Attention Landlords – Preparing your rental property doesn’t need to be complicated and/or expensive. To attract quality renters, you just need a clean rental that shows well.
How much time and money should you spend on updating your rental investment? – In every area across the country, there is a cap to how much you can charge for rent. -- Installing granite countertops and stainless steel appliances in an area that caps out at $1,500/month may not be a good idea. Doing so in an area where renters expect high-end finishes is.
Ask your real estate agent for a good contractor if you don’t have one. If you are updating kitchen cabinets, consider Home Depot or Menards. Go cheap but not the cheapest which may break and result in late-night calls from your tenants. -- For countertops, use an imitation granite style if granite isn’t common for rentals in your area. -- It will save you money and still look nice.
Bathrooms usually don’t require expensive finishes; however, labor costs will increase if the tiles and tub need to be replaced. Choose ceramic tiles that will stay in style (neutral colors). Also, install sinks which are not too trendy. -- Raised bowl-style sinks are nice but can go out of style quickly, especially those dazzling patterns that look beautiful in the store. If you really want go with this style, try to stay on the conservative side.
For rental areas where granite and stainless steel appliances are common (ex. Chicago downtown, River North, Lincoln Park, and Gold Coast areas), going higher-end is justified since you can charge more for rent. -- Don’t sacrifice quality if renters expect nicer finishes and fixtures. You will only lose good renters to your competition.
Painting can go a long way too. Use neutral earth-tone eggshell colors for the walls. -- Painted trim should always be Semi-Gloss White and ceilings Flat White.
Simple things like outlet covers, ceiling fans, and lighting fixtures should be replaced if over 10 years old. Updating these items will make a good impression on potential renters and help you rent the property much quicker.
When showing your rental property, arrive 10 minutes early, turn on all lights (even the closet lights), and adjust the heat or air conditioning to a comfortable temperature. -- Nobody wants to walk into a dark rental that is too hot or too cold. – Trust me, these little techniques work!
Thanks for reading and good luck,
Chicago Realtor John Meyers (Managing Broker of Meyers Realty & Chicagoland Rentals)
Tel. 847-533-7115
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