Three Affordable Improvements to Add Value to Your Rental Property
Let’s face it. Owning rental property in Austin is expensive! It’s a competitive market, customers have high expectations, but it’s also ripe with opportunity. With so many rentals in demand today, even the smallest perks can significantly increase your property’s value and attract the kinds of tenants who will help you protect your investment.
Let’s talk about three affordable improvements that you can make right now without breaking the bank.
1. Update your fixtures.
Symmetry and consistency bring a sense of thoughtfulness to a living space. So when ceiling fans, lighting fixtures and plumbing fixtures are out of sync with each other, with clashing designs or metal finishes, it can suggest that landlords have given only haphazard attention to their property. You want customers to feel that the entire property is current and well-cared-for, and updating these things to reflect a consistent aesthetic is a relatively inexpensive way to communicate value. It’s also a great way to show that you understand your target client’s sense of style.
2. Add color (and personality) to your rooms.
Many tenants appreciate living spaces that feel “new,” even when the structure has been around for some time. One of the easiest and least expensive ways to give a room that fresh, ready-for-move-in feel is to paint the walls with an attractive and universally appealing neutral color scheme. Well-chosen paint tones minimize many of the cosmetic blemishes that rental properties acquire during move-ins and move-outs, highlighting trim work and other architectural features instead. Choice touches of bolder color might come in the form of an “accent wall” in a particular room, or by updating the backsplashes in the kitchen or bathrooms and painting older cabinetry to match.
3. Give the exterior some TLC.
Curb appeal adds tremendous value to a property, making it a place tenants are proud to come home to. Even when a major landscaping project may be out of your budget, there are plenty of affordable things you can do to enhance your rental’s exterior from season to season. Many homes benefit from a thorough pressure-washing job, for instance. Sidewalks, driveways, decking, and siding all assume a worn look as a result of moisture penetration and mold buildup. Pressure-washing these items can restore them to their original color and, in many cases, give the property a “like new” appearance without changing anything. Other small touches, like replacing worn decking or fencing boards, updating exterior lighting fixtures, and painting exterior doors, can also dramatically increase the attractiveness of your property.
Remember that small improvements can pay big dividends, giving landlords the ability to attract the kinds of tenants who share their values and are willing to pay a premium for a unique living space. Be sure to check out our YouTube video on this topic, and if you’re feeling inspired to make a few changes to your property, we’d love to help. We’ve been adding value to Austin-area properties for years, and we’re equipped to tackle virtually any make-ready project you have in mind. Contact us today, and let’s talk about it!