Landlords can lower their overhead on each rental home by making updates to the structure and landscape. Many of the updates covered in this blog offer time savings and cost savings. Choosing just one or two projects at a time can make things more manageable, and you can work through the whole list eventually, upgrading every rental home you own, so you earn more money from them. Let’s consider the big and small changes that a landlord can make to their properties to increase their value.
Update the Windows for Big Savings
According to the Department of Energy, a drafty window can emit between 25% and 30% of the home’s warm air. Replace the property’s older windows with energy-efficient new windows. This updates the energy efficiency of the home and its exterior and interior. Inside the rental house, update the window treatments to provide better insulate the home and blackout streetlights to improve sleep.
Replace carpet with wood, laminate, or tile flooring. Carpets stain easily, but other flooring types offer easy-to-clean surfaces. Consider installing self-adhesive flooring or interlocking laminate flooring for an easy do-it-yourself installation.
Repaint the Home
Paint the walls of the home or apartment to update the interior’s appearance. Choose a color scheme of gray with white trim or shades of beige for the high impact that renters love. These combinations provide a high-end appearance and complement most furniture.
Windows aren’t the only area of a home that needs energy efficiency. Update the appliances to Energy Star-rated devices. These use less electricity to perform their duties and cost less to operate.
Revamp the Bathrooms
Renters appreciate homes with new bathroom fixtures, light fixtures, and plumbing. Landlords can save themselves money by installing low-flow toilets that conserve water. Also, replace the faucets and showerheads to use low-flow devices. In each of the bathrooms, install new bathroom vanities, and update the mirrors, update cabinet pulls, toilet paper holders, towel racks, and install pull-out shelving.
Upgrading the Kitchen
In the kitchen, place new cabinets and countertops or update the existing cabinets with paint or varnish and new hardware. Also, update the faucets and other sink hardware. This applies to the utility room, too.
Improve the HVAC Performance
Have the heating, ventilation, and air conditioning system (HVAC system) inspected; overhaul it, if necessary, to protect the health of your renters. According to the EPA, indoor air quality can be two to five times worse than outdoor air quality. Making the air quality in your rental homes top-quality can make it easier to rent them and keep you out of trouble with municipal officials.
Upgrade the landscaping to xeriscaping. This type of landscape uses indigenous plants to reduce the amount of water needed, creating a drought-hearty landscape. Install sprinklers to automatically water the lawn so neither you nor the tenants need to do so.
Renovating Your Rental Homes
Although this might seem like a lengthy list of items, consider making visible improvements first. Painting takes little time and makes a big impact. Replacing light fixtures and plumbing fixtures also requires only a small investment and a tiny time investment. Starting with these items can help you quickly rent a home. Once you have rental income, this can fund larger improvements that your renter will probably appreciate.
Of course, if the house or apartment has structural issues, address those first and before renting the property! As a property owner, you have a legal obligation to keep your premises free of perils, so your renters remain safe. If you show the home before repairing these items, you must warn visitors. You must post a permanent warning for any peril that you cannot remove.