Everybody wants to make more money from their rental properties. After all, isn’t that the point? The truth is that the amount a rental property can make is directly tied to the quality of the property. This means that a nicer property will bring in more money, while a run down property in the bad part of town will bring in much less. Of course, which house you purchase will heavily influence this factor, but what you do with the inside of the house will have an effect on the price as well. The trick is to stay away from the really expensive repairs. Instead, you want to look for the repairs that will cost very little, but be very apparent in the home. Here are a few examples of rehab projects that will make your property rent more easily, and for more money.
The first thing you should consider is a fresh coat of paint, especially on the inside of the property. New paint can make an entire house feel completely different. No matter what else is true of the place, the right color will make it feel new and happy. The best part is that paint doesn’t cost very much. Even if you want to paint the entire property, you aren’t likely to spend more than a few hundred dollars. In fact, it’ll probably pay itself off within a few months, if not less.
The landscaping is another thing that has a strong impact on people’s impression of the property. It is especially important when you are showing the house to potential renters, because it is the first thing that they see. This is called curb appeal. How the potential renter feels about the property when they first see it, sometimes even from the inside of their car, can be what leads to the decision to either rent or pass on the property. Make sure that the yard is mowed. Any trash or junk that is in the yard should be disposed of immediately. If there are bare patches, or gardens that could use work, take care of that as soon as possible, and if you have the energy to put into it, go ahead and put in a couple new gardens or some artwork. Just remember that you’re aiming to please the average person, not necessarily yourself.
Of course, if you can afford it, replacing old floors would be helpful, however this is more expensive than other options. Often, a floor or carpet only needs to be cleaned, not necessarily replaced. Start out by sweeping and vacuuming. Then, mop and scrub any dirty spots on hard flooring, and use a chemical cleaner on bad spots in the carpet. It’ll be hard work for sure, but it’ll be nearly free, and you’re sure to be able to raise your rate, at least a little.
Although windows generally aren’t the main problem with a property, they still deserve some attention. If your windows are old, cracked, or don’t match the rest of the house, find new ones.
This is another option that should not be the first one you turn to, but refinishing the kitchen cabinets can really give the room a brighter and more mature feel. Since people tend to base much of their feelings about a house on the kitchen, this is likely to raise the value of the space, at least a little.
Interested in learning more about how rehab projects can make your property easier to rent, and more valuable at the same time? Don’t hesitate to contact us. We’re experts, and we’re happy to help.
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