Real estate investors often choose properties that will increase in value over time, but while they wait for that value increase, the most common method of covering costs is to rent the property. We recently wrote about ways to attract renters, but if your property is looking a little run down, the photos and write-up won't attract the best renters. That being said, you don't want to spend a lot of money either, so let's take a look at some low-cost improvements that you can make to attract renters to your property.
Lighting
Nothing will attract renters faster than a large, airy, well-lit room. If your property is small, there's not much you can do to expand the space, but good lighting will help.
In small spaces, recession lighting is a good choice. The lights are semi-hidden, meaning they will not break the area apart and light up the room enough to give the impression of a larger space. One chandelier is a good idea as it brings an element of luxury to the room. Be careful to place the chandelier in a way that allows it to stand out without breaking the room into parts.
Paint
A fresh coat of paint will help to bring a clean feel to the whole space. Covering up scuffs and stains is the key here.
Paint colours can be very personal, so choose wisely. For smaller spaces, choose lighter colours. For every room, choose neutral colours - even though trends may lean towards dark colours in certain areas, you need to consider a colour that will work for everyone.
The type of paint - gloss, flat or satin - also makes a difference. Certain paints are easily wiped, and some are easily touched up.
Kitchen Back Splash
Replacing kitchen appliances may not be within the budget, but updating other elements in the kitchen can provide a facelift without breaking the bank.
Kitchen backsplashes are a good idea for a rental property as they are easier to clean than the wall, which is porous to smell and stains easily. Backsplash tiles are relatively cheap and easy to install or replace.
Cabinets
Staying in the kitchen, there are ways to update cabinetry without spending too much. On the higher end of cost, you can replace cabinets altogether, or you can replace the cabinet doors for less money. For the lowest price, consider painting the cabinets and replacing the hardware. Even these minor upgrades can make a big difference.
Flooring
Depending on the flooring in place, there are ways to make changes to flooring that can have the same effect as lighting.
For wood floors, a simple polish will provide a clean effect, with the bonus of bringing a clean smell to the property. For tile, a similar result will come from steam clean. Finally, if you have carpet, you might want to consider replacing the carpet in living areas (and definitely, in bathrooms) with click-in flooring. This is a low-cost option that's easy to install and keep clean. This is the best option for pet-friendly rentals. Many people appreciate carpet in bedrooms, so perhaps replacing the carpet in these areas with a new carpet is best. Alternatively, stage the room for photos with area rugs.
At Regalway Homes, we help people find the best investment for their specific situation. We can advise you on finances and locations and even help introduce you to the best legal team or rental manager. If you would like to know more, please book a free consultation.