Every renter wants the same thing: minimum down times and maximum revenue. Wasting money on upgrades that do not boost the appeal, value, or functionality of the rental unit is not an option. On the other hand, cutting costs while also aiming at great ROI seems like a daunting proposition. Well, provided that you play it smart, it is possible to get the best of both worlds. It is not like you need to do a complete overhaul or break the bank. Here is how to make a difference on a limited budget and tap into a steady stream of income.
Rethinking the space
Renovation and decoration go a long way towards maximizing rental profit. Not all projects are created equal, though, and some affect it more than others. They are associated with varying costs and wildly different ROI rates. Before we go into any details, note that one of the main goals is to make the home look liveable and inviting, like a real home. These qualities make a nice first impression and enable potential tenants to imagine themselves living there. So, how to pull it off?
Start by taking a good look at your property. If it looks vacant and almost desolate, you can work wonders by staging it with furniture. In case you do not want to spend a fortune on new pieces, rearrange what you already have. Pay close attention to the optimal positioning of mainstays like sofas, tables, and couches. Assemble a comfy seating area as the hub of domestic life. Just remember that you need to avoid making your space look cramped at all costs. Foster a free flow of traffic.
In the new light
Applying a fresh coat of point is as cost-effective as it gets. This improvement project costs less than most others on the list, yet profoundly shapes the visual pull of the home. Before you grab a brush, take your time figuring out the colour. It is always a safe bet to go for a neutral, subdued tone and set a soothing stage for other elements to shine. Also, bear in mind that you may need easy-to-apply products like a special ceiling paint to cover all the surfaces properly.
Likewise, one of the best ways to give space a makeover is to invest in new lighting solutions. Take advantage of them to highlight its strong points, such as decor focal points and original architectural features. To make the magic happen, do not just go for overhead fittings. Put additional sources like floor and table lamps. Replace or remove thick curtains and blinds to let the flood of the natural light inside. Create an open and airy feeling.
Form and function
Furthermore, get into the art of accentuating and decorating. This is your chance to bring more warmth and character to the space. So, invite the nature inside with potted plants. Add bolder splashes with throw pillows. You can also place a new carpet to infuse the space with texture and colour. Then again, it should be noted that installing new wooden flooring is also a cost-effective option you should consider. At the very least, give the present floors and carpets a thorough cleaning.
Bathroom and kitchen renovations bring unparalleled ROI— around 80%. You cannot go wrong with smaller-scale projects in these rooms (they bring the highest returns). Besides, nobody wants to see dirty and mouldy bathrooms or outdated lichens. Ponder minor fixture and hardware replacement first. Purchase new faucets, shower heads, cabinet handles, etc. Finally, you must never lose sight of the utility: make an effort to ramp up storage capacities, and keep clutter at bay.
With flying colours
As you have seen, the good news is that there is a slew of inexpensive upgrades that boost the tenant appeal. To complete the projects to tenant’s utmost satisfaction, assess your target market and come up with a budget. Focus on affordable touches that enhance the aesthetics and functionality. Allow people to have a vision of their life in your rental property. Present it in the best possible light: focus on comfort and liveable appeal. Update the kitchen and the bathroom to produce a “wow” effect. However, do not go overboard with styling or spending. Make the most bang for your buck.