Increasing the value of your home isn’t as expensive and difficult as it may seem. There are certain changes that are very small but make a huge difference when it comes to renting price. Even a small increase can mean a lot over a longer period of time. We will tell you about the 8 ways to increase rental income by investing a small amount of money.
- Paint the walls
Small changes are sometimes the most important ones. A freshly painted wall won’t cost you much but sure will increase the value of the home you are renting. The paint will cost you up to $500 and a weekend of hard work but once you’re done, you will be able to rent your home for at least $50 more a month. You will earn the money spent in 10 months and after that, you will just continue to ear more. The best option is to go for some neutral colors that everyone likes. So white, beige, grey, and other neutral colors are welcome. Painting the living room wall red will definitely push a lot of people away no matter how good the home looks. This is one of the tips people use when they want to sell their home so they can get the highest sale price.
- Add more storage and decoration
Adding more storage can mean a lot to some people who are looking to rent an apartment or a house. Adding some shelves in the kitchen and cupboards can make a huge difference. We can’t forget to mention that decoration plays a big role if you want to increase rental income. Adding trendy mirrors, curtains, pillows, picture frames, and other things can increase your rental income a lot. Making an apartment look modern and trendy can increase your monthly rental for over $100. That is not too bad and these pieces won’t cost you above $500. Which means that you will start earning more money in just 5 months. And if you add the storage, that is another $50 on the monthly rent.
- Replacing old things around the home with new ones
By this, we don’t mean go and get new furniture. But if you feel like that is needed too, do it. But maybe start by replacing the smaller things. Doorknobs usually look bad after a few years of using them, so why not replace them? Replace the locks too and you have yourself additional $20 per month. Replace faucets too. Old faucets can get broken easily. So by replacing old faucets with new ones also means you won’t have to worry about floods in the home you are renting. This is also one of the things people do when they have to prepare their home for sale.
- Replace the appliances
Replacing old appliances with new ones is more expensive than the three things we mentioned before but it does the best job when you want to increase rental income. So if the old tenants had problems with air conditioning, replace it. If they had problems with the washing machine, replace that too. Test every appliance you have round to see what works well and what doesn’t. Having new appliances in the home that you are renting can increase rental income by $200 per month. And if you don’t find a way to sell the old appliances, move them by yourself or simply move them with a moving company like movingkings.com to a storage facility or to your home until you decide what are you going to do with them.
- Bathroom renovation
A bathroom renovation will certainly cost you a lot but it will also bring a lot of money back. You don’t have to go all out if the bathroom doesn’t look bad. Simply paint your tiles with the tile paint and call it a day. Clean if there is any mold, replace the faucets and you are done. But certain bathrooms need more change. It is up to you to decide which change is worth spending your money on. Sometimes all you need is a new toilet seat and a new mirror. If the bathroom looks nice and clean, you are more likely to rent the home faster even though it is more expensive.
- Kitchen renovation
This is similar to the previous thing we said. Paint the tiles, change faucets, clean mold. Make it look nice and fresh. If you can also paint over cupboards and shelves, that will do you wonders. Potential tenants will instantly book relocation specialists who serve Davie, FL to move there.
- Replace old furniture
Buying a new couch or a new bed is the best investment you can make for your rental. When potential tenants see the bed and the couch in perfectly new and good condition, they won’t ask why is the price so high. New furniture can bring you around $200 extra per month. Who wouldn’t want that?
- Replace windows and doors
This will cost you the most but will also bring you a lot of money. New windows mean that winters won’t be cold inside and it also brings the whole place together making it new and fresh. New doors are usually connected to the feeling of extra safety which people search for. An apartment or a home with completely new windows and doors can get you $300 extra every month.
You have to understand that in order to gain money you have to spend money. That is at least the case when you are renting or selling a home. Investing is never a bad idea when it comes to real estate. Hopefully, you gathered some information on how you can increase your rental value.