As a property owner, property maintenance tends to take up a good chunk of your revenue. Fortunately, there are several things you can do to keep your property in pristine condition while increasing your rental income at the same time. In today’s post, we take a look at some budget-friendly upgrades to consider when it comes to improving rental properties.
1) Barn Door
One of the easiest things you can do to improve your rental property while staying within your budget is to install a barn door. Barn doors enable you to fully maximize the space of a given room. Many people simply love the aesthetic value of barn doors in general.
2) Washer and Dryer
For some people, rental units that don’t come with a washer and dryer can be a deal-breaker. Data suggest that dryers and washers remain high on the wish list of most renters. Data also shows that people are willing to pay higher for units that come with the aforementioned appliances. Chances are that you’ll be able to get both appliances for less than $1,400.
3) Smart Technology
Statistics indicate that one in three Americans have multiple smart devices in their home and over 1 billion people across the world utilize some form of smart device in their household. Installing smart devices such as smart smoke detectors, carbon monoxide detectors and thermostats can help to increase the value of the rental property. This will also help to make the property appear fairly modern. Renters love the idea of moving into a unit that is more modern or relatively new. Integrating smart technology can procure the illusion that a very old property is more modern than it actually is.
4) Improve Landscape
First impressions go a long way in the real estate world. One of the first things potential renters will evaluate is the exterior portions of the property. This entails the overall landscape the property resides on. Therefore, focus on adding things that can improve the aesthetic value of the property’s landscape such as beautiful shrubs and plants. Additionally, ensure that the lawn remains in pristine health with no signs of rot or disease. When it’s all said and done, due to the various options that renters have, something as small as the length or health of the grass can be a deal-breaker for some people.
5) Furnished Rental Unit
Data shows that as more and more millennials gain their financial independence, furnished rental property is actually one of their most wanted amenities. A furnished rental property is ideal for people who are trying out a new town to see if it suits their lifestyle. Additionally, potential tenants will see a furnished rental as being a more cost-effective solution because it eliminates the need to pay for, or to move, their own furniture. When it comes to buying furniture at a cost-efficient rate, you have several options to choose from. One of the best sources for high-quality furniture is the thrift store.
6) Allow Pets
The Insurance Information Institute proclaims that over 85 million households in America have at least one pet. You can drastically increase your tenant pool and raise your property’s appeal by allowing renters to bring their pets with them. While you may be worried about the damages pets may cause, you can charge an additional monthly fee per pet to mitigate any potential damage they may cause in the future.
7) Advertise Bedrooms As Office Space
Data shows that a vast majority of people who work from home during the pandemic will continue to do so after the fact. In fact, many large companies are in the process of establishing a hybrid model where a certain percentage of their employees will work from home while others will work at a designated facility. Therefore, more and more renters will be looking for apartments that provide a room that they can use as their office.
8) Repaint the Interior
One of the most affordable and easiest ways you can improve the look of your rental property is to repaint the interior portions of it. Adding a splash of new colors can also help to attract potential tenants. The key thing to remember is that you should use neutral colors as opposed to gender-based colors for instance. Neutral colors will be of a much greater appeal to a wider range of people. White, gray, and beige are prime examples of neutral colors you can use.