In nearly every investment property owner’s life, there will come a time when a tenant moves out and you will have to consider a remodel project – or at least do some type of upgrades – before your next tenant moves in. It just happens.
Things get old, broken, or outdated and need to be replaced – and when that happens, if you don’t do something to fix it, potential new tenants – at least the good, quality tenants who you want looking at your property – will likely move on to other rental units.
So, before heading out to Home Depot, here are a few tips for what you can do in order to make your rental look nice, yet without going overboard.
First, when it comes to repainting, it is always a good idea to stick with something neutral. In fact, the majority of your future tenants will thank you if you go with a basic white. It goes with everything, along with making the home appear bright and clean.
Next, when it comes to flooring, tile is the way to go, over and above linoleum – even though it may be a tad more expensive. Because it lasts longer, you will likely be able to easily recoup your investment. Plus, it tends to look much nicer.
Here in Florida, you may even want to consider putting tile in the bedrooms in lieu of carpet when remodeling a rental property. This is because it is much easier to keep clean and stain-free. By simply adding an area rug, the tenant can easily soften up the room when they move in.
In the kitchen and baths, if you aren’t in a position to do a complete overhaul, upgrading the faucets can do wonders for brightening up the space and making it look nice and fresh. You may also want to consider re-grouting the tub / shower area. Here, by using a darker color, it typically won’t show stains for a longer period of time.
These simple tips won’t take you too long to accomplish, yet they can help immensely in getting, and keeping, the eye of potential new tenants quickly – which can keep your incoming cash flow from being interrupted for very long.
Need for ideas on how to run a profitable rental property in the Orlando and surrounding area? Give us a call.