DIY : 5 Home Improvement Strategies to Maximize Rental Profit Potential
Maximizing the income potential of your midterm rental property is at the top of your do-list for summer. Home improvements are an excellent way to achieve this because they add value to your property. But what strategies will allow you to minimize costs while reaping the greatest return on your investment?
Consider the interior first
Assess the inside of your monthly rental home. If it looks dusty, clean it. If it looks dark, consider replacing curtains with blinds. You may want to add a few floor lamps instead and/or repaint the walls a light color like white or cream.
Be strategic about structural enhancements
Nothing freshens a home interior like new carpet. But unless your carpet is more than 7 to 10 years old, it’s best to opt for a professional cleaning.
Aesthetics may also make you want to tear down a wall in your mid term rental. Do this only if the total living area is small and needs expansion.
And before you spring for a paint job, use a Magic Eraser to removed marks on walls. A ceiling should get a new coat of paint only if it is stained.
Focus on the bathroom and kitchen
Save major mid term rental home interior upgrades for the kitchen and bathroom areas. Well-finished cabinetry and spacious kitchen counters go over well with prospective clients: so does attractive tile work in the bathroom.
But before you throw out older appliances and fixtures, have a technician assess them. If all they need are some routine tweaks, you’ll save yourself the cost of outright replacement.
Invest in small fixtures as needed
Look at the fixtures in all the rooms of your monthly rental home. These could include:
· Door handles
· Cabinetry hardware
Replace anything that looks worn, damaged or is not working properly. For lighting that is 25 years+ older, you may still want to replace it with something more up-to-date.
Hire a professional for anything you don’t know how to replace. You don’t want to make mistakes that will only add to your overall costs.
Small landscaping fixes reap big benefits
If your rental has a front yard, the grass mowed and trimmed. Cut back any overgrown bushes and trees and consider planting a few colorful flowers.
If your property has a view of Austin or any of the city’s lakes, make sure that it is unobstructed. Also check that all gates/gate hinges are secure and that any fences and stone/concrete walkways are in good repair.
The main thing to remember when renovating your rental property is that it does not have to be picture-perfect: just the picture of great maintenance.
In the end, what midterm rental home tenants want — and will pay well for — is a clean, attractive place to call home.