If you invest in the right upgrades, you will not only boost the value of your property, but you can expect to have tenants lining up to get a piece of your real estate. The best path would be to have a full remodel, especially if you have an older house or apartment, but that can be very expensive. If you’re not ready to tackle an entire property makeover, here are the top five upgrades you can invest in to attract the biggest number of tenants. Take a look.
New paint job
Probably the easiest, most cost-effective and impressive way to attract your tenants is to splash some new paint on your walls. No other project will give you the same return on investment as a paint job! A freshly painted space leaves great first impressions and can change the entire vibe of the property. In order to get the best results and attract the widest audience, choose a neutral color palette. This will appeal to the largest number of people and give off that modern and classy feel. Your goal is to attract paying customers, not to make a bold statement with your paint, so stick to neutrals. Repainting can be done by professionals, but if you want to save up some money, you can hit stores like Home Depot, grab some supplies and do the job yourself in a few days.
Bathroom and kitchen upgrades
Having a thorough bathroom and kitchen upgrade will completely change the look of your space. However, tearing down walls and replacing cabinets can be very expensive and cause a lot of disturbance in your life. Luckily, you can transform these two key areas in your home without spending too much money and time. Pick a few larger appliances and replace them with new, energy-efficient models. This upgrade will not only impress eco-friendly tenants but also boost the look of your space since new appliances usually have a very attractive and modern look. You can also tackle smaller elements like faucets, showerheads, and sinks. These are fairly inexpensive yet leave a big impression.
If you don’t want to grab new kitchen and bathroom cabinets, you can repaint or re-face your old ones and give them a new lease of life. Add some new hardware to your improved cabinets (hinges and knobs) and they will look even fresher and more stylish!
Update your lighting
If you want to do something small yet very effective, tackle your lighting. It’s truly amazing how proper lighting can completely change the space and make it seem bigger, better and more attractive. No matter how well-designed and practical your rental is, if it’s poorly lit, it will never live up to its full potential. So, take a good look at your lighting and try to see how it can be improved. If you have those outdated boob lights, make sure to ditch them first and replace them with elegant custom lights such as hanging pendants or statement chandeliers. You can also pay more attention to task lighting. These pieces not only give light to your darker corners and make reading or working easier, but they also do wonders for your place aesthetically. A statement floor lamp can be a beautiful yet practical focal point of your rental property every stylish tenant will know how to appreciate.
Get cultured with art
If you feel like your space lacks personality and elegance, why not treat your walls to some art. Today, you can find amazing pieces online or in your local galleries or thrift shops and create everything from subtle art splashes to statement gallery walls. Just make sure not to be too bold and explicit with your art choice, otherwise, you might be pushing some renters away.
Curb appeal improvements
Most first impressions are created outside, so don’t forget to have some exterior upgrades too. A few flower beds placed along your walkway and some well-trimmed shrubs and bushes will leave a tasteful impression. Enrich your porch with a nice relaxation setup with two chairs and a small table—this is a classic aesthetic trick that still works like a charm!
If you just do these five upgrades to your space, you can already expect amazing results with your tenants. People will know how to appreciate your efforts and you’ll certainly end up with amazing renters who are willing to pay a bit more for your top-notch property.