Looking to rent your investment property? While a great view, a spacious layout or a star school district are all terrific assets, pros know that there are simple improvements that can potentially help any home rent faster and for a higher price. Here are seven smart home upgrades that could have renters stampeding to your front door. Bonus: If you’re handy, you can do some of these home upgrades yourself.
1. A Fresh Coat of Paint
Many rental property owners think white paint is the go-to color for home decor. But by simply using bright white throughout your property, you might be missing an opportunity to be more emotionally evocative… and get a higher rental price. A new colorful coat of paint can add 1% to 3% to a home’s value. Colors like a warm, neutral yellow are said to boost happiness. Light green hues are known to be soothing and pop in a room with white trim. Of course, off-putting colors can have the opposite effect: Dark brown bathrooms and orange living rooms can turn away potential renters or can sell for rent than their more appropriately hued counterparts.
2. An Updated Kitchen
If your kitchen is looking dated, there may be some small things you can do yourself. Some new cabinet faces, flooring and hardware can go a long way for a relatively reasonable price and can offer great return on investment. Replacing appliances? Go for desirable stainless steel.
3. New Flooring
New flooring can make a room feel more expansive. Solid hardwood floors have always been the gold standard, with a price to match. Engineered flooring is more cost-effective — its plywood core and hardwood veneer gives it the look of solid hardwood, and it’s more resistant to heat and moisture. Allergy-prone renters will especially love floors that they can mop and sweep in place of carpet. It can also save you money in the long run since carpets tend to get stained and worn. Ripping up carpet to get it ready for the next renter is probably not something you want to be doing in between renters. Also, unless you’ve got a lot of experience and DIY know-how, it’s best to have a professional install new floors — the investment is definitely worth the impact it makes in a room.
4. A Security System
Installing a whole new security system may seem daunting. In reality, many systems install in seconds and require no pre-wiring or drilling. In a matter of minutes, you can attach the door and window sensors, wall-mount the glass break sensors and set up cameras. Before you know it, you’ll be done arming your property with a DIY security system, which will give future renters peace of mind.
5. A Shed
If your house has a limited amount of storage area, adding a sturdy shed can be an easy space-expander or a great spot to store outdoor equipment. Sheds are a great add-on because of their versatility. And if you spring for one with a window, it could even be used as a workroom.
A little renovation for a lot of return? Now, that’s a smart home. Visit Hubzu for more tips and to browse for your next investment.