Making smart upgrades to your investment property can get your Portland rental more value. Without spending a lot of money on a complete renovation, you can make a few basic changes that will allow you to increase the rent you charge and attract a better quality tenant.
Upgrading your front yard will go a long way in attracting desirable tenants. With an appealing lawn and landscaping, people will see a home that’s comfortable and well cared for. Keep the lawn mowed and make sure the edges are trimmed and neat. Weed your flower beds and add fresh mulch that isn’t overcome with weeds and debris. Groom your perennial flowers and add a few annuals every year to give your property a bit of color and interest. Paint your front door. A simple fresh coat of paint will have a tremendous impact on what people think about the home they’re about to visit and potentially rent. It will look new, clean and inviting and the value will increase.
Kitchens and Bathrooms
Inside the house, make upgrades to the kitchens and the bathrooms. These are the spaces that potential tenants are going to care about. No good tenant will want to rent a house that has old appliances that don’t work or dated, unattractive fixtures. You do not have to install stainless steel and granite but clean, neat and functional countertops will go a long way. Light fixtures and faucets are inexpensive to replace and if you make those upgrades in the kitchen and the bathroom, you’ll give your entire home a more modern feeling.
Flooring and Floorplan
Make sure your floors are finished and attractive. If your property has the benefit of hardwood floors, don’t let them get scuffed, scratched or cracked. Put in new carpet if you have stains or wear in high traffic areas. This will help you rent faster and charge more rent.
Open concept floorplans will rent for more than homes with small rooms. If you are looking to make a major investment, consider opening up the living area to achieve the open concept that is so popular with high quality renters. When your home looks updated and appealing, you’ll do more than attract good tenants and command higher rents. You’ll also keep your tenants in place longer because they’ll be satisfied with how their home looks.
Contact Moore Property Management if you have any questions about the simple and affordable upgrades that will make a difference in your Portland rental property.