When you’re getting a property ready to rent out, whether it’s for the first time or in between tenants, it's always hard to make it appealing and up to code without breaking the bank. Some refreshes will require more work than others, depending on how old the building is, how long your previous tenants were there, or how destructive they or their pets may have been.
This month’s article highlights useful tips on how to balance durability and marketability alongside cost effectiveness.
Flooring
- Carpets - If you are choosing carpet, fitting your property throughout with expensive, light colored carpets is likely a big mistake. Instead, opt for darker colors and look into a more cost-effective carpet with a good underlay. Generally the lifespan of carpet is about 7 years. If you are able to keep it in your property for that long with minimal damage, it would then be your responsibility to replace it without charging your tenant. But you may get more bang for your buck in the long run.
- Laminate - Laminate is perfect for the kitchen, bathroom and hallways at the very least. It can easily be put in the entire home if desired. It’s easy to clean and good quality materials shouldn’t damage easily so the lifespan is a lot longer. It also adds to the visual appeal and tenants can then decorate with rugs to suit their own style. Some varieties buckle when water or liquids spill onto the floor, so keep this in mind.
- Some builders are now putting LVP (Luxury Plank Vinyl) into their new construction, which is a good cue for the rest of us. LVP is less sensitive to spilled liquids, can have a wood look, and is worth considering as a cost-effective option.
Walls
- Painting in a rental is generally best if you can go with neutral colors such as white, off white, cream, etc. If you have several rental properties you can opt to paint all of them the same color and sheen so you can keep that one variety on hand for touch ups which helps keep costs down.
- Try to use a water resistant neutral acrylic paint in both the kitchen and bathroom. This will help protect your walls from costly repair of mold damage.
- Painting should be redone every 5 years and is your responsibility for expense after that amount of time.
- Bathroom
- If you end up having to do more than just quick paint touch ups, re-caulking and cleaning, use the opportunity to update a bit more:
- Install water saving shower heads, LED light bulbs and consider an electric water heater.
- Install a shower over a bathtub if there’s room, instead of a shower tray. Shower trays break easily and are super expensive to deal with if they leak and create mold and wood damage.
- If space allows, try to install a second bathroom or at the very least a second toilet. This will make the property more appealing to prospective tenants and will increase the value of your space.
Kitchen
- If you don’t need to completely gut the kitchen, a few simple renovation updates can help a kitchen feel new.
- Replace cupboard doors if they are damaged or just too worn out. If not, a new coat of paint or stain goes a long way, especially if the style of the cabinet doors is within today’s current styling.
- Update countertops with laminate instead of tile. It’s easier to keep clean and looks sharp. Most home improvement stores sell in-stock laminate countertops that simulate the quartz look.
- If you need new appliances, don’t get integrated ones. They are harder to deal with for repair and are much more costly. Slide-in, standalone appliances are a better choice.
Overall, you want to make sure the property is clean, presentable, and durable, but it really isn’t necessary to go overboard with super expensive fixtures and materials. Keeping it simple will save a lot of time, money, and frustration in the long run.
If you have any questions about property management concerns in light of your target investment, we’d be happy to discuss it with you. Give us a call at 408-982-5977 or email us at info@rezidehome.com! A member of our staff will get back to you.