7 Tips to Redesign Your Home for Maximum Rental Potential
- Author:by Jenna Salter
Category: Home Maintenance , Home Improvement , Real Estate Investing
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.
Table of Contents:
- 1. Stage Rooms to Show Their Potential
- 2. Choose the Right Colors for Each Room
- 3. Spend Time and Money Renovating the Kitchen
- 4. Improve the Curb Appeal with Fresh Paint and Plants
- 5. Install New Floors that Make the Entire Property More Appealing
- 6. Invest in Small Upgrades that Make Your Property Feel Luxurious
- 7. Follow Tips That Real Estate Agents Use to Prepare Properties for Sale
1. Stage Rooms to Show Their Potential
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.
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2. Choose the Right Colors 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:
- a) Light lilac has a little more personality than white but doesn’t feel overwhelming.
- b) Ice blue creates a calm atmosphere and works with most decorating schemes.
- c) Light gray makes small rooms feel more expansive.
- d) Cream brings warmth to bedrooms.
- 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.
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3. Spend Time and Money Renovating the 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
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:
- a) Repainting areas that have experienced wear
- b) Repairing damaged vinyl siding
- c) Installing a unique doorknob that visitors will remember
- d) Hanging porch curtains that give your property a dramatic look
- e) Upgrading the mailbox
- 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.
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5. Install New Floors that Make the Entire Property More Appealing
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.
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6. Invest in Small Upgrades that Make Your Property Feel Luxurious
Some very inexpensive upgrades can make your property feel luxurious. Some of the best uses of your money include:
- a) Repainting walls between tenants to give the house a fresh look
- b) Placing seats and tables on patios, decks, and porches
- c) Installing electrical outlet plates that match the wall’s color
- d) Adding molding to give rooms more dimension
- e) Adding floating shelves that will give renters a place to put pictures (without putting holes in your walls)
- f) Upgrading the fixtures in your bathrooms
- g) Installing smart lighting that will let renters control each room’s mood
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