Update Your Home Instead Of Renovating.
A easy effective way to increase your homes value is to simply update your home,rather than doing a complete home renovating.
When you think of home improvement and adding value to your rental home, often what comes to mind is an extensive remodel project as seen on "HGTV" where they basically rip the home apart and build it back. That type of project will increase the value of your but with a very large time and financial investment. There are simpler ways to update your home with less time and financial investment. It is important to consider these if you are on a budget (isn’t everyone?).
We will cover 3 of these here today.
Fresh paint is a relatively easy way to give your home, or certain rooms, a different feel. Going with a clean relatively neutral color that goes well with your flooring and appliances is always a great choice. Choosing a color that is too bold is often not the best choice because someone else may not be fond of the strong color choice. Painting is a fairly easy project, it just takes time. You don’t have to be an expert to paint, you can learn all you need from a quick trip to your local home improvement store. Someone in the paint department can give you all the info you need to make this a simple project.
Knobs and handles:
A small improvement such as replacing the knobs and handles on drawers and cabinets can give a totally different feel to property's kitchen. There are many different styles of handles and knobs that give off a unique vibe. Another quick trip to the hardware store and you will be able to browse all of the different styles and find something that works for your home. This is another quick way to add value to your rental home through updating, not renovating.
Lighting is a critical element to showcase your home, making it feel bright and open. The right lighting can totally transform a living space, for a little investment. LED lights are much brighter than traditional lights and use much less energy, saving you money in the long run. Using lights to accent kitchen cabinets, tile walls/backsplashes, and crown molding can give a higher end feel for very little investment.
All of these small improvements will add value to your home, whether it is a rental property or not. The value of adding these to a rental property is that you will be able to fill vacancies faster and get more money from the monthly rent.
Our Guest author is Landon Murie he is the owner and property manager for a Utah County Property Management
company. The focus on helping rental property owners with landlord tasks.
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No money down... fact or fiction