Whether you have a newly vacated property or a property that you are having trouble getting tenants into, these tips can help you update your rental property with spending a fortune.
Paint, paint and more paint!
It is absolutely amazing what a couple coats of fresh paint can do for a home. Modernize the kitchen by painting the cabinets a fresh white and adding new hardware. Update the entire house by painting the trim, doors, and walls in neutral colors. Add some curb appeal by painting the front door with a pop of red or blue. Remember to stay relatively neutral in your color choices: shades of white, grey, brown and tan are typically best. You want tenants to be able to picture themselves making a home in your rental and nothing can turn someone off quicker than an offensive (to them) color.
New flooring
Replacing the flooring in your rental can be costly, but it might not have to be. Many older homes may have beautiful hardwood floors beneath that dingy, old carpet that would just need a bit of refinishing to add tremendous value to the property. Even a quick carpet cleaning can make a room look new again. Also there are many new products on the market that are cost effective upgrades such as vinyl peel-and-stick tiles for a bathroom or kitchen or carpet squares which can be relatively cheap and are a snap for maintenance: just pop up the damaged square and put in a new one!
Enhance a unique feature of the property
Nothing is better than having some awesome feature or focal point to your home. One thing that could help push a renter to commit to your property is a having a feature that they would love to come home to. This can be anything from an amazing fireplace to a spa tub in the master bath to a unique patio space to a great view. While it may not always be feasible or affordable to add a new feature to your property, learn to work with what you already have. Play up a stone fireplace by choosing a complimentary accent color for the wall behind it and possibly getting the stone professionally cleaned. Add some new tile around the tub to make it seem more luxurious. Spruce up an existing patio by pressure washing the stone or concrete or adding some simple landscaping. Even consider adding a large window to better showcase a great view.
Think outside the box. Consider what you love about your home and try to bring a small piece of that to your rental properties. It might just be that little edge you need to get your property rented.
