If you’ve decided to rent out your house because you don’t want to sell in the down market, you’d be wise to invest in a few basic home improvements. Not only will these fix-ups help make your home more attractive as a rental option, they’ll also help keep your home in good condition so you’ll be ready to go once it comes time to sell. Read on to learn about the best economical home improvements you can make to your home.
Zero in on your reason for home improvements
There are scores of reasons to invest in home improvements, but only a few make logical sense when it comes to a rental property.
For one, you want to stay away from improvements tailored to your personal preferences. While you may love the aesthetic appeal of yellow walls and bright green carpets, few people will share your enthusiasm. In fact, when it comes to redecorating a rental it’s best to stick to neutral colors (a tad boring, but true – you’ll appeal to a larger renter pool).
On the other hand, improvements focused on maintaining the integrity of your home are always a good idea. Most such improvements have a high return on investment, so you won’t be out a lot of cash in the long run. On top of that, once you are finally able to sell you’ll find that your home will be better poised to pay off as an investment in the long run.
Top economical home improvements
- Get new windows. Replacing windows is a pricey undertaking, but the payoff is significant – often as much as an 80% return on investment. Quality windows with new insulation will save you quite a bit in energy costs by sealing in heat in the winter and cool air in the summer. You can also get sizeable tax breaks for installing energy efficient windows.
- Add extra insulation. Upgrading the insulation in your home is consistently a wise investment. Like new windows, it means a better seal between the air inside your house and the air outside which can drastically reduce your heating and cooling bills. On top of that, quality insulation can keep dust, bugs, and varmints from entering your home. Look at installing insulation with the highest R-value you can afford. Look for the energy efficient brands – they’ll land you a nice tax break.
- Replace your siding. Like insulation, siding has an R-value. In the long run, it too can help reduce heating and cooling bills for your home. Along with that, new siding has a tremendous cosmetic appeal. You’ll get to choose from a wide variety of colors which can dramatically boost the curb appeal of your home. As a bonus, many types of siding available these days will never need a new coat of paint.
Economical home improvements mean better renter care
Keeping up with home improvement projects on your rental provide another great bonus: they give renters incentive to take care of your property. It’s a fact that an unkempt, run-down house does not invite attentive care from a renter.
On the other hand, if your property is in such good shape that carelessness glares apparent, your renters are more likely to handle your home with care. In the long run, this saves you from the extra expense of significantly revamping your property between renters (and your neighbors will appreciate it!).
Investing in your home is always a smart choice
Remember, even in the midst of an economic downturn it’s a good idea to invest in your home. Most of the improvements discussed above have strong resale value, so when you do decide to sell your home you’ll be poised to get back the money you invested on improvements.
In the interim, these improvements will provide potential renters a strong incentive to rent from you. Not only do they help boost the quality and appeal of your home, they also show you’ll be a caring landlord who is attentive to the needs of the house.
