If your investment property is ready to rent doing just a little more with inexpensive items can help bring higher income. Here are some great examples of cheap ‘extras’ that you can request that will let you bump your rent up by $25 or so — or help you get a tenant moved in that much faster if you keep your rent at market levels.
1. Curb Appeal
First impressions is everything! Potential renters will decide if they like your home the first 60 seconds upon arriving.
• Having your front door and its immediate surroundings freshly painted,
• Hiring a landscaper to come out and freshen up the bushes in front of the house,
• Getting new doorknobs and other ‘entrance hardware’ (deadbolt, knocker, etc.).
2. The Walk In
The second first impression. You want that first glance inside the house to impress.
• Having the carpet professionally cleaned,
• Having the walls cleaned with minimum holes and mismatched paint from prior touch ups
• Trim around the doorways being free of scratches
• Putting a new door mat just inside the front door, and/or
• Installing 2" Blinds on all the windows
Survey shows this is the most important room for tenants. Most advice will tell you to renovate the kitchen, but that’s hardly necessary. All you need to do is make sure the kitchen is functional and clean.
• Getting new fixtures put in, especially slightly upgraded ones with features like spray nozzles,
• Getting new drawer pulls and/or cupboard handles installed,
• Installing slightly brighter light bulbs in the kitchen than the rest of the house
• Pay for an aesthetically pleasing backsplash above/around the sink and/or oven.
The ‘second most important’ room.
• Adding storage cabinets - costs little and adds a lot,
• Replacing older fixtures on sink and tub
• Getting a nicer shower head
• Upgraded towel bars and TP holder.
The crucial caveat to all of this, of course, is that your house has to actually be super clean and functional.. If your kitchen counter formica is in bad shape replace the countertop before you pay for any of these other things. If your house is old and just looks bad all the way through consider a total rehab because it will just not rent at all.