6 Budget Friendly Rental Property Updates You Need To Consider
By JD Esajian on July 4, 2018
The best rental property owners view their property as an investment. Instead of hoping their tenants take to periodic rent increases they are proactive and look for ways to create value and appeal. Instead of depleting their savings on big ticket items, that often don’t produce the return they anticipate, they focus on smaller, everyday items that tenants really want. By making simple updates not only does this impact demand but it also increases the chances a good tenant will want to stay in the property as long as possible. If you are looking to give your rental a minor facelift you don’t need to break the bank. Here are six budget friendly updates you should consider for your rental property.
- Appliances. One of the first thing tenants notice when walking into a kitchen are the appliances. You can update the countertops and cabinets but if the appliances are outdated it may not make a difference. With the appliances you don’t need to go high end like you would with a rehab. In fact, top of the line stainless steel often does not get you the return you anticipate. You are better off updating the appliances every few years. There are always holiday sales at the big box stores where you can pick up a dishwasher, washing machine or refrigerator at a greatly reduced price. You can also find slightly used items online and through social media. The appliances often make or break a tenant’s decision in high demand areas.
- Paint. Tenants do not maintain the property the same way you would your primary residence. They tend to put handprints on the walls and scuff up high traffic areas. This is all normal wear and tear, but it should be addressed at the end of every lease. It doesn’t take much to paint a living room, hallway or master bedroom. If you have owned the house for years you know the paint color so all you have to do is freshen it up. This is probably something you can do yourself that won’t take you more than the cost of the paint, a roller and a few hours of your time. Even if you decide to outsource a room or two it shouldn’t cost more than a few hundred dollars.
- Entry flooring. First impressions tend to go a long way with tenants. When they step foot in your rental you need to make sure that the entry way flooring and connected room floors are updated. Hard wood flooring has greatly improved over the last decade. Fully revamping the floors and starting from scratch can get expensive pretty quickly. Instead of starting over there are numerous products that can give the floors a new look and feel. Many times a simple cleaning with a quality product can make the floors shine. If the floors are aged, you can consider refreshing with a coat of stain. There are also a handful of flooring options that you can put over your existing floor that won’t break the bank. Whatever you decide to do, you can’t ignore an aging floor as soon as you enter your property.
- Front door. Studies have shown that there is no greater return on investment in a home than the front door. A new front door does not have the sizzle of other improvements but has as great an impact as anything you can do. The front door in a home is one of the first things people notice. A beautifully manicured lawn with blooming flowers and bushes will get overshadowed by a beat up and worn down front door. Front doors are like most items in a home in that you can spend thousands or hundreds to get the right item. Considering that you may only replace the door once every fifteen or so years spending a little more often makes sense. That being said you can find many great options that run less than $500.
- Shutters. It is amazing how the smallest things you do with your property can have the biggest impact. Adding shutters to the exterior can completely change the look and feel of the exterior. Instead of looking beat up and dated, new shutters instantly add appeal. The right color scheme of the shutters to the front door to the house will attract tenants that want to remain there for years to come.
- Garage. If you have a garage you should do everything in your power to enhance it. For a variety of reasons the garage is always low on the list of priorities. Since people do not physically live there you may not feel the need to update it. However, the garage is one of the most overlooked items in a home. You will use it for storage or an entry way into the property. Removing old shelves or cabinets is a breeze and there are more garage organization items than ever before. Painting the walls is as easy as working the roller. In just a few hours’ time you can give the garage an instant facelift that dramatically enhances appeal.
You should plan on spending some money ever year on your rental property. By getting out in front of the seemingly mundane items you protect your investment, maximize rent and keep your tenants happy.