Earning as much rental income as possible should be one of your goals as a Daphne real estate investor. While the local market will have the largest impact on what you’re able to charge in rent for your property, you can still influence how much you earn.
Providing a well-maintained property is one thing. It’s expected and required. If you can make your rental home really stand out from the competition, you’ll find that you attract better tenants who are willing to pay a bit more to live in your property.
Think about property condition and the renovations you can make to increase your rental value. There’s no need to add a bathroom or tear out the kitchen. Some small, cost-effective upgrades and updates can make a huge difference when you have a Daphne rental property.
Here are three things you can do to maximize your rental income right now.
Upgrade the Basics: Paint, Lighting, and Landscaping
A fresh coat of paint on all the interior walls is required before you have tenants move into your property. When you’re preparing it for the rental market, don’t make tiny touch-ups here and there. It’s noticeable, and it doesn’t look as new and fresh as a completely painted wall. Remember to stick to neutral colors. Even if you love lime green, it’s going to be hard to push that on tenants who have their own furniture and accessories that need to match the room.
Lighting is important too, especially in the kitchen and the bathrooms. Make sure it’s bright and energy efficient. Install new fixtures if you can, especially if you have that dated over-the-sink lighting in the bathroom that looks like it came from the 1970s. Pay attention to exterior lighting, especially if you’re renting out a multi-family unit. Tenants will want to feel safe walking from the parking area to their front door at night.
Look at your landscaping. You don’t have to invest thousands of dollars in fountains and flowers, but make sure the outdoor space is appealing. The lawn should be mowed, the bushes should be trimmed, and the driveway and walkway should be free of any debris or weeds. These things make a difference to your curb appeal and your rental value.
Fix Your Floors: Consider Hard Surface Instead of Carpet
Carpet is pretty standard in rental homes, but it doesn’t have to be the cheapest and ugliest carpet that’s available. Put in a nice, medium-grade carpet that will last for a few years and not scare away your tenants.
Even better – tear out the carpet entirely. While it might be good for bedrooms, hard surface flooring is growing more and more popular among rental property owners. It’s not terribly expensive, especially if you work with a faux hardwood finish or a high quality laminate. It’s easier to maintain and your tenants will appreciate fewer allergens and stains.
It’s the Little Things: Fixtures and Hardware
Look in the obvious easy places to make upgrades. New drawer pulls in the kitchen, for example, can give the entire space a modern and attractive look. Replace the faucets in the sinks and update the ceiling fan pulls. New light switch covers can look impressive.
You don’t have to spend a lot of money, but what you do spend will more than pay for itself when you attract good tenants quickly, thereby reducing your vacancy rate. You’ll also be able to charge more rent.
We can help you make smart decisions about renovating your Daphne rental property. Contact us at IRBY Property Management for some additional tips.