While most people think of property renovations as an expense, in reality they have the potential to earn you more money in the long, and even short, term. Here are some affordable ways you can improve your rental property to maximize both tenant enjoyment and income potential.
Remember, it's an investment property.
Treat your property as the investment that it is. It might be okay to splurge a little on your own home to get the results that please you, but over-improving a rental property is bad business. Your primary goal is to make it as compelling to renters as you can, within your budget.
Repair first, replace only as a last resort.
This is another tip related to keeping your economic interests a high priority in your decision making. It can be tempting to replace items rather than repair them. This often occurs if landlords rush to make a decision. Whatever the motive may be, in taking a little more time to assess the situation, you may find that repairs are a viable and more affordable option than replacement.
Prioritize kitchens and bathrooms.
This is a well-known fact of property renovation for selling a home, but it also applies to rentals. Just as buyers most often are influenced by the state of the kitchen and bathrooms, so too are renters. This will help justify premium rent, keep tenants longer, and increase the property's value.
Sometimes, even small fixture replacements can give your property some extra appeal, for very little money.
Maybe it's not as important as interior renovations, but if you're renting a property with a yard, it's best to keep it looking clean and well cared for. Mow and edge the lawn. Spread some mulch in the flower beds. Keep bushes manicured and weeds pulled. You don't have to go crazy, just make sure it's well-manicured before showing it to prospective renters.
The exterior of your property doesn't have to be pristine, just clean and safe. Safety issues might include loose hinges, sturdy walking stones, or anything else your tenants will come in contact with.
While this isn't everything you can do to improve the value and appeal of your rental property, these are some of the simpler and more affordable ways to keep your home occupied and appreciating without breaking the bank.