Rental properties have always been very popular among the people who want to invest money and consider this option far less complicated than bonds and stocks. Good news is that all of them are pretty much right. With a good renovation and decoration, you can boost your rental income.
Bad news – rental properties definitely offer their share of challenges, the crux of the matter is finding a way to cut the costs to a minimum while maximizing the return. Here are a couple of tips that should help you deal with this issue in the most effortless way.
Here are Some Renovation and Decoration Tips
Repaint the walls
There is no easier way to give your rental house a pleasant and affordable facelift than sanding away all the imperfections out of the walls and covering them in a fresh coat of paint. Just remember that the tenants will bring their own furniture pieces. Don’t force them to compete with the interior renovation and decoration and paint the walls in neutral colors. Lighter tones in combination with light-colored window frames will do a great job of expanding the existing space.
Restore the floors
Restoring the floors may be a bigger investment than the previous one, but it also makes bigger returns, so, in the grand scheme of things, it definitely pays off. You don’t even have to spend too much money – you can easily get away with simple dusting, repainting and varnishing. Restored floors will open up space and make everything look much cleaner. Another way to make the ground look way more appealing is to give your old carpets a thorough professional cleaning on an annual basis. This is one of the most effective renovations and decoration ideas to boost your rental income.
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Repair the pipe network
Drain blockage and broken pipes are rental home’s death warrant with mildew, mold, bad smell, and damp walls being only the very top of this irritating iceberg. Until recently, solving these issues required tearing down the walls, digging up lawns and burning piles of money. Fortunately, these days, professionals in dealing with blocked drains from Pipe Relining Solutions provide very affordable services and the broken pipes can be easily repaired with simple relining (filling the pipe cracks from the inside so you do not need to tear your way to them).
Invest in kitchen and bathroom
These two rooms are, by far, the ones that impress future tenants the most. If you feel obliged to put more money in the project, this is the way to do it. So, replace the fixtures, appliances, and kitchen elements, install new tiles, and make both rooms as bright as possible. While you’re doing that, keep in mind that trends come and go. Invest in renovation and decoration accordingly. Opt for a classic style will make sure the refitting won’t look dated in a few years’ time.
Add more storage space
If there’s one thing all tenants seem to lack, would be enough storage space. Even something as simple as installing a 24×12 built-in shelving area will address this burning issue and leave a lasting impression on the future renters. Other upgrades you should take into consideration are closets, cabinets, and floating shelves. The latter ones offer a particularly good opportunity to save some money and stretch out your DIY muscles. This is one of the most recommended renovations and decoration aspects you must consider.
Shed some light on the whole matter
Moving on to another highly sought out feature, good and creative lighting can completely change the way some space looks without breaking your bank. For instance, pendant lighting will lend your house a lot of styles and upscale atmosphere that ought to charm the tenants. If you want to, you can even combine multiple different fixtures in the renovation and decoration of your property. Like pot-lights and one hanging fixture serving as a centerpiece. Just make sure your home looks bright and inviting.
Take care of the front yard
The front yard is the first thing potential renters see when they come to your house and we all know the power of first impressions. It is a good idea to invest in the renovation and decoration of the front yard. Even minor landscaping efforts can add a lot of value to your property. So, here are a couple of things you should definitely add to your to-do list:
- Mow the grass
- Spread the mulch over the flowerbeds
- Trim down all the unruly trees and bushes
- Increase the color and variety of the yard with some potted plants
- Decorate the porch with plants, wreaths, and comfortable chairs
- Introduce landscape lighting
As we can see, not all these interventions are that expensive or hard to pull off, but they make all the difference in the world for the potential renters looking for a new home. That is something you should always pay attention to while doing the renovation.
You are not only raising the value of your property, but you are also making someone’s future home prettier and more functional. As long as you approach the works with this mindset, you will not have any problems edging out the competition.