, white or taupe.
Updating Light fixtures and adding ceiling fans is one of the first things you can do to give the appearance of a fresh updated space. Choose light fixtures in the same finish like brushed nickel to keep the look consistent.
After painting check for older and outdated switch plates and plugs. New switch plates and plugs are really not an expensive investment and will give the space a fresh look.
Doors are another area where you can make a big difference in your rental property without spending a ton of money. Doors are one of the first things that a prospective renter will notice so it can really be a worthy investment to make when you are trying to attract good renters. While you are changing out the doors, be sure to also consider changing out the handles as well. Older door handles can really make a place look drab. For just a few dollars, you can easily replace those old handles with new ones..be sure to replace the hinges in the same finish.
The trim is another area where you can make a big impact for not much money. Take a good look at the trim in your rental property. If it appears worn and cracked, it could be time to replace it. I personally would not spring for crown molding throughout the entire property unless there are some cracks around the ceiling. I recommend the contractor packs of MDF trim and a high gloss white paint.
Another area where you might wish to focus some attention is the entryway or foyer. Keep in mind that once prospective renters step through the front door this is the first area they are going to see, so you want to make sure you make a good first impression. Tiling it can be a great way to do that or use a remnant of vinyl that coordinates with the kitchen.
Speaking of the kitchen, this is one of the most important areas for most people when they view a property for rent. While it may not be practical to replace all of the cabinets, it can certainly help to paint them. If the wood is in good shape and it is just worn, use a liquid scratch cover or there are several good products on the market now that will bring life back to old cabinets. It is fairly inexpensive to replace the knobs when you are finished.
It’s hard to say how much these updates can add to your rental price but it should rent faster with these items completed. If you need help with knowing what updates to do, call Megan Webb, the Pro in Property Management at House 2 Rent.