If you're like most investors, your goal in investing in Dallas real estate was to turn a profit. And one way to achieve that is by increasing the value of your Dallas home. In turn, this will let you charge higher rent to your future tenants.
Increasing your property value doesn’t mean investing in expensive upgrades. You may still be able to do so without breaking your budget. The following are 5 easy ways to get more rent for your Dallas home.
1. Refresh the Walls With a New Coat of Paint
Do your walls look all dirty and scuffed up? This can be a major turn-off to prospective renters.
A fresh coat of paint can completely transform the look and feel of your property. It’s inexpensive and doesn’t require special skills.
Nevertheless, hire professional services if you’ve never done it before; a sloppy paint job will only make things worse!
Now, your choice of paint color matters a lot. You want to choose a color that appeals to a wide audience. As such, go with neutral colors such as grays, beige, and white.
Pro tip: If you're not in a rush, then consider purchasing your paint around major holidays such as Independence Day, Memorial Day or Labor Day. This way, you can take advantage of huge discounts offered by home improvement stores during these periods.
2. Boost Your Curb Appeal
The exterior of your home is the first thing a prospective tenant will see. If it looks dull and boring, then chances are they won’t bother looking at what’s inside. Like it or not, most people judge a book by its cover.
On the other hand, if the exterior looks exciting, then they'll have a good impression from the get-go.
Study after study has shown the effect a good curb appeal can have in real estate transactions. A recent one was done by the University of Alabama and the University of Texas at Arlington.
It established that properties with attractive curb appeals sold faster and for much more than those with low curb appeal.
There are a couple of things you can do to increase your home’s curb appeal. Start off by giving it a thorough clean. Power-washing in particular can go a long way in removing years of dirt and grime.
Other things you can do to spice up the look of your home include:
- Planting a tree. If you have enough space, plant two. This is an inexpensive task that can make your home more welcoming to potential renters.
- Adding flower boxes. Adding some delightful colors is a sure-fire way to improve any home’s curb appeal. Remember to water them from time to time to ensure your home looks its best even while it’s still vacant.
- Upgrading your mailbox. It may seem like a minor detail, but a decrepit and rusty mailbox looks like a scene from a horror movie. So, whether you have a regular one that stands by the road or have a box mounted to the home, consider making the upgrade. It won’t break the bank.
3. Refresh the Kitchen
A kitchen is said to be the heart of the home. Besides the curb appeal, it’s a space that any prospective tenant will be sure to check. A kitchen that isn’t well-updated and spacious can be a huge hit to a home’s value.
Sure, high-quality upgrades like adding marble counters can cost an arm and a leg. Luckily, there are still a couple of things you can do that won’t break the bank. These include:
- Updating the lighting. This can go a long way in updating the look and feel of your whole space.
- Painting the cabinets. Do you have great wooden cabinets, but the color is dating them? If so, consider reinvigorating their look rather than buying a whole new set.
- Adding decorative touches. For example, an antique mirror or rack, a hanging lamp, or a wall sign.
- Adding a backsplash. A backsplash on the wall behind your stove or sink is a great idea.
4. Allow Tenants to Keep Pets
A huge percentage of renters have pets. According to one study, 70% of households in the U.S. own at least one pet. Pet owners love their furry friends and are always looking for pet-friendly rentals.
If you're not allowing pets at the moment, you may be losing out on an important demographic. While allowing pets has its risks, you may be able to offset that by implementing a solid lease agreement.
Ask for a pet rent or an additional pet deposit, on top of the regular security deposit. Additionally, you may want to put a restriction on the breed, number, and size of pets you allow.
Don’t just offer a pet-friendly rental and stop there. Pet owners are also on the lookout for certain features. For example, a secure roof deck can be an alluring feature for cat owners.
You can also offer a fenced outdoor space. Does your property have any sizable amount of grass space? If it does, then consider installing a fence around it. This is a big plus for dog owners.
Creating a sense of community can go a long way in improving your tenant retention rate.
5. Install a Washer and Dryer
This is a great amenity that is sure to seal the deal for many renters. As a matter of fact, many renters will even be willing to pay more rent to have this great amenity.
You can get these two for less than $1,500. It may only take about 2 years for the investment to pay itself off. If you choose to provide these, go for energy-rated units to keep utility bills low.
There you have it: 5 easy ways to get more rent for your Dallas home!
If you need help managing your property and getting a good ROI, SGI Property Management can help. We're one of the top property management companies in Dallas and the surrounding areas.
We can help you maximize your rental income with our comprehensive suite of services.
