Prioritize the Improvements In Your Investment
By JD Esajian on March 3, 2014
Sometimes your property or unit is what it is. You can make some minor tweaks, but there may not be enough space to make the wholesale changes you desire. If that is the case, you can still make your rental stand out by improving certain items to the interior. Instead of focusing on what your property isn’t, you have to turn things around and focus on what your property is or can be. Instead of having the first impression be a negative one based on the size of the unit, you can wow them with the colors, fixtures and style of the appliances. By prioritizing the improvements in your investment, you will optimize your budget and permit the best features to shine.
First impressions make a huge difference with buyers or renters. You can supply pictures and a great description of the property, but nothing can replace pulling up to and walking into your property. In most cases, a renter will reasonably know what they can expect when they walk in, but in others, what they see after they turn the key will tell the tail. Renters want to live somewhere that they can feel comfortable calling home for the next nine to twelve months. If the place is small, you can compensate for that by updating the unit and giving it a current, fresh feel.
Start with the color of the walls. Most landlords and property owners will only go with white walls in an attempt not to lose any possible renters. If the unit is small, you may need to take risks and the walls are a good place to start. This doesn’t mean you have to go with a fluorescent pink or yellow, but you could go for a light brown or blue. You want a color and paint that looks fresh and gives the unit some character and personality. Your property is being pitted up against every other available unit in the area. You need to do something to make the unit stand out.
The next area you can improve would be the fixtures and the other seemingly minor items like the outlets and lights. There is not much that would give off a worse first impression than walking into a room with an old, rusty door handle. You don’t have to replace the whole door, but rather start with the door handles on every room. From there you can look to update the outlet covers throughout the house and work your way to the lights and fixtures. Added up, these will not amount to much, but will have a tremendous impact.
Finally, you need to think about updating the appliances. You don’t have to have a stainless steel dishwasher and refrigerator, but if you can add new appliances that are above average, your renter will like the comfort in knowing these should never break down and add something to where they live. If you have a basement are,a you can update the washing machine and the dryer. These can get pricey, but they will help in ensuring your unit never goes vacant.
A small apartment or property holds some appeal, but you will constantly need to keep it updated and fresh. If you can move the attention to the upgrades as opposed to the size of the property, you should be able to make that the star of the show.