More and more often these days I hear real estate investors saying that they have only a limited budget to make improvements on a property that they've bought, whether to sign a lease agreement or resell. What can you do make these properties more appealing to buyers or rental applications, without spending a fortune?
There are three areas where you should focus your efforts, and limited budget: the kitchen, the bathrooms, and the finishes throughout the house. The recurring theme will be details, details, details, as it will be these details that create an emotional reaction in your prospective rental applications or buyers, and it is emotions that sell.
Cheap Improvements in the Kitchen:
You probably already know that kitchens are important to buyers or tenants, and will be one of the most important selling points for your lease agreement. First, look down at the flooring... how does it look? If it isn't inviting enough to observe the Five Second Rule for a dropped brownie, then consider replacing it with ceramic tile. Ceramic tile isn't much more expensive than linoleum, and it's a drastically better selling point.
Second, look at the faucet, and evaluate it for its appeal. Is it sleek and shiny (or could it be made sleek and shiny), or is it dull and rusty? Faucets aren't expensive, and a new, stylish faucet can add some panache to your kitchen.
Third, how do the cabinets look? If they're scuffed and unattractive, can they be refinished? If they can't be refinished or stained, you can always paint them, if you're especially strapped for cash. Cabinets painted white (or an off-white or even light color, if you have the artsy credentials to pull it off) can look clean and attractive, and the paint will cover scratches and other surface imperfections.
Next, look at the knobs or handles on the cabinets and drawers; how attractive are they? You can buy extremely chic handles or knobs for very little investment, and they can add a noticeable flair to your kitchen. If you can't afford even these, consider painting them white or funky colors to match a motif in the house.
Cheap Improvements in the Bathroom:
You know how critical bathrooms are to people's comfort, so this is an important area to review if you want your lease agreement or sales contract to move. An easy start is the flooring, just as the kitchen: should it be replaced with ceramic tile? Also like the kitchen, review the cabinetry, and decide what kind of work it needs.
It's worth mentioning that if your bathrooms should be spotless, and so clean that you'd even observe that same Five Second Rule in them. The importance of cleanliness in your bathrooms can't be overstated, to push the sale.
You want to create an effect with your bathrooms, to help potential buyers or rental applications imagine themselves living in your house and feeling at home in these bathrooms. Hang a new and fancy shower curtain, to make the bathroom less sterile-looking, and buy a new stainless steel toilet paper stand, which adds an upscale but comfortable touch to the bathroom. Don't forget to fill it with a fresh roll of toilet paper, and the effect will be both welcoming and inviting, which goes a long way in selling that lease agreement.
Improving Your Finishes:
By replacing all of the finishes in your house, you create a consistency of appearance and a feel of polish; people notice them and they make a strong, positive impression. Light switches are an excellent starting place, and can be bought in stylish ceramic or stainless steel varieties.
Door knobs are another great finish to replace, allowing you to create a sense of style by replacing boring brass knobs with curving handles or some other chic look.
Mailboxes are another inexpensive finish you can replace to give a great first impression of style and individuality. Craft fairs, antique shops, and art galleries are all good places to look for unique mail boxes, which can all add to the sense that by signing your sales contract or lease agreement, your prospects will make themselves more stylish.
Don't waste time fretting about your lack of funds for more thorough renovations, and instead look for ways to add panache to your home, to add details so noticeable that they are what prospective buyers and rental applications remember about your property, and not the aging windows or furnace. Remember, sell style and sophistication, and your prospects will always be eager buyers.
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