Opening your property for rent is a great way to generate income. But to do that, you need to make your place comfortable and pleasant for your prospective tenants. Improving your rental property will attract more renters and increase your property’s value in the future. And while home renovations can get quite expensive, there are budget-friendly ways to do it.
Even minor upgrades, if done right, can make a huge difference in making your property stand out in the market. If you’re interested in making home improvements that work within your budget, consider some of these upgrade suggestions. Read on!
1. Repaint Certain Areas
Check on your property and identify any walls that may need repainting. You don’t need to paint everything new — just a few portions that have cracked or faded paints. Moreover, try using neutral (such as beige, nude, creme, or white) colors instead of bold (like red, purple, or green) ones to make your property more attractive and easier to fit the style of your renters. Repainting walls, doors, and some parts of the house are significant upgrades that make your place more appealing.
2. Provide Well-Lighted Place
Most people dislike dark places. In contrast, a well-lighted room can provide a warm and comfortable. Help your renters out by providing good lighting to your property. Installing bright fluorescent bulbs is inexpensive and easy to do. Also, natural light should still be present. In that case, install large windows to allow entry of sunlight.
3. Flooring Is Important
Don’t overlook your property’s flooring.
Install a good and affordable flooring material such as ceramic tiles or vinyl planks since both are great options. As some renters are meticulously checking for durable and clean flooring, make sure you clean the flooring properly before inviting prospective tenants to check on your property.
4. Cabinets Are A Must
Providing cabinets or shelves is a must, especially in the bedroom and kitchen areas. Installing them will make prospective tenants more likely to consider renting your place. You don’t have to buy an expensive cabinet. Finding one that is cheap yet durable and functional (such as plywood or particleboard) is more than enough. Furniture such as these improves the functionality of your property, attracting more renters down the road. Not to mention, it provides an opportunity to increase your rental rate.
5. Repair Small Holes
Old properties may sustain holes or other damages over time. If there are holes around the corner of the walls or ceiling, make sure to fix them immediately. There are several budget-friendly materials you can use to patch these small damages. Remember, even minor repairs can be considered an upgrade. You don’t want a tiny hole to discourage a potential tenant.
6. Bathroom Is Essential
Another factor that tenants consider is the bathroom. Most renters, if not all, prefer a comfortable and clean bathroom. To do that, make sure your toilets are functioning well and have no clogging issues. Otherwise, replace them with new ones (cheap but durable will do).
Adding a bathtub is not necessary, but you can install a spacious shower instead. Lastly, make sure your bathroom has a sink and enough space for tenants to move around.
Putting up your property for rent is just the first step toward reaching your dream of financial freedom. But it doesn’t end there. Upgrading your property to look more homey and comfortable raises its value. Investing in repainting, fixing small damages, and adding new furniture attract more renters and increase your income eventually.
While these upgrades may still involve money, they are much cheaper than the alternative. Besides, every investment needs capital. At the end of the day, the return on investment for these upgrades will be worth it.