When you’re leasing a Lakewood rental property, you want to attract the best tenants possible, and you want your investment home to earn as much rent as it can. Offering a modern, attractive, and well-maintained property is one way to achieve those goals.
This doesn’t mean you have to add an extra bedroom and completely remodel the kitchen. Instead, you should focus on specific and cost-effective upgrades that will get the attention of high quality residents and ensure your rental value is at the top of the current market range.
There’s a lot you can do, and today we’re focusing on five specific renovations and upgrades you can make to boost the value of your Lakewood rental home.
Focus on Walls with Fresh Paint
A bright and fresh coat of paint is rarely expensive, and an easy way to make your rental property look brand new. Many landlords get a bit lazy when it comes to their paint; they touch up the faded parts or fill in the holes between tenants. Paint entire walls. Even better – paint the entire house. It will make a difference in how the home shows.
Everyone loves a little color, but you are trying to appeal to a wide range of potential tenants, so keep the walls a neutral color. Consider shades like eggshell and off-white. Consider making the trim and baseboards a different color to add interest and texture.
Focus on Floors and Consider Hard Surfaces
For many decades, carpet has been the standard in Lakewood rental homes. If you want carpet, that’s fine, but make sure it’s clean and free of stains and tears. Instead of steam cleaning the carpet every time you turn a unit over, put in new carpet.
If you’re looking for more rent, consider installing upgraded flooring. Some types of vinyl look great and don’t cost a lot. Faux hardwoods are also popular. These are cleaner and easier for tenants to maintain. You’ll also have a longer lifespan, which means you won’t be cleaning and replacing carpet every year.
Landscaping and Curb Appeal for Lakewood Rental Homes
Provide a welcoming and inviting atmosphere at your rental property, whether it’s a single-family home or a unit in a multi-family building. When tenants see a pretty exterior, they can really get excited about living there. This type of curb appeal can also translate to higher rents.
Mow the lawn and trim the trees and weed the flower beds. Inside, make sure everything is bright and inviting. There shouldn’t be any holes in the walls or scrapes on the floors. Tubs and toilets should be caulked and shining, and pay attention to small details like polished faucets and sparkling sinks.
Window Treatments Can Be Better
Those cheap plastic blinds are ugly, and they are easily bent, torn, and destroyed. Consider replacing them if they’re currently on your windows. Current and future tenants will prefer horizontal wood blinds or linen shades that are easy to pull up and down. Check your windows out while you’re changing out the blinds; you want to make sure the screens are free of holes. Good windows will insulate the property and protect it from drafts and insects.
Upgrade Your Lighting Inside and Out
Lighting is a big part of an attractive rental property. Start with the exterior lighting, and make sure there’s enough of it. Your residents want to feel safe at night, and you’ll want to be sure exterior doors, walkways, and parking areas are well-let and easy to see from the street or inside the property.
Inside the home, make sure the lighting is bright and modern, especially in the kitchen and the bathrooms. Ceiling fans are popular, especially in bedrooms and living rooms. Take a good look at your lighting and make upgrades wherever you can. It doesn’t have to be expensive, and it will make your home look good.
These are just five simple and affordable upgrades you can make to improve your property. If you have any questions about this or Lakewood property management in general, please don’t hesitate to contact us at Assured Management. We are Lakewood property management experts serving residential landlords in West Denver and the surrounding areas, including Littleton, Golden, Wheat Ridge, Arvada, and more.