Real Estate Blog

Like every property owner, you want to offer a great looking rental that attracts prospective tenants and rents out with little effort. You may be wondering if you have to pay an arm and a leg to accomplish this. The truth of the matter is, you’re better off financially if you make select repairs and upgrades on a schedule. You don’t have to tackle everything at once, but you can check one or two things off your list at a time. You’ll also want to be selective about which renovations or repairs take precedence. Here’s how you can accomplish this:

One of the easiest ways to attract the right kind of renters is to ensure that your property presents well.  There are several focus points for properties. We’ll break these down into the exterior and interior:

Exterior

Fencing
If your property includes a yard, a fence should be a definite consideration. Fences have the ability to draw attention to quality landscaping (another great consideration for curb-appeal) as well as add their own aesthetic qualities to the property. 

Painting, Caulking and Weather Stripping
Color and quality of your properties exterior are likely going to be the first thing prospective tenants notice. Ensuring that your color choices are current, and that well-maintained will set your property a notch above, attracting those quality tenants and allowing for a higher rental price.

Replacing Caulking and weather stripping will save you and your renter’s money, and smart renters know to check for this when considering becoming tenants. Remember, an initial investment can save and make you much more money over time.

Windows
Beyond the visual appeal windows provide a property, they’re another area where you will find significant savings by going the energy efficient route. For owners with older properties particularly, replacing windows should be higher on your list of updates.

Interior

Flooring
Carpet is out – allergies, maintenance, replacement every couple years: it’s a hassle, and it doesn’t have nearly the same appeal as hard flooring. Tenants love it and you’ll love it. The cost of flooring is spread over a longer period of time and it looks fantastic.

Fixtures
These are the most “bang for your buck” updates that a property owner can make. Handles, knobs – the pieces of the house that tenants are directly interaction with, and that means they’re noticing. It costs almost nothing to replace these, and they make a significant difference to your properties appeal.

Paint
What was said about the exterior paint holds true for the inside of your property as well. With the added benefit of interior painting being a much less extensive job. A fresh coat of paint can transform a room from outdated to modern and provide that extra sense of contemporary style.

Putting it all together

The key point to remember is that you don’t have to do it all when it comes to upgrades and renovations. All you have to do is a little at a time. A well-maintained property will increase the value of your investment and allow you to ask for higher prices when it comes to renting your property out.
As an investor myself, I’m all about less turnover, maximizing profit, and great relationships between owners and tenants. A quality property attracts quality tenants.