Working to get your rental property “rent ready” doesn’t have to cost a ton of money. For less than $1,000, you can make high-impact home improvements that will please renters in the Denver area. Whether you already own a rental or like the idea of real estate investing in Littleton, Aurora, Lakewood, Centennial Parker, Highlands Ranch or Cherry Creek, certain cosmetic upgrades are universally appealing to renters. Don’t forget to also give your rental property a thorough cleaning and to hire an established property management company to market your listing, perform background checks on tenants and enforce the lease. Many real estate investors are good at finding profitable rental homes, but don’t like being the “tough guys” when it comes to enforcing a lease and evicting tenants. One of the fun parts of real estate investing is getting to fix up a home so it’s attractive to renters. According to a recent piece by time.com, you can do a lot with a budget of just $1,000.
Giving the kitchen a makeover
While $1,000 won’t allow you to put in custom cabinets and exotic solid hardwood floors, it will pay for an upgraded stainless steel refrigerator or new tile backsplash. Inexpensive improvements include painting, changing old electrical outlets and putting in new baseboards.
Freshening up the powder room
For a renter, the perfect bathroom is spotless. If you are renting out a home that you used to live in, don’t leave the old shower curtains or lighting fixtures. Your property management company will let the prospective renters know the shower curtains or any other accessory you have left new. Unless the toilet is spotless, consider replacing the bathroom bowl.
Upgrading the lighting
Many rental properties have old and outdated lighting. Your rental property will stand out if you put modern decorative lights in the entryway and pendant lighting in the eat-in kitchen area or above a kitchen island. You can find hip and modern decorative lighting for less than $1,000 as well as a few upgraded ceiling fans.
After you spend money with your real estate investment, make sure you protect your investment. A good property manager will find you good tenants who pay their rent on time and don’t damage your rental home. At Legacy Properties-PM, are members of the National Association of Residential Property Managers (NARPM). For more information on real estate investing in the booming Denver rental market, please call 720.989.1996 or contact us.