Renting Out Your House? 8 Upgrades That Will Make You More Money
Becoming a landlord can generate an almost passive stream of income. But when a tenant leaves and you have to fill the space, you may have to put some work into the house or apartment to entice new tenants.
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The average rent cost, nationwide, for a two-bedroom house or duplex, right now, is $3,799. Rental vacancies in major cities are at record lows right now, according to CNN.com. This gives landlords an advantage when it comes to finding tenants. If you make the right upgrades, you might find that you can command an even higher rent price.
Clean and Landscape the Exterior
You never get a second chance to make a first impression, as the saying goes. Just as you want to boost a property’s curb appeal if you’re selling your home, you want to make sure your front entry appeals to renters.
Make sure the lawn, trees, and shrubbery are well-groomed. Power wash the driveway and siding if they’re looking old. Consider placing potted plants at the entryway. Add a fresh coat of paint to your front door, shutters, and garage door to make the house look like new.
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Paint the Interior
While you have your paintbrushes and rollers out, paint the home’s interior. Choose neutral colors, such as gray or beige, with bright white trim for a fresh, clean look.
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Upgrade Bathroom and Kitchen Fixtures
Adding brushed nickel or rubbed bronze kitchen hardware, along with upscale kitchen and bathroom faucets, can give your rental house a lavish look without spending a fortune. Plus, splurging on these smaller items that get heavy use means they will last longer, saving you money over time.
Upgrade Your Kitchen Countertops
A full-scale kitchen remodel can dramatically improve the value of your house when you’re renting it out, or even when you plan to sell. But if you’re not ready to invest $77,000 or more for a mid-range kitchen remodel, which is the average price according to Remodeling Magazine’s Cost vs. Value report, you can give the space a facelift with new countertops.
The folks at Schambs Property Management recommended quartz or cement in higher-end markets, or granite as a durable, functional solution for nearly any home.
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Resurface or Paint Kitchen Cabinets
In lieu of a full-scale kitchen remodel, consider re-facing or painting your kitchen cabinets. Combined with new hardware, this affordable upgrade will make your kitchen look like new.
Upgrade to Energy Efficient Kitchen Appliances
Energy-efficient appliances can save your tenants money if you aren’t covering utility costs as part of the rent. That means they might be able to afford higher rent if they know their electric bills will be cheaper.
Upgrading older appliances will also save you money in the long term as, ideally, you won’t have to worry about paying for expensive emergency repairs.
When you’re shopping for new kitchen appliances, make sure they all match and look for stainless steel appliances for modern appeal. You may be able to find deals if you have a local Habitat ReStore, where you can find new and used appliances at steep discounts. Proceeds go to support the nonprofit organization Habitat for Humanity.
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Add Upscale Window Dressings
Schambs also recommended two-inch wooden blinds for your windows. Prospective tenants notice touches like these. Wood blinds can last for 10 to 12 years, according to VanGogh Window Fashions, which means they could easily outlast your renters.
Just make sure to install cordless window treatments if you intend to rent to people with children or pets, as blinds with cords or strings are a safety hazard.
Install Wood Flooring
Experts agree that new flooring makes a difference when it comes to attracting tenants who are willing to pay more for a quality home. Carpeting tends to wear out quickly and typically has to be replaced each time you have new tenants. You’ll save money over time with high-quality wood flooring that can last for decades with proper care.
Another popular option is today’s laminate flooring or vinyl plank flooring that looks just like wood. It’s easy to clean and maintain and, unlike solid hardwood, is virtually scratchproof.
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