Property investment is perhaps one of the most lucrative ventures one can ever make owing to the ever-growing demand for rental space and the rising rental prices. However, owning a rental building is one thing, while getting as much as you can from it is another thing. While there are many things you can do to earn more revenue in terms of increased rental prices, one of the best ways to do so is by increasing your property’s curb appeal. Contrary to the general perception, curb appeal is not just about the appearance of a home. It should be treated as a serious component that can market your property and help owners fill a vacancy easily and quickly. The appearance of your home should allow potential tenants to envision their lives there. It goes a long way in making your property always market-ready.
Prospective tenants looking for a rental space will probably want to view both the interior and exterior of your rental property, so everything needs to look presentable. The first impression matters a lot, so you want to ensure that what the prospective tenants see first inspires them into signing up for the tenancy agreement. Oftentimes, curb appeal sets expectations and can translate to higher rental prices. As the owner of the property, the last thing you want is to have your property go vacant for a long time since it means a loss of rental income. While exterior renovations and makeovers might not be as rewarding and exciting as renovating the interior of your house, it has been proven that landlords that work to increase rental property curb appeal have higher chances of attracting and retaining high-quality tenants.
If you were to put yourself in the shoes of a tenant looking for rental space, you might find that there are things you would want to be added or removed from around your exterior before signing a lease agreement. This will show you that it could be the right time to consider sprucing up your exterior. It is important to identify the areas that would need improvement, so you avoid spending time and money only to end up not making any substantial improvements on the appearance of your home. Start with simple yet crucial things that are likely to grab the attention of the potential tenants, as well as those you know need updating. Taking pictures of the entire property and sharing them with your exterior décor experts can help a great deal when planning what improvements to make.
1. Create appealing and Tasteful Landscaping at Entryway
First things first. You will want to take on the first things the prospective tenant sees first, such as mowing the lawn, trimming the bushes, and making sure they look well-taken care of. However, you need to think beyond the basics so you can make your landscaping more appealing. Laying out some mulch and planting perennial flowers and beautiful shrubs to keep your garden looking smart and attractive can be helpful. Placing potted plants out on both sides of the front door so that you create a frame along the entryway will make your home look stately and attractive. The cheapest and easiest way of framing your doorway is using beautiful potted plants on each side of the path.
2. Add Color to Your Front Door
A properly and professionally painted front door can create a big difference and have a huge impact on the perspective of a prospective tenant. The good thing about this option is that it doesn’t cost you an arm and a leg. Experts estimate that it will cost you between $8 to$14 per square foot to paint your door and make it look awesome. However, the color of the front door you choose will significantly impact on the perceived value of your property. For instance, properties whose front doors had colors of black shades including charcoal to jet black sold at $6,000 higher in 2018.
3. Upgrade to Sconces and Lanterns
Your outdoor lighting plays a significant role in giving your home a stately appearance, especially on the entryway. You can enhance your exterior lighting by adding dual sconces or lanterns to create and add a tasteful touch to your home. Many people think this can be expensive, but it really shouldn’t cost you a lot, especially considering that the outcome would translate to more rewards in terms of the increased rental price. There’re plenty of options ranging from the most basic to the most premium lighting fixtures. So if you want something that isn’t too pricey, there are plenty of options. Clearly, this is one of the simpler and cheaper ways of giving your home a fresh look and character.
4. Illuminate Your Walkway
Giving your home a gentle evening glow can go a long way in boosting the look of your landscape. Lining your walkway with warm, yet soft lights will not only make your property look nicer from the outside but will also provide an element of safety. The cheapest way of dealing with this is finding solar-powered landscape lights. This will eliminate the cost and messy wiring that generally comes with electric wired lighting. These solar-powered lights are affordable since you can find those starting at $30 for a set of six lights. When looked at from the perspective that they come with a massive boost to the curb appeal and that they have minimal maintenance and running cost, this upgrade is well worth it.
5. Emphasize Features with Exterior Spotlights
If you have already installed lighting essentials such as landscape lights and wall fixtures, consider taking this investment to the next level by adding exterior spotlighting. Enhancing your home’s accent features with attractive exterior spotlighting can improve the overall look of your home. Adding these spotlights gives your home a warmer and welcoming presence, especially in the evening. Because a majority of home visits by prospective tenants take place during the evenings, it can be a great opportunity to create an appealing and lasting impression.
6. Give Your Mailbox a Fresh Look
The mailbox is a neglected, yet highly visible and aesthetic component that can add value to your home. When it comes to exterior upgrades, many property owners ignore the mailbox, but when upgraded, it can help your home stand out from the rest. Adding a vintage-style cast iron mailbox can give a home an elegant feel and give it a look that many people would consider expensive. However, the cost is far less than a standard mailbox. Some basic mailboxes can start at $70 and could be as high as $300, especially if you are looking for a larger and ornate model.
7. Give Your Garage Door a Makeover with Antique-style Hardware
Just like mailboxes, the garage doors are also commonly neglected components of the home, and improvements on them only come as an afterthought. Because many landlords are fine with having standard plain garage doors, you have a rare chance to add character to your property and make it look and feel different from the rest by considering a makeover on your garage door. You can completely upgrade the look of your garage door without spending a fortune by just adding antique-style handles and hinges, and maybe some new paint. There are a variety of inexpensive garage door hardware options that go for as low as $50.
8. Install Shutters to Add Depth and Contrast
Experts agree that shutters can be one of the most amazing improvements you can make on your exterior. Apart from adding visual depth, it can go a long way in adding an attractive layer of contrast to your property. They are known to enhance the curb appeal of your home, but you will need to tweak your budget when planning to go this route since the cost could differ significantly. If you are only interested in standard shutters to your windows, this improvement project could cost you as low as $20 per panel, including the installation cost. If you are targeting high-end tenants, you can consider higher-end options such as custom hardware, rare wood materials, all of which could increase the cost of your renovations to up to $1000 or more. For a rental property, it is recommended to find a durable option that won’t require a lot in terms of maintenance while at the same time retaining the aesthetic appeal of your property’s exterior.
9. Know that the Little Things Matter
It’s been found that the most cost-effective way of increasing the curb appeal of your home is by paying attention to the small things that may seem less important but have a great impact on the overall appearance of your property’s exterior. Doing things such as creating a different style, mowing the lawn, trimming the bushes, and installing new light fixtures can have a far-reaching impact in boosting the curb appeal. If your home seems dingy, dull, or basic, you could be losing out on better rental prices and may take a longer time to fill vacancies in your property.
Specialized Property Management Birmingham can help you know how to increase your rental property’s curb appeal without spending a ton of money. Doing so will help draw tenants to your property, eventually decreasing your vacancy rate. SPM Birmingham can also help you find quality tenants and take care of all the details required for good property management.
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