Being a landlord can be a rewarding career path with numerous lucrative opportunities down the road, but nobody ever said that success would come easy.
Investing in a property in order to elevate its value might be a smart move, but what happens when you find yourself needing to renovate the rental without putting a dent in your budget?
You compromise, of course.
Oftentimes, landlords will tend only to the most crucial problems in order to avoid costly remodeling projects, when in reality there are plenty of affordable solutions you can introduce that will make the entire property come to life.
Here are some effective changes that will elevate the value of your rental property:
No.1 – Start with meticulous landscaping
Truth be told, landscape styling is usually a very demanding, and extremely expensive project, but it doesn’t have to be.
With a bit of sprucing up and upkeep, and a dash of creativity, you can completely transform the exterior of your rental and breathe new life into the entire curb appeal of the property.
Start at the fence and work your way in across the lawn towards the entrance to the house.
You can repaint the fence before you tidy up the lawn, fix dry patches, fill all holes, remove anthills, and bring in new flower arrangements at the edges of the property in order to frame the design.
Another beautiful and inexpensive solution would be to introduce stepping stones across the lawn to the front door and complement every step with warm walkway lights that you can find in any home depot.
No.2 – Create a bathroom oasis
When people are looking for their next long-term place of residence, you can bet that one of the first things that will influence their decision is the bathroom.
Its cleanliness, size, and overall aesthetic appeal will be crucial factors here, so there is a need to make small yet effective changes that will bring a beautiful bathroom oasis to life.
Start by embracing the Scandi mindset and introduce a green vibe into the mix with natural materials, potted plants, and a statement flower arrangement on the windowsill. A nice touch would also be to complement the bathtub with a side table with all the bubble-bath necessities.
As for the spaciousness of the room, simply introduce a grand mirror over the vanity in order to accentuate the illusion of capaciousness.
No.3 – Rejuvenate the kitchen
Possibly the biggest change you can make in a rental property, one that will seal the deal for potential tenants, is to rejuvenate the kitchen.
Kitchen renovations are notoriously expensive, but there are still plenty of changes you can make without busting the proverbial bank.
For instance, one of the most popular design solutions is combining the kitchen space with the al fresco experience, and architects that design indoor-outdoor kitchens can help you extend the room into the backyard seamlessly, and according to your budget.
This is one of the grandest projects you can undertake without putting a dent in your budget, and let’s be honest, it beats the updating the cabinetry tip by a mile.
No.4 – Spruce up the backyard patio
The backyard patio is a special place in every household, and if designed and decorate correctly, it can effectively imbue the entire property with that irresistible homey vibe that every tenant is looking for.
Decorating the patio is also an affordable project you can complete over the weekend, and all it takes is some creative planning and a bit of trial and error.
Sprucing up the floor, picking out the right furniture, adorning it in throws and statement pillows, positioning everything to create a welcoming picture people will fall in love with, it all has much more to do with creativity than actually spending a ton of money. Don’t forget to add warm overhead lighting, perhaps in the form of lanterns in order to set the mood just right.
Complete the setting with natural shade such as high-rise greenery and your patio is ready to dazzle and bewilder your new tenants.
No.5 – Complete the look with a fresh coat of paint
Last but not least, there is nothing that can breathe new life into the entire rental like a fresh coat of paint. Repainting the exterior and interior shouldn’t take more than a weekend to complete depending on the size of the property and the expertise of the painters.
If you want to get the biggest bang for your buck, you can schedule the interior and exterior painting on the same date, and just get it all over with over the weekend. You might think that this will cost you more because you’ll need more workers and paint, but in reality, you might get a discount from the contractor because you’re hiring their services for such a grand project.
Rental renovations are usually costly, time-consuming, and they require you to put the property off the market for a while until the job is done.
That said, affordable solutions such as these can help you expedite the entire process and elevate the value of the property, in turn attracting affluent long-term tenants to your doorstep.
About the author: Cooper Klein is a bearded dad and an interior designer. He’s a regular contributor to many online magazines. You can find him on Twitter.