The single-family home rental market is hot across the country. Richmond has the distinction of being one of the cities seeing great rental gains. If you have a rental home in the area, you need to evaluate your properties.
Now is the time to give them an update to ensure you maximize your property’s potential. Consider these five tips to increase both your rental rate and the property’s value.
1. A Fresh Coat of Paint
A fresh coat of paint can work magic when it comes to updating a property. Choose a neutral color that will have mass appeal. That way, you open up the market of potential renters by not alienating someone with color.
Choose a flat or semi-gloss finish. This will require less of an investment than high-gloss. If you use high-gloss, it will require more coats; this equates to a higher paint and labor costs.
You can’t go wrong with bright white; it will always be popular with renters. If you want something softer, then consider antique white, beige, or a pale grey.
2. Landscape the Front
If the front of your property is bare, then you are giving potential renters a poor first impression. Even if they want to rent, they won’t be willing to pay as much. Adding landscaping can increase your property’s perceived value by up to 11.4%.
Landscape the front of your property with plants that lend themselves to long term low maintenance. This way, you don’t sign yourself up for high landscaping costs to maintain this improvement.
Plant trailing lantana for beautiful lavender flowers and an efficient ground cover. A red fairy duster will work perfectly for shrubbery. You could also consider woolly butterfly bushes, desert marigold, white primrose, and brittle brush.
3. Update the Kitchen and Bathroom
These are the two most important rooms of a rental and can make or break the deal. You don’t need to have top of the line appliances; they just need to look beautiful. You can’t go wrong with stainless steel as it has become an image of luxury and style.
After the appliances, update the plumbing and lighting fixtures. These little details will give the entire kitchen a modern feel. Skip the shiny chrome; it’s looked at as cheap. Instead, opt for oil-rubbed bronze or brushed nickel.
When it comes to the bathroom, update the lighting. Because the bathroom is typically small, statement lighting can make a big impression. The same goes for the towel racks and other hardware.
Replace these old fixtures with modern versions. These small details will instantly transform the entire space.
4. Clean Everything
Sometimes all it takes is a thorough cleaning. This goes beyond wiping the counters and scrubbing toilets. Hire the professionals to come in and clean the carpets. Or have the grout around the tile freshened up.
Then outside the home have a pressure washer clean the house and driveway. This will remove any mold, mildew, and nests that might be lurking.
5. Replace the Floor
This upgrade requires a bit more of an investment, but if done right it can increase the value of the property. Take out standard grade carpet and linoleum. Replace it with tile, stone, hardwood, or laminate.
These materials not only add value, but they are also easier to clean and care for. You’ll see reduced maintenance costs for both you and the tenant.
Get More for Your Rental Property
It doesn’t matter how many upgrades to you do if you don’t have time to manage the property properly. To get the most for the property, you need to turn to the pros. They know how to market your property to get the most rental and attract the most desirable tenants.
Contact us today and learn why we are the only choice for property management in Richmond.
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