Re-investing some of your rental income back into the property is the right call. Upgrading and remodeling your rental can increase the property’s value, how much you can rent it for, and what type of renters you’ll attract. But, where exactly should you start making changes—especially if you’re working on a limited budget? In this article, we’ll review the most-effective ways to build your Eclipse rental value without over-investing into it.
Make essential repairs before moving onto other upgrades.
If you have the money to invest back into your Eclipse rental property, you probably are already thinking about that next remodeling project. Your instincts aren’t exactly wrong; a mid-range kitchen or bathroom remodel can add significant value to your rental property and attract high-quality, long-term renters. However, if you have to choose, it’s critical that you first focus on taking care of the property’s essential needs. A rental that needs a new air conditioner, roof, or sewer line is going to be trouble—no matter how beautiful that new kitchen or bathroom is.
Every few years, it’s a good idea to organize an inspection to review the state of your rental. Think of this as a health checkup for your property: if everything looks good relative to the property’s age, you don’t need to take further action and can invest your rental income into making upgrades. If the inspection comes back with several red flags, you now have an invaluable opportunity to be proactive and fix looming issues before they lead to disasters such as a clogged sewer line, leaking roof, or broken AC unit.
These essential projects do far more than just saving you future headaches. They also can increase your property value over the long haul. If you’re looking to sell your rental at any point in the future, it’s going to be easier to do so if it has a new roof with thirty years left in it.
Clean up the exterior of the property.
You only get one chance to make an excellent first impression. What does your rental look like from the street? The fading exterior paint, dirty windows, worn shutters, and overgrown grass, shrubs, and trees can all send a strong, negative signal to either prospective renters or buyers. Nailing these simple details is the key to increasing your Eclipse rental value.
If your property is overdue for painting, it’s time to hire an experienced exterior painter to give it a refresh. With a new coat of vibrant paint, renters and buyers will perceive that the property is well-maintained and cared for, which in turn influences how much they think it’s worth. For paint to add value to your property in this way, it needs to be applied correctly and look great. We recommend you work with a professional, ensuring that the job will get done on time and without any defects.
A landscaper might also be a good call. Put your property on a regular cleaning schedule so that surrounding foliage doesn’t grow out of control, especially in the spring and summer. You can also talk to the landscaper about potentially removing some plants or trees if the front yard is starting to resemble an overgrown jungle.
Make your budget go further with low-cost, high-impact changes.
You’ll need to set aside thousands to remodel your property’s kitchen or bathroom. If you don’t have that kind of cash on hand to invest back into the property, there are still many positive changes you can make to increase your Eclipse rental value and the satisfaction of your renters.
Start with some new interior paint. Repainting the property’s walls is one of the least expensive upgrades you can make. Don’t underestimate the positive impact it can have on your property, however. Also, consider the lighting. Yellow lighting can make everything feel outdated, while the fluorescent light panels found in many kitchens turn what should be the coziest room in the home into a sterile, lifeless environment. Installing pendant lights over a kitchen island or recessed lighting in the bathroom can be a game-changer. Light influences the way we perceive everything: natural light, especially, can make your property much more attractive.
You’ve probably been deep-cleaning the property’s carpets between renters, but it’s also essential to know when it’s time to re-carpet. New carpets can be a revelation. The next time you have a carpet cleaning appointment, talk to them about your tile floors, as well. Professional cleaners have equipment that can lift years out of tile, restoring grout lines and removing grime.
You don’t have to go all-out to make your property better. Even small incremental changes can ultimately be a net benefit to your rental property’s value. If you’d like more advice on which renovations would be best for your properties, give RPM Eclipse a call at 425-209-0252.
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