Three Low Cost Upgrades That Can Make Your Rental Property More Appealing
When you decided to purchase a rental property, you invested your money with the intent of yielding a return. Given the over saturation of the market, to be competitive, you have to look for unique ways to make your property stand out. There are a number of minor upgrades you can perform to make your property more appealing and increase its value without consuming your entire budget.
Homeowners and renters alike want to come home after a long day of work and feel as though they can relax. Installing a soaking tub in the master bathroom is one way you can help them accomplish this goal, and make your property more appealing. This seemingly minor addition can transform a basic bathroom into a luxurious master suite.
Depending on where your property is located, you can expect to spend somewhere around $2,000 for the purchase and installation of a high-quality tub. Given the increase in rent that you will be able to charge after this addition, making back your investment will be easy to do.
Wood blinds are designed from lightweight wood materials and are available in a variety of stain and paint selections. Wood blinds stand out primarily because of the benefits they offer. In terms of privacy, wood blinds perform better. Unlike thin, plastic blinds, wood blinds don't cast a shadow that can easily be viewed from the outside.
Wood blinds also do a better job at maintaining indoor temperatures by minimizing heat loss and gain through the windows. For the renter, this can mean lower energy bills. On top of all of this, wood blinds are relatively inexpensive.
In terms of low cost upgrades, it doesn't get much cheaper than a coat of paint. Even if you go with a premium option, your initial investment will be on the lower end of the scale. A common gripe of most renters is a lack of personality in rental properties, with bland, white walls being at the top of the list of complaints.
Painting your property with a neutral eggshell, tan or even yellow hue can spruce up the unit, make it more stylish, and overall more appealing. As an added tip, choose a semi-gloss or satin finish as it will be much easier to wipe down and keep clean without damaging the paint.
Your upgrade efforts combined with the expertise of a property management company, like Condominium Management, can make finding tenants for your property easier and ensure you get a good return on your investment.