Increasing Your Rental Income Through Renovation
Have you recently had your tenants move out? It might be time to not only clean your rental property but also renovate it. Renovation can help maximize your return on investment (ROI). However, you don’t want to overdo the renovations. You’ll want to use the services of a skilled handyman to perform inexpensive improvements on the rental so you can increase your rental income.
Rental Renovation Tips
You don’t want to sink a fortune into your rental but there are a few ways to cut corners while obtaining ROI. Here are some tips on how to increase your rental income through renovations that don’t break the bank.
- Paint: A coat of white or neutral paint freshens up the entire house and makes it feel new. The paint even helps make the house smell reinvigorated. A handyman can perform the simple task of painting the walls. If you have the extra money in the budget, then why not also highlight the trim and slap a fresh coat of paint on the ceiling to complete the interior of the home? If your home lacks curb appeal, you might not be bringing in renters willing to pay premium rent. Painting the home’s exterior will quickly appeal to tenants doing a drive-by and once you get them in the door then they can experience the home’s charm.
- Staging: Some homes seem barren without furniture. Often investing in staging furniture helps tenants envision the house as a home prior to signing the rental agreement.
- Replace Carpets: Many landlords replace the carpets of a rental every seven years but if you have had good tenants who have taken care of the carpets then you might be able to skate by with just a deep clean.
- Update the Bathroom or Kitchen: A modern kitchen and bathroom provide a significant ‘wow’ factor. Yes, this is a costly renovation, but it can quickly pay for itself with increased monthly rent. Plus, if you plan on selling the rental in a few years then the updated bathrooms and kitchen are serious selling points that can’t be overlooked. The rent will increase, and it’s resale value will climb. Updated bathrooms and a kitchen offer the greatest ROI.
- Backsplash: If you can’t afford a complete kitchen re-do then go with a modern backsplash replacement.
- Appliances: Your tenants will appreciate new appliances such as a stove, dishwasher, and refrigerator in their new home. This is a modest investment that offers a huge return due to the rental increase you can request.
- Replace fixtures: Replace doorknobs, cabinet handles, faucets, lighting, and toilets with newer, more modern options. Updating light fixtures in the kitchen, dining room, and bathroom makes a dramatic impression.
- Landscaping: Moderate landscaping is all that is needed to give any rental an instant facelift. Mow, edge the grass, trim the shrubs, and clear the flowerbeds to make an instant impression to any would-be tenants.
At Make Ready Residential, we make hiring a contracting company to do the handyman renovations on your rental a breeze. Please contact us today to learn more about our services.
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