One of the best ways to increase your ROI and earn more on your St. Louis rental property is by making simple and cost-effective property upgrades and updates. You don’t necessarily have to renovate your entire home, especially if it’s in good condition and well-maintained. However, a few affordable and minor changes can really make an impact on how quickly you attract a good resident and what kind of rental value you can establish.
As a professional property management company in St. Louis, we have a lot of experience advising owners and investors like you on how to make their rental homes more attractive to the best residents. These are some of our best ideas.
Kitchens and Appliances are Important to Residents
A good place to start is the kitchen. This is usually the gathering place for the family that will rent your home. It’s where people eat, talk, plan, unpack groceries, and spend a good part of their time. You want your kitchen to attract the best residents and the best rental rates.
Replace any old and tired appliances. That dishwasher from 1985 needs to go. Stainless appliances are extremely attractive, but check out what other homes feature in your market. They may not be necessary. New, energy-efficient appliances will make a difference, even if they’re not stainless. Install new counters and better lighting. Even the faucets could probably use an upgrade.
Evaluate Your Floors and Walls
A fresh coat of paint is rarely expensive, and an easy way to make your St. Louis rental property look brand new. Keep the walls a neutral color. You might love purple in all its shades, but you never know what your potential residents will prefer. Consider shades like eggshell and off white. Cover up any small nail holes and pay attention to the trim and baseboards. Painting those will really make the room pop and give it the clean, modern look you’re hoping to get.
If you want to have carpet, consider neutral colors as well. Nothing too light should be used, however, because it can look a lot dirtier a lot faster. Replace any worn or stained carpet with mid-grade carpeting, or consider investing in hard surface flooring. Some types of vinyl look great and don’t cost a lot. Faux hardwoods are also popular. These are cleaner and easier for residents to maintain. You’ll also have a longer lifespan, which means you won’t be cleaning and replacing carpet during every resident turnover.
Upgrade Your Window Treatments
Those cheap plastic blinds are not terribly attractive, and they attract dust and tears. Think about replacing those if they look bent and misshapen from outside the house. It will elevate the attractiveness of your property, and provide a more modern feel. Consider horizontal wood blinds or linen shades that easily pull up and down. While you’re at the windows, make sure the panes are in good condition. You want them to lock properly and insulate your home from water, weather, and insects.
Pay Attention to Curb Appeal
Finally, provide a welcoming and inviting atmosphere at your rental property. This will create a sense of urgency among residents and allow them to really imagine themselves living there. That kind of appeal will translate to higher rents. Make sure the outside of the home looks attractive. Mow the lawn and trim the trees and weed the flower beds. 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.
Property managers are especially good at recommending improvements for your rental property that will lead to a better rental experience for you and your residents. If you’d like some help with this or anything pertaining to St. Louis property management, please contact us at Amoso Properties.