Do you own a rental property in Chicago or are you thinking about buying one? Knowing how to make cost-effective improvements can make a huge difference in how much you are bringing in each month. In our latest post, we discuss six cost-effective ways to improve your Chicago rental property.
Improving your rental property can improve your bottom line, but at what cost? Landlords can spend thousands of dollars improving their property, without being able to charge any more in rent each month. If you want to improve your Chicago rental, you’ll want to see some significant returns for your efforts. Below are 6 home improvements that add value, without breaking the bank.
There is nothing like a fresh coat of paint in an old and dreary room. Painting the walls can change the entire appearance of a room. It can go from dull and dreary to bright and inviting. Even if you are painting with a similar color to what was there, freshening it up, covering all the dings, and repairing old holes will make the room look a million times better. Painting can be done relatively quickly and inexpensively, especially when you choose to handle the labor part of it yourself.
Outdoor transformations can be very dramatic. Changing the color of the door, adding new lighting, and replacing the house numbers can quickly update an old and boring porch. You could choose to add seating or a swing to make the space more welcoming for your tenants and their guests. Adding some flowers and new landscaping is always an option that can quickly change the feel of the area. Make it clear in the lease that the yard needs to be kept clean and maintained. Determine if you will take care of the landscaping or if it will be the responsibility of the tenant. If the tenant is to keep it maintained, make sure it isn’t something too complicated that will get away from them and become overgrown. Having nice landscaping can also help to ensure that you are renting to quality people who will maintain the area as opposed to someone who would trash the space.
Adding storage options can be a huge perk for many renters. You could redo a closet, adding shelving and drawers. You could add additional cupboards in the kitchen. In the garage, you could add storage space above as well as hooks to hang things like tools and bikes. A house with lots of storage is a big perk for many people. Adding these options can be done pretty cheaply, but it is these small touches that will make your property stand out even more to potential renters in Chicago.
When it comes time to replace an old appliance, be sure to replace it with something that is energy efficient and not necessarily the lowest-priced model. Many renters will love having a nice dishwasher or washer and dryer in their space. Getting something with a few bells and whistles can be a huge perk for many people. And if you needed to replace the appliance anyway, its almost a no-brainer. That said, don’t go out and spend a ton of money replacing all of the appliances. Wait until they need to be replaced before you begin shopping around for the latest stove.
Updating fixtures around the home will add value and make the property more appealing. You can install new lighting or replace the faucets or drawer pulls. These accents make a huge difference in the fell of a room. Choosing things that are modern, clean, and simple will attract the most potential tenants to your Chicago rental property. Fixtures are typically a simple thing to swap out and can be done on your own.
Replace The Flooring
If your house has carpeting, it is likely a good idea to have it replaces, or better yet, torn out. Tile or hardwood floors are easier to keep clean and aren’t going to stain or get dingy the way carpet does. A dirty carpet is a huge turnoff for your potential tenants. However, nice and new tile floors will be a huge draw. Seeing as it is a rental property, choose a flooring that is durable yet also attractive. You’ll want the flooring to last if you are going to all of this trouble to replace it.
As a landlord, improving your rental property is something you should always be thinking about. Making major changes should be done between tenants when possible unless something major needs to be repaired. Making smaller improvements, that won’t disturb the tenant will be highly welcomed and may make your tenant more inclined to stay in the house longer.