As an investor, you want to get the best financial return on your rental property. If you spend a little time and effort before putting your property on the market, you’ll be able to earn a lot more on it through consistent rent and reduced vacancy.
When people drive by your house, they should see something inviting. It needs to look like a place where people would want to live, and if it doesn’t – we have some work to do. The exterior needs to be fixed up and then the interior needs to match. If the curb appeal is charming and inviting but prospective tenants walk inside and there are no upgrades and the carpet is old and the cabinets are worn down, it won’t feel like home or a place they want to live. You’ll have a hard time getting a good return on your investment.
Cost Effective Updates
A fresh coat of paint is helpful to making the interior look good. Replacing the flooring also goes a long way. Think about updating the kitchen. There’s no need to go all out with granite and stainless steel or custom Italian cabinets. But simply painting faded cabinets or replacing the hardware can give the whole kitchen a facelift. To get the property rented quickly and make it feel like home, we do something that costs very little money. That’s a two tone paint job. We paint the baseboards and trim white, then the flat walls are a beige or a tan color. It’s more inviting and comfortable, and it feels custom.
You need to have your property priced competitively. If you’re holding out for an extra $100 per month and it’s vacant for two months, you’ll never recover that lost rent. So fix up the outside, make moderate upgrades to the interior, price it competitively, and then get it on the market and rented quickly. That’s the best way to increase the return on your investment property.