Upgrading a rental unit does not have to cost a lot of money. You can upgrade any rental on a budget the right way. These 12 tricks will help you rent faster and find a long-term tenant!
- Paint: You may not be able to paint the entire house/apt. for $500, but painting key rooms or an accent wall will improve the feel of the space. Color Trends of 2021 are Off Whites, Subtle Teals, Sunbaked Hues, and Deep Purples.
- Change out Flooring: The same applies to flooring. Removing old carpet in the most needed areas will make a huge difference in renting quickly and for more money. Vinyl flooring is a budget-friendly option for such replacements.
- Patch the Roof: Roof leaks can cause major havoc to your rental property. They can quickly deteriorate your asset, increase repair bills, add to the maintenance burden with tenants, and can lead to damage of renter belongings, which you could be held liable for. In most cases, you don’t need a new roof, just patches.
- Add Smart Home Tech: Adding some new tech to make renters feel up to date will NEVER hurt your rental status. This could include smart locks or smart thermostats, better wifi, new smart home devices, and/or security.
- Add a Kitchen Island or Bar: Expanding countertops or adding a standalone bar, will not only add kitchen space but an emotional appeal. The Kitchen is one of the most important parts of a resident’s choice.
- Replace Appliances: As mentioned above, the Kitchen is important. New appliances can make or break a lease agreement. Adding a Microwave above the oven or new Washer and Dryers means a lot to potential renters.
- Add a Backsplash: Kitchen backsplashes can make a massive difference in the appeal and perceived upgrades to the rest of the property.
- Resurface Kitchen Cabinets: Whenever possible resurface cabinets, if the current ones are very outdated will make a world of difference without a big spend.
- Consider Flex Office Space: Working from home is the new norm for many, and working from the couch or kitchen counter is not ideal for everyone. Depending on the number of bedrooms you may, or may not be able to use a bedroom for an office. However, you may be able to create some flex space with a cabinet, pantry, or a Murphy bed that enables quick changes between daily living space and the office.
- Finish the Garage: A finished garage adds a big wow and increases value. Even on a tight budget, you may be able to finish walls, add flooring, install storage, or put in office furniture.
- Replace Hardware: Replacing a front door and cabinet hardware can be the best return on any investment.
- Stage the Home: Last but not least, staging a home can be very helpful when done right. You can show renters space-saving hacks and options they may not have considered. Making sure it smells good is always a plus!