The competition in the rental industry is fierce. There are many homeowners whose only source of income is rent. Expensive renovation is often costly and adds little to no value. So to improve their chance of finding a quality renter, we compiled a list of cheap home improvements that will have the most impact even at an old house.
So, without further adieu, let’s get started.
Top 7 home improvement tips to attract new renters by RedPayday
A fresh coat of paint
Let’s start with the most obvious one; after many years of wear and tear, your old apartment deserves a warm coat of fresh paint. In rental homes, walls take the most scruff, and some children love to express their creativity on the wall of your apartments. There can also be lots of holes to make room for artwork and pictures. All these issues can be patched with a fresh coat of pain. Therefore, whether you choose to DIY the painting or hire a professional, paint will give you the best return on investment, and it is worth the penny.
Painting it yourself will prove to be inexpensive at just around $100, but seeking professional help may set you back by $600 – $1000.
Install home security
Security is another huge selling point. Everyone wants to feel safe and secure inside their home, and installing some key home security features can significantly improve the overall environment of your apartment. Wi-fi camera, intelligent doorbell camera and alarm system can be a great start. Your tenant will appreciate your investment and feel safe from thieves and squatters.
Installing home security will vary significantly in price; for starters, you can pick a doorbell camera for under $200. The whole suit with alarms and wi-fi camera may cost upwards of $1000.
Kitchen Cabinet Doors
Rental properties, in general, experience more wear and tear compared to privately owned properties. The kitchen probably takes most of the hammering. Therefore, kitchen upgrades provide an immediate boost in rental prices. But, complete renovation of the kitchen is often expensive so, starting from the kitchen cabinet can be a great option. Swapping cabinet doors have an immediate visual impact and can be used to create a great first impression.
A rag or some fun color on the wall will also help. Just make it visually appealing; you don’t have to spend a fortune here; changing the cabinets will cost around $500, and a rug or fun wallpaper will cost you less than $100 bucks.
Invest in your lighting
Nothing travels faster than light; on the same note, nothing in your home will pop if you have tacky lighting. A simple bright light can significantly improve the ambience of your house. Adding a Kitchen Backsplash can be a great start. You may also consider upgrading your existing lights with modern, energy-efficient lightings. Your tenants will appreciate your investment and understand the gains in energy saving they make. It’s a win-win situation for both.
When selecting the best lighting for your house, try selecting a colour that complements the already existing colour of the walls. This can give out a style statement that everyone will appreciate.
You may also fancy playing with some modern lighting solutions that can be activated by voice. They look fantastic and often not that expensive as well. Imagine the look on your tenets face when you turn on the lights with your voice.
Lights’ costs vary a lot, but a ball part figure will be between $200 and $1000. Voice control lights start from just $30.
Improve Curb Appeal
The first thing your prospect sees is the outside area of the rental properties. It is an opportunity to make a great first impression. So it is vital to show some love.
Exterior brick or stone often gets discolored, and a fresh coat of paint will help. The growth of fungus or dirt, in general, can also be an alarming sign for the tenants, so a quick pressure wash will make sure to scruff off the dirt away.
You may also add a little style of your house number to stand out from the rest. This gives your exterior a comparative advantage and is more inviting for the tenants. Washing and upgrading are pretty inexpensive, starting at $100.
Upgrade your flooring
Applying a new carpet is also inexpensive to revamp your house, depending on what you have on your floor. You may also consider investing in more durable options like hardwood or tiles. This will significantly improve the overall value of your property and can be long term cheaper options when you consider the maintenance and wash your floor carpet requires. Installing new floors can be a bit expensive but will surely pay off in the long run. We only recommend it if you have the budget after applying the tips mentioned above.
On average, replacing an apartment floor will be between $1500 – $10,000
Invest in useful amenity
Remember, tenants, just like every one of us, want your investments to add value to their life. So, invest in amenities that can solve their pain point. This will vastly differ from apartment to apartment, but here is a short list of things you can improve to add value.
– Install a washer or dryer
– If you have a garage, make sure you have an electric outlet to charge electric cars and accessories
– If you have a pool, revamp it to make it more appealing.
This is to name a few, invest in your apartment, and they will yield you good returns.
To sum up
The last tip we can give you is not to invest all your money in just one aspect of your property. For example, you have a fantastic kitchen, but the rest of the house looks tacky and lacks security. It won’t work. Unfortunately, we know home improvements can sometimes be quite expensive and quite stressful on your finances. So you can easily apply for a fast payday loan. It is a short term loan to help out during a cash crunch. Payday loans are easy to get with no credit check and can help you a great deal in renovating your house.