As a landlord or property manager, there are certain items that you need to provide your tenants with in order to maintain the state of the property.
Of course, these items become used, old and broken over time, so it might be time to start investing in new ones! If you’re the freeholder of a property, you need to think about exteriors as well as interiors when it comes to improvement.
The following list is meant to give advice on how to improve your rental property on a budget:
1. Put In A New Bathroom
This seems like an obvious choice for improving your rental unit–especially since bathrooms can get pretty grimy over time due to their high traffic area status.
On top of all that, new bathrooms sell homes faster on the market. So if you’re looking to upgrade your rental unit so you can eventually sell it off for quick cash , think about putting in a brand new bathroom!
Before you go overboard though, it’s important to consider the costs associated with putting in a new toilet, bathtub, and shower fixtures. A good rule of thumb to remember is that you should always compare the costs of any unit you plan to install. This also includes thinking about how much your contractor will charge. To sum it up, make sure you look at your options and make a good decision based on that information.
2. Update The Kitchen Countertops
When you’re looking at a kitchen, it’s pretty easy to tell what kind of shape the appliances and cabinets are in. But the next best thing to go is usually the countertops; they get scuffed up over time and need to be replaced more often than not.
What’s great about this option is that you can actually pick your own countertops! This allows for a lot of customisation on behalf of yourself as well as your tenants, and it doesn’t have to cost too much money either.
3. Replace The Carpet
If your rental property has carpet flooring, chances are it looks pretty gross by now. It’s also probably stained and no longer as soft as it should be; this is due to the daily traffic that happens on top of it .
Carpet is easy to replace (and an especially great option if you’re renting out an apartment that has tile flooring), but don’t forget about padding! Good padding will make the difference between having nice new-looking flooring and having cold tiles…which nobody wants.
If you don’t have the budget to fully replace carpets, coming in with some cleaning equipment and clearing any stains and marks is a great way to clean the floor up without overspending.
4. Get New Appliances
Appliances like refrigerators and stoves can take up a lot of time and resources to maintain, especially for those who don’t know how to do repairs.
The easiest, safest, and cheapest way to do upgrades in this case is simply to replace a unit with a new one. Most appliances were made in the last decade or two anyway, so it’s not uncommon for an older rental property to have appliances that are at least 10 years old, which becomes expensive when replacements need to be done every few years.
This advice also applies to washers and dryers that may or may not come along with your rental property; you’ll want to plan on either going all-in with these items (new washers and dryers) or going minimalistic (if they’re already there). Going mid-way between these options might be a bad idea if you don’t want to waste a lot of money on maintaining appliances.
5. Clean up The Exterior
If your rental units have outdoor space (including balconies), it’s time to clean that area up! You can do a lot of great things for the look and feel of your property by simply going outside and picking up any litter or garbage you might find. Doing a lot of landscaping is also recommended as this tends to define a property very quickly with only a few plants and flowers. On top of that, it makes for great curb appeal which will encourage tenants to apply sooner.
6. Make Any Repairs Now Rather Than Later
While some types of housing are more resilient than others, like modern condos as opposed to older apartments, it’s always good practice as a landlord to make sure your rental property is up-to-date on the latest repairs.
This could include chipped flooring, faulty appliances, or other things that might need immediate attention, but don’t cost too much money to repair. It’s always good to plan ahead for this type of situation; it’s better to act now than act later when you’ll be paying more (in time and money) to fix the issue.
7. Improve Lighting & Plugs
While homes with natural lighting are great, there are a lot of places in the world where sunlight isn’t enough to make a room look truly clean and feel comfortable. In these cases, having lamps and light fixtures installed throughout is a must! They also add value wherever they’re put (that’s why they’re such a popular idea for modern homes).
As far as electrical outlets go, this is another thing that’s often forgotten and ignored by landlords. Make sure that there is an outlet wherever needed: like near couches in living rooms, next to beds in bedrooms, etc. This will save time searching for plugs–and allow renters to set up their devices however they want.
8. Add More Storage
Even high-end apartment buildings often don’t have enough storage for a lot of renters, and what’s worse is that most landlords don’t know how much storage is necessary to begin with!
Storage isn’t just a way you can make your property look better–it saves tenants money by allowing them to live clutter-free without an excess of boxes or bags full of belongings, as well as save time cleaning up their living spaces. In the long run, it also cuts down on stress for those looking for a place to stay because they’ll be able to find what they need immediately rather than waste so much time trying to hunt it down once moved in.
9. Plant Some Trees & Flowers
While landscaping isn’t the only thing you can do in terms of exterior, it’s often one of the most effective when done correctly.
Having trees planted near your property will give shade to the area in general, which is great for outdoor living spaces especially come summertime. It also lends a nice look to your rental units so that they look cleaner and more modern/classy, which is what every landlord wants!
Flowers are another great way to bring some life to an otherwise boring exterior, giving tenants something fun and interesting to look at while adding color everywhere around the property–especially since many plants are green anyway. A final benefit of landscaping is that it can help with curb appeal if done just right.
10. Curb Appeal
The final idea that’s really important to consider is how big of an impact curb appeal can have, both on your tenants and real estate agents.
If you’re offering units to rent out, it wouldn’t do much good for potential tenants who come by to see what you’ve done with the property if they aren’t impressed. Even if only a few show interest, the more likely you are to be able to close deals without too many hiccups or difficulties because people will want the chance to live in your rental units just based on how nice they look currently!
That said, it also helps with resale value because prospective buyers will be able to visualize their own lives there–that means better chances of closing sales down the line after any work has been done to improve the property, which is what every landlord wants.
The main goal of every landlord should be to find ways to impress their tenants so that they’ll want to stay for as long as possible–and keep paying rent! If you follow these tips, it will be an easy way to achieve that goal by taking advantage of what properties have at hand already. Remember that you don’t need a lot of money or even know-how experience to make your rental property look its best because there are affordable options everywhere. With enough research and time put into learning about other successful landlords’ tricks, you can do the same for yourself today!
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