7 Tips to Redesign Your Home for Maximum Rental Potential

7 Tips to Redesign Your Home for Maximum Rental Potential

Searching for the right tenant can feel like an exhausting process. Ideally, you want to attract great tenants who pay their bills on time and plan to stay in your property for several years. Depending on the current state of your rental unit, you might need to spend some time and money making your property more appealing to outstanding tenants.

Browse the following 7 tips to redesign your home for maximum rental potential. A few of them will probably spark some ideas to upgrade your rental home.

1. Stage Rooms to Show Their Potential

Stage Rooms to Show Their Potential, make your space more welcoming

You want to show potential tenants how much they will enjoy living in your rental property. Create an ideal arrangement that helps people imagine themselves enjoying dinner with friends, watching a movie while munching on popcorn, or hosting a party. The better your “staging” is, the more attractive your property becomes.

Try to adjust the staging to meet the preferences of individual applicants. For example, you can change your layout with a modular sofa to show parents how they can relax in one area while their kids do homework in a different part of the room. When you know that a single couple wants to view the rental, you can position the sofa as a place to snuggle at the end of the day.

Go through your entire property to find ways to make each room look useful and enjoyable to the prospective renter.

7 Tips to Redesign Your Home for Maximum Rental Potential

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2. Choose the Right Colors for Each Room

Choose the Right Colors for Each Room, customize color for each room

Even if you give tenants the right to repaint the walls, a fresh coat of paint before renting is one way to bring out the best features of every room.

Here are a few color tips from the experts:

  1. a) Light lilac has a little more personality than white but doesn’t feel overwhelming.
  2. b) Ice blue creates a calm atmosphere and works with most decorating schemes.
  3. c) Light gray makes small rooms feel more expansive.
  4. d) Cream brings warmth to bedrooms.
  5. e) Marigold works in rooms with large windows to make the indoors and outdoors feel connected

If you want to choose a different color for the trim, use a color palette generator. This tool can help you select an option that works well. Keep in mind that you shouldn’t choose different trim colors for small rooms. Paint the walls and trim the same color to make the space feel larger.

3. Spend Time and Money Renovating the Kitchen

Spend Time and Money Renovating the Kitchen, upgrade your kitchen

Few rooms in the house matter more than the kitchen. Even if the rest of your house lacks personality, an impressive kitchen can change someone’s mind about whether to rent the unit. Any update that you can afford will make your rental house more appealing.

Updating appliances probably gets the most attention. People who like to cook usually hate using sub-standard equipment. A nice oven and range will make them excited to start chopping vegetables. Of course, buying new appliances can cost thousands of dollars, so you might not have room in your budget for it.

If you want to upgrade a kitchen while spending very little money, get new hardware for your cabinets and drawers. Most home supply stores have appealing knobs, drawer pulls, and hinges that you can buy for a few dollars. You can also add personality to your kitchen by looking for antique hardware. You’ll spend less than $100 making the room look much nicer.

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4. Improve the Curb Appeal with Fresh Paint and Plants

Improve the Curb Appeal with Fresh Paint and Plants, upgrade your exterior

You need curb appeal to make a positive first impression. Luckily, it doesn’t cost much money as long as you’re willing to put in some hard work. Some of the most effective ways to improve curb appeal include:

  1. a) Repainting areas that have experienced wear
  2. b) Repairing damaged vinyl siding
  3. c) Installing a unique doorknob that visitors will remember
  4. d) Hanging porch curtains that give your property a dramatic look
  5. e) Upgrading the mailbox
  6. f) Adding plants that bloom throughout the year

When choosing plants, make sure you get options that can thrive in the conditions around them. Some plants can’t survive in direct sunlight. Others can’t survive in the shade. You will also get better results by adding compost to the garden bed.

7 Tips to Redesign Your Home for Maximum Rental Potential

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5. Install New Floors that Make the Entire Property More Appealing

Install New Floors that Make the Entire Property More Appealing, upgrade your floor

Installing new floors might sound like a challenge, but new flooring systems make it pretty easy. A laminate flooring system, for instance, only requires basic tools. Most of the parts just snap together. As long as you can cut the pieces to match your room’s dimensions, you can get a new floor that lasts decades.

Expect to spend about two dollars per square foot on materials. If you want a professional to install the floor for you, add two to three dollars per square foot to the price. Even when you hire someone to do the work, you get a lot for your money.

6. Invest in Small Upgrades that Make Your Property Feel Luxurious

Invest in Small Upgrades that Make Your Property Feel Luxurious, upgrade your property

Some very inexpensive upgrades can make your property feel luxurious. Some of the best uses of your money include:

  1. a) Repainting walls between tenants to give the house a fresh look
  2. b) Placing seats and tables on patios, decks, and porches
  3. c) Installing electrical outlet plates that match the wall’s color
  4. d) Adding molding to give rooms more dimension
  5. e) Adding floating shelves that will give renters a place to put pictures (without putting holes in your walls)
  6. f) Upgrading the fixtures in your bathrooms
  7. g) Installing smart lighting that will let renters control each room’s mood
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7. Follow Tips That Real Estate Agents Use to Prepare Properties for Sale

Follow Tips That Real Estate Agents Use to Prepare Properties for Sale, take your agent's advice

Although you retain ownership of your rental property, you still need to “sell” it to potential tenants. If you need more tips, read about how experts recommend getting homes ready to sell. You might find some ideas that make your rental more appealing, which could also mean that you get to earn more money from your property.

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Jenna Salter worked as a Customer Care Specialist in the direct-to-consumer furniture market for several years. Last year, Jenna decided to quit her job and start a furniture review blog as an attempt to help people remove the mystery from online furniture buying.