Did you acquire a new property you plan to rent out? Are you looking for ways to boost a new or current rental property? There are many ways to make your rental property more appealing and easier to rent.
Whether you just acquired the property or you’re just looking to upgrade it, you have some options. Not every rehab project has to be expensive, either. Let’s look at three of the most common rehab projects you can use to boost your rental property.
New Interior Paint
Probably the most common way to rehab a rental property is with a new coat of interior paint. This is commonly done between tenants and can help provide a fresh and clean feeling for the home. It’s inexpensive, something you can do yourself, and a great way to make your rental property more attractive in person and through pictures online.
In some cases, you can even get the old tenant to do the painting for you. Maybe you discount their last month of rent or offer another incentive if they take care of the painting. This can work well, but sometimes, it can be better to have it done by a professional.
Add a Fence to the Backyard
If you have a rental property you market to pet owners, a fence in the backyard is a huge selling point. Dog owners love having a fenced-in backyard. In fact, it can be a feature they look for in a rental and they might pay a little more every month to have that fenced backyard.
A chain link fence can work great, but you can also choose a privacy fence. Both are good options and can even add a bit of value to the home, overall. With a fenced yard, even parents of young children might be more attracted to the property.
Savvy renters will look for a property with new appliances. They know that one of the most common maintenance requests they might have to make will have to do with an appliance that has broken. However, when you add new appliances to your rental property, those maintenance requests will likely not happen for many years.
New appliances will come with a warranty and they will be more energy-efficient, too. This provides a win-win for both the landlord and the tenant. The landlord gets a warranty, which means less need to pay for maintenance or repairs, while the tenant gets lower energy bills and less worry of having to put in a maintenance request.
Along with these three common rehab projects for rental properties, you can add new light fixtures, replace the flooring, do some landscaping, or even put in a gardening area in the backyard. There are many very inexpensive and easy ways to enhance your property and make it easier to rent.
With the right upgrades, you can make your property more attractive than other rental properties. It might also be possible to charge a little bit more and attract better tenants that will stick around longer.