Property maintenance and upkeep can easily eat into your revenue when you are a property owner. However, it doesn’t necessarily have to be like that. There are ways you can upgrade your rental and still earn decent revenue. Mooloolaba estate agents share 5 budget-friendly upgrades and styling tips for your rental property.
Even though painting your rental a fresh coat of paint is implied, we will still mention it as a number one upgrade as it is inexpensive and yet very effective. You can also consider replacing old and worn-out cabinet doors and hardware, as it will add an instant glow to your property. You should also consider enhancing the exterior if your rental has a front or back yard. There are a few simple ways to do that – more on them later. Additionally, adding more storage options is always a good idea. What can also affect the rent price is the condition of the appliances. If the appliances in your rental are outdated, you can consider replacing them, as it will be a good base for raising your monthly rent.
Add a fresh coat of paint
Considering all the upgrades, you might not know that painting has the highest return on investment. So, painting should always be your first step when considering what you can do to improve your rental. You can earn an even higher investment return if you buy bulk paint. Having a little extra paint can also come in handy in cases when you need to do some touchups. There is also another alternative: you can let your tenants deal with the painting. However, in this way, you don’t have so much control over the process. You can still set some conditions, and in some cases, this is a selling point for some renters. For your peace of mind, perhaps it’s best that you deal with these things.
Replace cabinet doors
Another inexpensive upgrade that your rental might need is replacing cabinet doors. Many property owners may delay dealing with cabinets as they think they need to change them entirely, which can be a pretty expensive investment. However, changing only the cabinet doors will do the trick for a fraction of the cost. Even if replacing just the doors, you should use high-quality materials. If you use wooden doors, you can repaint them in any colour you need. Besides the doors, you should also replace the hinges and knobs. In that way, you can give your kitchen a fresh and new look, which potential tenants will appreciate as it will add to the overall appeal.
Enhance the exterior
If your rental comes with a front or back yard, you should also work on improving it as well. Properties in hot countries, such as Australia, often come with a yard. If your property is located somewhere in the Sunshine Coast Region, then you know it is a popular holiday destination.
You should also polish the exterior to make it more appealing to potential renters. Start with pressure washing the concrete parts, especially at the front of your property, as that adds to the curb appeal, which is an essential aspect of renting out properties successfully. You should also do some basic landscaping at least and make sure there is decent patio furniture in the backyard. When you list your property these additional features, you can be sure that you can rent it out even for a higher price than you originally wanted.
Add more storage options
What tenants also appreciate is having plenty of storage. Assess your rental and consider whether you need more storage options. If you think that there isn’t enough storage and that you can enhance that, you can search online for some ideas. Or you can visit a local store and get some space-savvy storage racks, shelves and drawers. By increasing the storage options, you can really make your property shine.
It is advisable to have appliances in your rental, in the first place, as they add value to your rental, and you can earn more income. Second, it is also advisable for those appliances to be new and modern. Not only that modern appliances have a better appeal, but they are also energy-saving and more efficient. Low utilities are yet another way to attract renters.
These are just some of the affordable ways to upgrade your rental. You can look up for some more online.