7 Makeover Tips to Increase the Rental Value of Your Property

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Turning your home into a rental property is one of the best options, especially if the current housing market makes selling the house less desirable. Opting to go the rental route can help to generate a passive income while waiting for the housing market value to rise again.

However, homeowners also face a competitive market as the number of available rental properties exceeds the number of potential tenants. So, how do you turn your house into a desirable rental property that can compete with other bare or partially furnished units? We'll go over some renovation tips and ideas that will appeal to a wide range of tenants, as well as those that will not.

1. Choose colour scheme accordingly

Repainting is a simple and low-cost way to make your home more appealing to potential tenants. A space with old and chipping paint is unattractive and could be a deal breaker for any tenant. To avoid this, always have your space repainted after a tenant has moved out. You'll be surprised at how much a fresh coat of paint can transform a room.

When repainting, stick to neutral colours like white, off-white, beige, or grey as a basic colour. Neutral colours allow tenants the freedom to customize the house to their liking and these colours can be layered with lighter or darker shades.

2. Don't impose too much style or personal preference

Following the latest interior trends is appropriate when making improvements to your own home, but it is the wrong attitude to have when renovating a rental. One prime example is creating an all-white bathroom, with gleaming white fixtures, tile, and sinks. It may look great in photos, but it doesn’t wear well and shows dirt and grime easily. After a few tenants have passed through, it will definitely show its age.

Rather than focusing on trends that will make your rental home look dated in 5 to 10 years, invest your money in a design that will have a timeless appeal. You can always add personality through decorative accents.

3. Invest in high-quality, low-maintenance materials

If you decide to rent your home fully furnished, avoid purchasing expensive pieces that are easily damaged or difficult to maintain. While it may help to improve the appearance of your rental home, your tenants will most likely not keep them in good condition.

Instead, spend your money on materials that are long-lasting and easy to clean and maintain. Marble, for example, is a popular material for kitchen table countertops but they are not practical for rental property. They are easily stained and would necessitate a lot of upkeep. Choose a less expensive but more durable alternative, such as quartz, which is easy to clean and maintain.

4. Ensure that your rental home is well-lit

Many people are unaware that lighting can make or break the overall vibe of a space. Warm ambient lighting can create a cosy hotel atmosphere, while natural lighting can make a space appear more spacious.

While natural light is preferable, you should also add plenty of artificial lighting to brighten the house. Accent lights and decorative chandeliers are attractive additions, but they are not practical for rental properties. Instead, keep your lighting fixture sleek and simple as shown above. To add some versatility, consider using bright light bulbs and dimmer switches. If your home's overhead lighting is limited, consider installing floor lamps in a few corners.

5. Don’t forget basic home appliances

If you are renovating your home for rental purposes, it pays to add basic home appliances that will increase the value of your home. Because it will save your tenants time and money over making their own purchases. They also don’t want to deal with the hassle of moving large appliances once they move out, especially if they are renting for a short period.

Basic home appliances that are worth considering for your rental space are air conditioning, refrigerator, washing machine, cooking stove, and TV.

6. Include a variety of storage options

Tenants want to be able to envision themselves living in a space, and not having enough storage for their belongings can be a huge turn-off.

Consider including plenty of storage space in your rental unit. There are numerous storage options that you can incorporate without making your home appear cluttered. If your budget allows, consider building a floor-to-ceiling built-in cabinet that provides plenty of storage while maximising space. You can also choose an open wardrobe, which not only makes your bedroom appear visually large, but also costs less.

Aside from cabinets, add some small and simple touches such as floating shelves, hooks to key areas like entryways and living room, and organizing systems in the kitchen or bathroom. It can go a long way toward increasing storage space in your home and making your rental look more organised.

7. Add decorative accents to improve your home’s appearance.

With hundreds to thousands of identical units available in your building, the aesthetic of your home is your most powerful weapon in triggering the emotion of your tenant, other than a competitive rental price.

You don't have to spend a lot of money to improve the look of your home. The key is to pay attention to the details. Just as how food garnishes make the overall food presentation look classier and more appetizing, small decorative accents can improve the overall appearance of your home.

Throw in decorative accents like artwork, indoor plants, knit pillows, fleece blankets, faux fur rugs, and candles to make the house look more homely. This will increase the likelihood of attracting renters as they will be able to envision themselves living there.

Here's how you can increase the value of your property

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