If your goal is to generate passive income from a rental property, then you must invest in the necessary upgrades. You don’t have to break the bank either, because there are simple improvements that you can apply to attract tenants to your property like bees to honey.
Start with the exterior
The exterior of your property is the first thing that people see when they come for viewings. It can make or break a person’s impression of your property and determine whether they want to see the rest of the house or apartment.
If your curb appeal needs some TLC, then you might benefit from the following tips:
- Get rid of any unsightly trash, debris and weeds
- Trim the hedges and shrubbery, make sure the lawn looks immaculate
- Place a couple of low-maintenance outdoor plants and flowers on the porch or balcony to welcome guests. Be sure to water them regularly so they always look their best.
- Get rid of chipped paint
- Fix broken light fixtures, and update the mailbox and house number decals
- Fix broken banisters
- Get rid of torn window screens
- Place your recycling and garbage receptacles in an isolated area that’s out of sight
A fresh coat of paint can instantly highlight features like high ceilings and bookcases while brightening the walls up.
Since you’re updating a rental property, it’s best to use semi-gloss or satin paint because it’s resistant to stains, scuff marks and even grease. All you have to do is simply wipe off these stains with a damp cloth and you’re good to go.
Remember to paint the trim as well to get rid of any unsightly molding that might spoil the appearance of your freshly painted walls. When painting exterior elements such as shutters, siding and railings, be sure to use exterior surface pain. That’s because this type of paint is purposefully formulated to withstand different weather conditions. You should also prepare the outdoor surfaces and walls before you paint them in order to maximize results.
Opt for Neutral Colors
The thing about paint is that you can easily get carried away when choosing the color. Keep in mind this is not your house. It’s a rental property that you want to make appealing to different people. For that to happen, it’s imperative to pick neutral colors that’ll appeal to a wider range of people.
This includes colors like cream, grey, beige and greige. This makes it easier for tenants to imagine themselves living in the property and takes the guesswork out of picking decorations. Even if your tenants decide to re-paint the apartment a hot pink or vibrant lime color to suit their tastes, encourage them to switch to a neutral color palette before moving out.
Keep the same neutral theme when it comes to your cabinets, light fixtures, carpets, hardwood floors and/or tiles. Not only is neutral timeless and easier to decorate, but it’ll save you a lot of money since you won’t have to constantly keep up with the latest trends.
Other timeless and accessible finishes you should opt for include subway tile backsplashes, pedestal bathroom sinks, stainless steel appliances, shaker kitchen cabinets, slate tile floors and of course, Carrara marble.
The Bathroom and Kitchen are the Stars of the Show
A kitchen and/or bathroom that’s not up to par can seriously turn off tenants from the most promising property. This doesn’t mean you should max out your credit card on a complete remodel but you should at least keep these two areas clean.
That means mopping the floors and thoroughly clean the toilets, showers, bathtubs, faucets and hardware. Unless you’re selling a new development property, the cabinets probably need a deep clean too, and you should finish it off by polishing your appliances and reflective surfaces, including mirrors.
Get rid of all the dust, grease, cobwebs and Daddy Long Legs taking up residence on your ceiling. Check the lightbulbs in your fixtures to make sure they’re still working.
Once you’re done cleaning every nook and cranny of your house, you’ll need to check for any additional changes that need to be made. For instance, you may need to purchase new handles and knobs to spruce up the space.
Make sure your bathroom sink and bath tub actually match. If not, paint them with epoxy paint so they’re the same color. Not only will this remove rust from these surfaces but it’ll give them a new lease on life.