Welcome to San Diego Blog | May 12, 2018
4 Cost Effective Ways to Increase your Rent
There is often a fine line between making smart cost effective improvements and setting out on projects that can cost you thousands and make your property less desirable. Here are a few projects that can boost the value of your rental property and some tips to help you from exceeding your budget.
While this may seem like a large project, it is definitely worth the cost (or time!) and you will see immediate returns. It will help give your rental property the clean fresh look that today’s renters are looking for. However, there are a few things to avoid with paint for your rental property. Avoid bold color choices as they will limit your potential renter pool. Not everyone likes bright colors, and the same is definitely true of darker colors as they make a space feel much smaller than it may be. We recommend using a light shade of gray or taupe as these neutral colors match almost all furnishings. Try and buy in bulk if you are going to be doing the work yourself so that you have the exact shade you need when touch-ups are required.
Renovate your Kitchen
This is an area where quite a few first time real estate investors make some of their biggest mistakes. Renters are looking for the same sleek modern kitchen that buyers are, and this look can be accomplished without starting from scratch. For example, old cabinets can be refreshed with new cabinet pulls. You would be shocked at the difference replacing old gold handles with stainless modern looking pulls will make. There are also companies that can either resurface your cabinets or replace the doors at a much lower cost than replacement. Repainting the doors is another option that can really change the look of a kitchen.
Update or Add to Your Appliances
Appliances are not an inexpensive investment but sometimes it is necessary. What used to be in fashion in terms of color and finish most likely isn’t and unfortunately appliances are usually the first items to become out of fashion. While some people enjoy the vintage look of appliances the vast majority of renters will not. We recommend using stainless steel appliances if making an upgrade as that is what we are seeing in high end rentals these days. Another way to add value is to add appliances to your rental property that people expect. These can include washer and dryer or a dishwasher to name the most popular upgrades. And not all appliances need to be purchased new! While new appliances do provide the convenience of delivery and a warranty, you can find amazing deals by using Craigslist, OfferUp, or a second hand appliance vendor.
Replace Carpet with Renter Friendly Flooring
One trend we are noticing more and more in the rental market is the elimination of carpet from rentals all together. While carpets used to be the norm, especially in middle to lower end rentals, most landlords are replacing their carpets with more tenant friendly materials. Carpet can attract a multitude of stains, smells, and more that force you to clean and possibly even replace after each tenant and on top of that, carpet does not attract tenants! To avoid this, invest in a more durable material. If you want to get the most rent possible we recommend replacing your carpet with wood-flooring, but depending on the square footage of your condo this can cost thousands. A less expensive but still very high end look is bamboo flooring, which has a similar look and durability to wood. A real cost saving route is vinyl flooring. While most people think of hideous linoleum, modern vinyl flooring can mimic the look of wood at a fraction of the price. An added benefit to all of these flooring types is the fact that you can repair individual sections, instead of replacing the entire area.
If you follow these tips, you should have a fresh condo ready to attract a high paying renter. If you need any assistance with finding a renter or managing your condo, please give the experts at Welcome to San Diego Management a call. We are happy to help!