If you want your rental unit to remain occupied, with your tenants happy, it’s important that you make an effort to keep it looking and functioning at its best. Obviously, you have a relatively restricted budget to work with. If you invest too much in the rental unit, it may no longer be profitable, defeating the entire purpose of your real estate investing strategy.
Fortunately, there are many strategies that can make your rental unit prettier and more attractive to prospective tenants without costing you a fortune.
The Impact of a Prettier Rental Unit
Making a rental unit prettier may seem like an exercise in superficiality. However, aesthetic investments in your rental property can have a massive impact on your eventual return. When the property is more attractive, it’s going to be more likely to make a good first impression on people visiting it. Your unit is going to become much more competitive in the landscape of available units in the area. On top of that, if your tenants actually like the way the unit looks and functions, they’re going to be much more likely to stay there indefinitely.
In total, these investments typically have a positive return on investment (ROI). This is especially true if you’re mindful of how much you spend in the process.
Inexpensive Ways to Make Your Rental Unit Prettier
These are some of the most effective, least expensive ways to make your rental unit prettier.
- Touch up the bathroom. Many landlords are understandably reluctant to renovate the bathroom. That’s largely because bathroom renovations are typically messy, expensive, and complicated to pull off. However, bathroom renovations don’t have to be all-encompassing or expensive. In fact, even a minor bathroom renovation can have a big impact on how your unit is perceived. Replacing the toilet, the vanity, and the shower head alone can instantly make the bathroom more attractive and more accessible. If you have a bigger budget, you can make even more upgrades.
- Give the kitchen a facelift. The kitchen is one of the first rooms of the house your tenants are going to notice, and it happens to be a room that suffers a lot of wear and tear. If you haven’t upgraded or renovated your kitchen in a while, consider giving it a facelift. Again, many landlords are reluctant to renovate the kitchen out of fear of excessive expense or complication. But there are simple things you can do, such as replacing appliances or refacing the cabinets, that can make a big impact on how the kitchen is perceived without costing you a fortune in the process.
- Fix any points of damage. Go through the entire unit and fix any small points of damage you find. If there is a missing or broken electrical plate, replace it. If there’s a hole in the wall, fix it. If the linoleum is cracking, tear it up and lay down some new material. Most of these little fixes will be inexpensive, especially if you’re willing to do the work yourself, so there’s no reason not to do them.
- Invest in deep cleaning. If you’re currently between tenants, it’s the perfect time to invest in deep cleaning. Simply running the vacuum cleaner and mopping the floors isn’t going to be enough to get rid of the deep grime that settles in during occupancy. You might be surprised to see how beautiful your rental unit can be once it’s given the proper cleaning treatment.
- Apply a fresh coat of paint. Once you’re done with the cleaning, apply a fresh coat of paint. This is another cheap job you can do yourself, and they can instantly make the home look cleaner, fresher, and newer. Choose neutral colors to maximize potential appeal.
- Freshen the landscaping. You should also give some attention to the landscaping. Consider planting new bushes or flowers, trim things up, and make the entrance more inviting. Curb appeal can carry you a long way.
- Add hanging baskets. Hanging baskets of flowers are relatively inexpensive, and you can get them almost anywhere. A splash of color can instantly brighten the front porch.
- Replace the front door. If your front door is looking old or worn down, consider replacing it. In many cases, it will cost you less than $1,000. You don’t want to scare off prospective tenants with a door that leaves them second guessing their decision to tour this place.
With a much more attractive rental unit, you should have no trouble generating more tenant interest and eventually making more money. If you keep making upgrades one at a time, you’ll keep increasing the value of your property and boosting the satisfaction of your tenants.
