One of the best ways to increase your ROI and earn more on your Temple City rental property is with property upgrades and renovations.
Unless it’s falling apart or very old, you don’t necessarily have to renovate your entire home. However, a few affordable and minor changes can really make an impact on how quickly you attract a good tenant and what kind of rental value you can establish. This will maximize your rental income and increase the value of your asset.
Start with Floors and Walls
A fresh coat of paint is rarely expensive, and an easy way to make your rental property look brand new. Keep the walls a neutral color. Pastels and bright shades of green are best kept for your own home. When you’re preparing a rental, consider shades like eggshell and off-white. Cover up any small nail holes and pay attention to the trim and baseboards. Painting those will really make the room pop and give it the clean, modern look you’re hoping to get.
If you want to have carpet, consider neutral colors as well. Nothing too light should be used, however, because it can look a lot dirtier a lot faster. Replace any worn or stained carpet with mid-grade carpeting, or consider investing in hard surface flooring.
Think about abandoning carpet for hard surface flooring. Some types of vinyl look great and they often don’t cost a lot. Faux hardwoods are also popular. These are cleaner and easier for tenants to maintain. The floors will also have a longer lifespan, which means you won’t be cleaning and replacing carpet during every tenant turnover.
Kitchens and Bathrooms Should be Clean and Modern
Cleanliness is important throughout the house, but especially in the kitchen. This is a place where minor upgrades can really make a difference in giving your property a modern and welcoming feel. Install backsplashes and new faucets. Shiny drawer pulls and accessories can make the whole room look new. Lighting is also important.
You can do a few things to make the bathrooms more attractive to your ideal tenants. Change that brassy Hollywood lighting if it’s still in place, and consider putting in some new fiberglass around the shower and tub. No one wants to take a shower in a stained and worn bathtub. Tile is great for a bathroom upgrade as well. Check the floors and baseboards, and make sure the mirror is large and clear.
Upgrade Your Window Treatments
Most tenants are not impressed with those cheap plastic blinds. They’re unattractive and easily damaged. They never look clean. Consider replacing them. Your current and future tenants will thank you. You’ll also create an attractive space that commands more rent. Replace those awful blinds with horizontal wood blinds or linen shades that easily pull up and down.
While you’re at the windows, make sure the windows are in good condition, lock properly, and insulate your home from drafts and insects.
Upgrade Single-Family Homes and Multi-Family Units
A multi-family building should have a clean, neat exterior. Individual units should have fresh paint, functional appliances, and all the required safety features. If you want to increase the value of your multi-family unit, pay attention to the common areas. Make sure your amenities are competitive with other buildings on the market.
Renters who seek out single-family homes usually want privacy, yard space, and a garage. Make the upgrades that meet their needs and make sure your landscaping is on point.
Every home should be clean, with good floors and fresh paint. Give the property a complete once-over before you list it and between tenants. Don’t waste your time or money making the upgrades that you want. You’re not living there.
If you’re looking for more ideas on how to spruce up your Temple City rental property to earn more money, please contact us at ZenPro Property Management.
