We often get asked about what home improvements to make that will help increase prospective tenant interest and wrangle a higher rent price. As time changes some items become more important to prospective tenants and some things remain the same. In the end, the goal is to make the investment that results in the “biggest bang for the buck”. We will discuss a few of the investments that make the most sense for the average rental property.
First, focus on the exterior of your home. Nothing rents homes faster and for more money than great curb appeal, especially for single-family homes. If you own a condominium or townhome, sometimes you will be limited on the amount of work you can do to increase curb appeal. Some easy items that increase curb appeal are a freshly cut lawn, flowers, picnic bench, removing cobwebs, and maybe a new coat of paint on the trim only. These items are typically inexpensive items that show the owner is caring for a home.
Next, think about the kitchen. Kitchens are typically the first area prospective tenants go after entering the home. There is a gravitation to go look at the kitchen. So, think about your cabinets, appliances, flooring, and countertops. Instead of replacing the cabinets, maybe a simple resurface would make the cabinets look brand new again. Think about replacing your linoleum with Pergo hardwoods. They are typically tough against wear and tear but still have a nice wood look and feel. This goes for countertops, too. Think about Formica that has the corian, slate or granite look.
Lastly, take a look at the fixtures in the property. Are they reflective of the age of the home? Fixtures can typically be easily swapped out for a newer look. Another nice touch that can be somewhat inexpensive is adding a couple of ceiling fans if the ceiling outlet can handle it is a very nice addition. So, go around your property and see what can be easily done at a fraction of the cost.
At Real Property Management of the Rockies, we are always looking for ways to help our owners keep great, long-standing tenants and increase revenue. If you are looking for property management services in Northern Colorado, we would be honored to speak with you and share with you on why partnering with us makes sense.
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