The condition of the house is among the top factors that determine the amount of rental income that you can get from such property. Which is fine if your property is in good condition.
But what if it is? What do you have to do to take a tired and dilapidated property from barely breaking even to a revenue generating machine you can rely on?
Firstly, let’s get one thing straight here: any rental property should generate enough revenue to service a mortgage so that you are not left out of pocket making monthly repayments.
However, if you want to maximize its potential, you need to compete in what’s becoming a more cut-throat market day-by-day So the following are the simple modern renovation tips you need. Let’s go!
- Clean the walls and repaint them
Dirty walls with peeling paints are a major turnoff to potential customers. Use neutral colors which appeal to a broad customer base. You can employ a professional contractor to do this task if you are not good at painting. It is advisable to apply light colors on the window frames so as to attract people from far.
- A simple touch on bathroom and kitchen
A potential customer’s primary concern will be the condition of the appliances in these two rooms. You don’t have to spend a lot of funds because there are cheap fixes that will boost the value of your home in the long run. Fit modern appliances that are energy efficient and easy to use. A simple improvement like an extra window just above the sink can boost your bargaining power.
- Fit new curtains and blinds
New blinds and curtains are known to brighten a house and make it attractive. Select curtains with neutral colors and those that can rhyme with a variety of furniture designs. Pick aluminum blinds because they are easy to clean and rhyme with stainless steel handles and appliances. The aluminum blinds are ideal because you can use them with any furniture.
- Clean the entire house
A dirty house is a big turnoff to potential clients even if you have the most recent fittings and appliances. Stained sinks, door knobs, and stinking carpets are a major concern that can affect your bargain adversely. Contract a professional cleaner so as to appeal to a wide range of customers.
You need to maintain the exterior by keeping it clean and attractive. If you have a garden, trim the overgrown bushes and trees so that customers can see it from far. Apply mulch to flowers and other plants in your front yard to give them a healthy glow. Cut overgrown grass and use a lawn mower to keep the exterior in good shape.
There are a lot of simple renovations that can ultimately pay off and give you a good rental income. Ensure you plan wisely and understand the do and don’ts of home renovation before you undertake this exercise.