We are often asked should I renovate my rental home or lease as-is. If the home is in good condition and just needs to be spruced up, here are some cost effective ways to maximize the rental value of your home!
1. A fresh Coat of Paint – Paint is one of the most cost effective and easiest way to give a home a clean and fresh look. Choose neutral colors to appeal to the widest range of renter’s styles.
2. Vinyl or Tile Flooring – Replace carpet that is easily stained and dirtied with waterproof vinyl plank flooring. Vinyl plank flooring is long lasting, wears well, is easy to clean reduces the expense associated with cleaning and repairing carpet after each tenant.
3. Updated Light Fixtures – A few well placed, updated light fixtures can give the home an updated appeal without breaking the bank. Look online and at your local hardware store for deals and sales.
4. Curb Appeal – Similar to if you were selling the home, curb appeal is a big deal for potential renters just as it is buyers. It’s your first impression and updates such as new grass, planting a small garden, trimming trees and shrubs and keeping grass cut can go a long way. Other outside updates, like new shutters or painting the front door, can also add to the curb appeal.
5. Perform a Maintenance Check – Prior to renting your home, have a qualified handyman do a general maintenance check of the home to ensure mechanical systems and appliances are working properly. This can save money down the road on larger repairs if a system fails.
These updates will not only attract tenants, but will also increase the value of the home. Improving the look of your property, even a little, can give you the freedom to raise rents and make your property much more attractive to potential tenants.
Also, if you’re making repairs to the property, remember these can be deducted from the taxable income of the property.
Overall, renovations can pay great dividends in the long run. Start with small fixes and do additional updates as your budget allows!
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