As Americans attempt to regain control of their budgets after the 2008 economic downturn, more families are opting out of buying and embracing the idea of renting a home. With that said, property owners are more at odds to attract the best tenants and a few updates to your property can do the trick to turn their heads. Here are 5 easy updates that can increase the time your tenant stays and your bottom line:
1. Paint
Seems like a no brainer but it’s a job that doesn’t take a lot of time, doesn’t cost a ton of money and makes renters feel like they’re making a fresh start. Before they ever walk through the door, make a good impression with a fresh coat of bright white paint on the front door. Depending on the color of the home, you can even use colors like red, navy blue and, in some instances, black. When painting the walls, stick with one color for the entire house in updated neutral colors. Where beige became the new white…now it’s gray tones. The colors of your renters belongings pop off the walls and create a chic feel that even the man of the house will love. Don’t forget kitchens and bathrooms! New paint on cabinets can resurrect your dark, outdated kitchen.
2. Home Warranty
If you’ve ever rented a home where a dishwasher or refrigerator breaks, you realize the value of a home warranty. The common appliances that most companies cover include refrigerators, lighting, dishwashers, washers, dryers, air conditioners and heaters. Many companies also provide garage door servicing and water sprinkler repair.
3. Ceiling Fans
Consider this purchase a money saver that creates less wear and tear on your air conditioner. Installing ceiling fans in living room and bedrooms automatically mean dollars saved in the eyes of renters. Consider mentioning how much a renter can save per month in your sales pitch in order to close the deal and get that contract signed.
4. Landscaping
Who doesn’t love a little curb appeal or a nice place to have a backyard bar-b-que? The key with rental landscaping is to keep it simple and low maintenance. Depending on your area of the country, planting hydrangeas provides flowers in the spring and summer and a nice shrub in the winter. Also consider the Firelight Spiraea which blooms hints of rents color in a sea of luscious green leaves. For the backyard you can keep your landscaping even more simple. Just give people a place for family and friends to gather and shrubs may not even be necessary.
5. Kitchen & Bathroom
Everyone knows that kitchens and bathrooms SELL homes, but they also get them rented. Updating these spaces, however, doesn’t have to break your bank and leave you at a loss on the books. Update backsplashes with pressed tin and bathrooms with fresh fixtures. Your renters will notice the difference and you won’t have spent your entire profit margin.
Big box stores and even stores like Habitat for Humanity carry loads of great deals to cut your costs on cabinets, fixtures and hardware. Just make sure to keep a sample and/or write down your paint color to make switching from one renter to another faster and easier. Renting a home can be a lot of work but with a huge payout. Make sure your easy updates increase your bottom line and anchor renters to your property for years to come.
