Every real estate investor (and most homeowners, for that matter) has been there: you have a property that you need to get a rental agreement or sales contract signed on, and you don t have the budget for a total renovation. What do you do? Where do you focus your budget?
Focus Area 1: The Kitchen
People have a visceral connection with the area where they prepare their food; it must be clean, and it should create an ooh, ahh reaction. Chances are, your customer is a couple, and one of the two is a cooking enthusiast, and nothing will tip their decision in favor of your rental agreement or sales contract faster than an emotional tug towards your beautiful kitchen.
So what can you do inexpensively with a kitchen?
First, consider replacing the faucet with something new, sleek, shiny, and stylish; it s a cheap yet effective way to add style and polish. Second, take a look at the cabinets: how is the finish on the wood? How are the knobs/handles? If you can t afford to replace the cabinets themselves, consider painting, staining, or refinishing the wood, and consider replacing the knobs or handles (this is an easy and inexpensive way to add panache to the kitchen). As an alternative, you could always go for an artsy look and paint each knob a different color.
Third, review the kitchen flooring carefully. If it s vinyl, consider replacing it with ceramic tile; it s only marginally more expensive to purchase and you can lay it down yourself if you re handy. You can do anything from a shiny appearance to a stone look, solid coloring to extravagant patterns, and everything in between, and people love it.
As an added bonus, finish your tour of the house in the kitchen, and have them fill out the rental application right there against the kitchen counters. The more time they spend there, amid your fresh updates and warm feel, the more affinity they ll feel for the place.
Focus Area 2: The Bathroom
Like kitchens, people want to feel comfortable and luxurious in the place where they bathe. These are critical rooms, in particular the master bathroom (for the buyers/tenants themselves) and the first floor powder room (to show off to friends and family), for your rental agreement s success.
Begin with an appraisal of the flooring, just as you did with the kitchen, and consider installing ceramic tile flooring. If you can afford it, it will help.
Next, review the cabinets, with the same concepts that you used when evaluating and improving the kitchen cabinets.
This should go without saying, but the bathrooms must be absolutely, spotlessly clean. Before showing the property or giving out a single rental application, make sure the bathrooms (and the rest of the house, for that matter) are flawlessly clean.
Finally, add a few touches to help prospective tenants and buyers imagine themselves living in the property, showering in this bathroom, brushing their teeth in front of that mirror, etc. The easier they can imagine their (improved) lives in this bathroom, the better. Start by hanging an upscale (and unused) shower curtain. It won t break the bank, and it helps the bathroom look less cold and clinical and more warm and inviting. Next, buy a sleek, trendy stand alone toilet paper stand, and load it with a (fresh!) roll of toilet paper. If it seems yuppie to you, you re forgetting that the entire point of these exercises is to send a singular message to everyone who considers your rental agreement: living in this house will make you classier.
Focus Area 3: Finishes
These are small things that make a big difference, and replacing them might seem mundane, but it s the details that people remember when they consider your sales offer or rental agreement later on. First, count the light switch panels in the house, and replace every single one of them with classy, possibly artsy, but definitely chic new light switch panels. People notice them as they walk into a room and turn on the light, and they ll think oh, look at that!
Second, do the same for door knobs. Circular knobs are boring; install curving, sensual handles, or unique and eye catching knobs. Remember, these little details will aggregate to create a powerful impression of a classy and stylish home.
Finally, consider replacing the mailbox with something that grabs attention. Miniatures of the whole house are cute, for better or worse, but often art galleries and craft fairs will have adorable or uber chic mailboxes that will make a great impression before people even walk through the house.
Don t let money get in the way of creating a great impression for your property! With a little creativity, you can send a loud, clear message that your house is classy and stylish, and that it will confer that upon anyone who lives there. When you successfully convey that message, you can ask whatever you like for your rental agreement or sales listing, and people will pay it because they want to think of themselves as sophisticated.
Author Resource:
Brian is a real estate investor and writer who contributes to a wide variety of online publications, including Real Estate Pro Articles and EZ Landlord Forms (http://www.ezlandlordforms.com ), which includes an online custom rental agreement builder for each state.
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