Inexpensive Upgrades That Increase Rental Income
March 29, 2019
Would you like to start earning more money from your rental property? You can increase rental income by taking the time to make some inexpensive repairs to your property. Property maintenance and upkeep helps to prevent your property from losing its value, and it’s a great way to show your tenants that you care about giving them a nice place to live. You can make some simple upgrades to the rental property that will allow you to charge more for the property when you have new tenants. If you do need to increase rent, making some upgrades to the property is a great way to show them you are using this extra money to improve the property. Here are some upgrades to consider adding to your rental property.
Refinish or Replace Cabinet Doors
The kitchen and the bathrooms are two of the most popular rooms in the home. Having a nice-looking kitchen does make a difference in the overall perception someone has when they come to your home. As a landlord, you want to make your property as attractive as possible to lure new tenants to renting from you. Consider taking the old doors off, sanding and staining the cabinets and doors. If you do not want to do an extreme makeover, simply replacing the hardware on the cabinets may work well to give the kitchen a slight facelift.
If the cabinets are worn out, you may want to consider tearing them out and replacing them with new ones. You can find some great deals online, or even heading to a home improvement store and buying stock cabinets will allow you to give the kitchen a facelift in a hurry.
A fresh coat of paint can go a long way to improving the look of a home. Fresh paint also gives the home a new smell, which can play a role in helping new renters identify an attractive place to live. Stick with neutral colors if you are adding paint. Neutral colors are easier to decorate with, and they also allow you to keep the property looking clean and bright. If you want to save more on paint, consider buying it in bulk.
Do you have old carpet or linoleum? Thanks to new trends in flooring, most homeowners can put together a new wood floor in a day or two. Flooring is on the more expensive side of remodels and repairs, but it does have a massive impact on potential renters as they look for options to rent in Houston.
If you want to give the interior and exterior of the home an upgrade, you should add some new doors. A new front door is a gateway to the home and it makes an instant impression on renters. Replacing a door on your own is not terribly expensive, but you may want to hire a handyman to help out as they do have the training, tools, and experience to hang the door correctly. A little air leak can increase heating and cooling costs, and that is not something you want to deal with.
New Plants and Landscaping
Curb appeal is everything when you are trying to attract renters. Maintaining a well-kept yard is a great way to enhance the look of the property. You may want to consider adding some new plants or features to the yard to decorate it and make it look nicer.
Cleaning the exterior of the home will improve its curb appeal while also impressing potential renters. Pressure washing isn’t difficult and it doesn’t cost much to do it yourself.
Try these inexpensive upgrades that increase rental income and watch your bank account grow! If you need help managing your property, contact Houston Keyrenter today!