To properly earn rental cash flow, you need to charge as much rent as possibly without contributing to a longer than necessary vacancy period. In most cases, it only takes a few cosmetic changes to make your property stand out and help you increase your rental property ROI. You can increase your cash flow with small renovations like the ones we’re talking about today.
Fixtures and Hardware
Start with installing matching doorknobs and light fixtures in your property. This gives the home a clean, modern look that tenants will like. Do the same thing with your hardware. In the kitchen and the bathrooms, the drawer pulls can match the knobs on the cabinets. Choose a polished silver or brushed nickel finish which will really make the room look elegant. This won’t cost a lot, but it will be noticeable to the best tenants.
Create Curb Appeal
A property that looks inviting and welcoming from the outside will rent quickly and for a higher rent amount. Make sure the lawn is mowed, the trees and bushes are trimmed, and any flower beds or gardens are free of weeds. Brush any cobwebs away from the front door, make sure the home is well-lit at night, and present the property as a cozy, well-maintained home. Take a look at the front of the home from across the street and make sure it looks like the type of home you’d like to live in.
Walls and Floors
Instead of touching up the paint in one or two areas, paint the entire wall. That will keep the walls looking clean and uniform. Sometimes touch up paint can look messy, and you might not get the color exactly right. Consider updating to a modern, neutral color such as light gray to give the home an updated look. Have the carpets professionally cleaned, and if there are tears or stains, replace them for the next tenant. It’s worth the expense because you’ll have an easier time attracting good tenants and asking for a higher rental price.