9 Strategies for Beautifying an Older Rental Property

Purchasing an older home to use as a rental property can be a good strategy. Because older homes are a bit less reliable, they tend to be less expensive, and they attract fewer competitive bidders. At the same time, in many areas of the country, older homes are incredibly sturdy and reliable, due to building practices at the time.

Still, there are some drawbacks associated with older rental properties. Maintenance and repair costs do tend to be higher. And perhaps more importantly, older properties are sometimes less aesthetically pleasing than newer ones, making it difficult to attract and retain tenants.

Beautifying an older rental property can help. But how do you do it?

The Benefits of Beautification

There are many benefits of beautifying an older rental property. For starters, this is an opportunity to thoroughly review and inspect your property; you might discover some hidden issues that you can address before they spiral out of control. Beautifying the property will help it stand out amidst competing properties in the area and attract more tenants. On top of that, a more beautiful property is more likely to retain tenants with time.

However, it’s worth noting that different types of properties in different areas require different approaches. What works for one demographic may not work for another, and what works for one type of property may not be feasible in another. If you work with a property management company, you can get immediate, professional, personalized advice on how to improve your rental properties.

How to Beautify an Older Rental Property

Generally, these strategies are among the best for beautifying older rental properties.

1. Replace the front door

One of the easiest things you can do is replace the front door. If the front door is currently many decades old, it probably looks weak and outdated – and it might even pose a security risk. Since this is one of the first things that tenants will notice about the property, it’s important to get it right. Replacing the front door leads to a much better first impression – and has both aesthetic and practical value. If you do this job yourself, you can get it done for just a few hundred bucks.

2. Revisit the landscaping

Similarly, you should revisit the landscaping, especially in the front. Even small landscaping changes can make a big impact on how people perceive the property. Investing in more flowers, sculpted bushes, and hanging baskets can instantly elevate the appearance of your property from the front.

3. Update the siding

Take the time to fully inspect the siding of the property. Is it discolored, degrading, or falling apart? If so, it may need replacing. Otherwise, a thorough round of power washing or a new coat of paint could be sufficient.

4. Apply a fresh coat of paint.

Speaking of paint, consider repainting the inside of the property; a fresh coat of paint can instantly make the place look brighter, newer, and even cleaner. Plus, painting is cheap. If you do the work yourself, you can paint a room for $200 or less. Even if you pay for a professional and do the whole house, it should only cost you a couple grand.

5. Install new window treatments

Older houses benefit tremendously from replacement windows, but if you can’t afford that, you should at least consider installing new window treatments. Newer, better window treatments immediately make the place look newer – and they sometimes have the added benefit of improving energy efficiency.

6. Swap in new switches, plates, and knobs

In a few hours, you can replace all the light switches, switch plates, and knobs in the house. These are small changes, but they add up to make a big difference.

7. Introduce smart home technology

Depending on the demographics you’re targeting with the property, consider introducing smart home technology. For younger renters, it’s a huge perk – and something that can make the property look much newer.

8. Pay for deep cleaning

Hire professionals to deep clean your property. You might be surprised at how new the property can look when the layers of dirt and grime have been removed.

9. Stage like a pro

Home staging is typically a strategy employed to help facilitate a home sale – but it can also be useful in marketing certain types of rental properties. Consider adding rugs, furniture, photos, and other touches to make the property seem more livable and cozier.

The end goal is to have a more beautiful rental property, which will be more attractive to your tenants and potentially homebuyers in the future. But remember that your intermediate goal is also to save time and save money. Make sure you plan these improvements, upgrades, and additions strategically, and with your financial model in mind; otherwise, you could end up overspending and compromising the profitability of your rental operation.