If you have a rental property but no one is buying, or if you’re about to move and are considering renting out your space, here are three of the best ways to increase the appeal and price of your rental property. It’s overwhelming to gauge exactly what your renters want in a home, but if you follow these tips, renters will love your property and will be applying to move in left and right!
The bathroom is one of the first rooms in your property that you should be renovating. It’s one of the most important locations for prospective renters because they want the room to look clean enough to bathe in comfortably. Clean up the room perfectly (don’t forget the baseboards and faucets) add a coat of fresh white paint to give a modern, sleek look to the bathroom, and replace the linoleum if it’s looking worn (lino is dirt cheap to replace!) and if you have the money, update your toilet or sink.
A lot of families spend a decent amount of time in the kitchen, so you want it to look great. If the home is old and has a wall separating the kitchen and dining area, hire a local structural engineer to find out if it’s possible to tear it down partially. This will open up the area, giving the illusion of more space to cook in, and it also provides a breakfast bar, which people love. The most important thing you should do for your kitchen is replace the appliances. If your oven and dishwasher are looking old, it’s time to say goodbye. Appliances are a big investment, but they’re also a big plus in prospective tenant’s eyes. No one wants to cook in a 20 year old oven or wash their dishes in a leaky dishwasher!
There’s nothing quite as cost effective as adding a new coat of paint to the entire house. It helps the home look clean and new, which goes a long way when trying to rent, and it doesn’t break the bank. Paint the walls with a neutral colour like taupe, cream, or light grey so as not to turn off any renters. Remember, they’ll be moving in with their own sense of home decor and you want them to feel like the property could easily be their home. Bright colours are not for everyone, but most people are comfortable with a neutral home that they can make their own. Don’t forget to paint the baseboards white (you’d be surprised how much of a difference it makes!) and paint your front door too. It’s the first thing people see when they come to visit your property, so you might as well make it look as great as possible.