5 Cheap and Easy Rental Value-Boosting Upgrades

Tenant-Attracting Rentals

• Right now the rental market is hot, but that means more rental properties are being built, so more competition is coming and may drive rent prices down.

• You can attract better tenants and charge higherrents by making a few (relatively) cheap and easy upgrades.

Hot Tub It Up

• Yes, hot tubs may be expensive to run and a hassle to keep clean, but you won’t be in charge of that.

• Most renters will lay down the extra dollars on a residential lease for a chance to rent a home with a luxurious hot tub on site.

• Buy used: the price drops by 50-75% almostinstantly.

Turn up the Heat with a Fireplace

• Not only will a fireplace ooze luxury, but it also gives people a comforting right-at-home feeling.

• You can take advantage of this by installing a gas fireplace,which is far cheaper to install than an inset wood fireplace &full chimney, and many renters prefer the minimal upkeep of gas anyway.

Landscape Away

• Since the exterior of the rental property is the first thing potential tenants will see, be sure it is well landscaped.

• If the outside looks well-kept and inviting, you’ll already have thinking positively before even stepping into the home.

• For ease, try ground-cover plants like ivy, orpotted plants out front.

Not-Your-Average Locks

• Sure, keys are great, but keyless entries make a statement.

• The convenience of keypad entry or, better yet, smartphone entry says your property is secure and high-tech.

Dazzle Them with Bamboo

• Hard wood floors are popular these days, but bamboo is more far affordable, and more upscale than laminate imitations.

• Bamboo comes in plenty of colors and shades to match your interior design scheme.

Short-Term Expense for Long-Term Income

• Consider the return on investment from any potential upgrade. When will it pay for itself in higher rent?

• Many of these changes will improve the value of your rental property in case you need to sell or refinance down the road – assuming you screened your tenants well and they don’t ruin the upgrades.

High-Income Tenants Make for Responsible Renters

• When you put this kind of time and money into upgrading your rental, you will be more likely to find high-income tenants during your rental screening process.

• If they’re willing to pay for such upgrades, they will probably be willing to maintain them, which means your house will stay in better condition.

Advertise and Attract

• Once your improvements are made, make sure to emphasize them in your ad.

• You should have no troubleattracting great tenants and earning higher monthly income for years to come.