Having a rental property can mount to a pretty decent increase in annual income. Owning a house or an apartment that’s suitable for leasing is a nice way to fill up your house budget, but the trick is to maximize this rental property income. Many people rent their place without thinking too much whether they can actually earn more with only a little bit of investment. Some even struggle to find the tenants because of this lack of interest to make their property more appealing and attractive.
There are quite a few ways you can liven up the place and make it look more alluring, winsome, and desirable to live in. Tenants tend to appreciate when a renter puts an effort in making the property feel comfortable and homelike. That’s why you should seriously consider sprucing things up – not only to attract tenants but to be able to increase the profit. There’s a huge difference in the way your rental property is perceived, depending on the state it’s in. You don’t need to do wonders to make the place more appealing: only a couple of changes here and there can also mean so much. And the best thing about it is that you actually don’t have to spend that much time doing all these things.
Revamp the Living Room
This is where you should start. A nice living room can mean so much to people – it’s a place where everyone usually gathers around after a long day at work. When you think about maximizing your rental property income, you need to pay attention to all the little things and details that are essentially meant to everyone. The best way to do this is by trying to observe things from the other perspective. Would you be satisfied if you were living in a place like that? If the answer is no, or you’re not really sure about it, then it’s definitely a high time you think about changing some things around.
You can’t possibly expect your tenants to be happy if they’re living in a place you wouldn’t want to spend your time in either. As we’ve mentioned, it’s probably a good idea to start with the living room – it’s an area that ties everything together: the kitchen, the bathroom, the bedroom(s), etc. If the living room feels warm and nice, the entire house or apartment will instantly be more attractive. The living room is also one of the first things your tenants will notice – whether the furniture is good or not, how the carpeting looks like, are the drapes too old and out of fashion, etc. You need to realize that the tenants are trying to picture themselves spending their time here. In case they find this difficult, they’ll probably skip your place and find something that suits them better.
Avoid Renting the Place Empty
This is why you should avoid renting your place empty. People can’t possibly know whether they’ll like the place or not if they don’t have an instant mental picture of themselves hanging around and relaxing. Sure, they might have some of their own stuff and furniture that they can bring in, but it’s always advisable to at least have the place fully furnished before you try to lease.
That way your tenants are presented with a nice choice: if they have their own furniture that they’d like to bring in, you can offer to remove the things that are already there. But if they don’t have their own stuff, and the place you’re trying to rent them is also empty, then it can be rather tricky for them. You should always try to avoid putting your future tenants in an awkward position like this. Ideally, you’d want to have everything thought through before they even arrive. And you can trust us on this one – they’ll certainly know to appreciate this.
Clean Up the Property Thoroughly
Another thing that stands out and that many tenants will notice first is the overall cleanliness of the place.
This is the main reason why you should consider performing a thorough cleaning before you even decide to show the house or an apartment to future tenants. This is a rather easy task that anyone can do. All you need is a little good will and time and the place will look sparkly clean in an instance.
In case you really can’t find enough time to do this by yourself, you can always hire professional cleaning services. This is especially advisable in case the place has some areas that require more effort. For example, if you have wall-to-wall carpeting (and you’ve had it for some time already), chances are that it needs a little more attention. No one likes to see a sticky, yucky carpet full of debris, so make sure that things like such are properly cleaned prior to showing the place to the tenants.
Invest In New Appliances and Gadgetry
Investing in new appliances and gadgetry can leave your future tenants in awe. This is something literally everyone appreciates greatly. If the appliances are in mint condition and working properly, you’ll not only increase the value of your rental property in an instant, but you’ll also have tenants virtually fighting over your place.
If you want to go an extra mile here and really spice things up, you should seriously think about investing in some things that are quite rare in most homes. A nice TV and appropriate cabling/ satellite services are pretty standard offer these days. But we have some different stuff in minds here. This means that you shouldn’t settle only with things like laundromats and in-unit laundry facilities, but the stuff like vending machines or quality coffee pod machines can be great and surprising additions to the place. These can be a perfect fit especially in larger properties and multifamily buildings.
Also, when you think about this in terms of (more) profit you can actually generate, it really sounds like a great plan. For instance, even a simple gum-ball machine can give a good ROI (return on investment), not to mention a coffee machine that the whole family will use on a regular basis.
Remodel the Kitchen
Speaking of new appliances, you should always keep in mind the importance of having a well-equipped kitchen at your rental place. You can’t possibly expect to increase your property income if the kitchen is in bad condition.
Other than adding new kitchen appliances, you should also take care of the cabinets/ cabinet doors, knobs, kitchen sink, tables, chairs, etc. All these things should be in a great state. In case you notice anything wobbly or loose around the kitchen you should address this ASAP. No one likes to notice these things, and if your future tenants see this, they’ll instantly think about other stuff that might be wrong or wonky around the house.
Restyle the Bathroom
A nice-looking bathroom can do magic for maximizing your rental property income. Just like with the kitchen, it’s an area where people generally notice when something is not as it’s supposed to be.
In case your rental place has a shower, make sure that the showerhead is in good condition. Also, the cabinets should look good, and the tiles need to be super clean. Having a bathroom that’s taken care of well can be a huge difference: so much so that sometimes it can be a true deal-breaker for the people who are thinking about renting the place, but find that the bathroom doesn’t meet their standards.
Paint the Entire Place
This is something that’s considered to be so essential and crucial that many people won’t even bother to mention. Painting the entire house or apartment afresh can truly give a new life to the place.
The safest bet would probably be to paint everything white, but some people find this rather dull and uninspiring. Before you make any firm decisions on whether you should think about some other colours, you need to take other things into consideration as well. For instance, what colour are the furniture, drapes, carpet, doors, and windows? You should pick only the colours that match well together, or you’ll end up with the property that looks disastrous. No one will even want to live there, let alone pay higher rent.
When choosing the tones and shades for the interior, always consult with multiple people and see what they have to say. Warmer colours like beige, light green, blue, or yellow(ish) tend to look good regardless of the rest of the furniture, but even this isn’t something you can bet on in every situation.
Spruce Up the Backyard and Take Care of the Curb Appeal
The exterior of the house needs to be taken care of equally as the interior. That’s why you need to take care of both of your backyard and the curb appeal.
The front of the house is something that literally everyone notices first. So you need to make sure that the front door looks good, the entryway is clean, etc. But you shouldn’t stop here: we’d also advise you to make a little extra effort in terms of adding some plants and flowers that are going to leave a good first impression. Keep in mind that with this impression your future tenants are entering the home. Everything they see afterwards will be closely connected with the first feeling they had when they’ve first laid their eyes on the property.
This doesn’t mean that you should neglect the backyard. A great-looking backyard can really make you seal the deal. That’s why you need to put the same kind of effort like for the rest of the place.
The Bottom Line
With only a little bit of strain, you can make your rental property look more appealing and generate more profit as a direct result.
We’d recommend you to pay attention to all the things we’ve mentioned in this article, but even the small changes can really make a huge difference. Whatever you decide to do, just make sure to try to look at the place from the tenant’s perspective and make the improvements you’d like to see if you were in that same spot and situation. Make sure to pay attention to the little things and details and don’t be afraid to experiment a bit. All of this will certainly lead to maximizing the profit and return on any investment.