Making the Most Out of a Rental Property

The current real estate market is a booming one for many rental property owners. Whether it’s short, weekly occupancy, or long-term tenants, having an additional property that can be rented out is a smart move, especially considering how many people are looking for places in our area. So whether you’re ready to list on Airbnb or you’re interested in a longer-term commitment, here are a few things you can do to make the most out of your investment property. 

Treat it like a house, not a home. Spending time and money creating the perfect aesthetic is a waste because the people who will be occupying the property likely won’t have the same taste that you do. Instead, focus on function while maintaining an inviting and warm atmosphere. Keep it simple and comfortable to appeal to a wider audience.

Upgrade kitchens and bathrooms. These rooms are key for rentals as they generally come “as-is” with fewer furniture and styling opportunities. With a kitchen, be sure that there is plenty of storage and that the appliances are clean and new. For the bathroom, make sure it’s absolutely mold-free and has good ventilation. Everyone loves a strong, hot shower but no one wants a bathroom riddled with mildew from the heat and humidity. Again, it’s important to remember that no one is going to treat a rental property with the same love and care as their own house, so plan for wear and tear.

Keep it clean. Walls and carpets can get used and abused pretty easily, but most of the time they can look new with a thorough cleaning. Before you go ripping, replacing, and repainting, see what you can do with a Magic Eraser and a carpet cleaner which can be rented from a home improvement store for around $30 per day. If your walls and carpet are damaged and you need to repaint or replace them, stick with simple, neutral colors that are easy to clean and will complement any style.

Fixture focus. One inexpensive upgrade is giving the fixtures a facelift. Cabinet knobs, door handles, blinds, and lighting can give a dated space a whole new look without spending a fortune. I can’t tell you how many homes and apartments I have been in with broken, plastic mini-blinds that make a whole room look dark and dingy. A simple replacement using wide faux wood blinds or a simple and easy-to-clean panel shade can really change a room on the cheap.

A picture is worth a thousand words. Good quality photography can really make a listing shine. Professional images will get more people interested in your space, giving you a wider selection of better prospects to choose from. Attracting good people who will take care of your property is key and will save you a lot of money and headaches in the long run, so it’s important to go the extra mile to find them.

Bob O'Donnell is the owner of O'Donnell Bros, Inc., a Bristol-based home improvement company established in 1975. Email your questions for Bob to info@odonnellbros.com with the subject line “Ask the Pro”. All questions may be considered for publication. To contact Bob for your remodeling needs, call O'Donnell Bros, Inc. at (860) 589-5155 or visit www.odonnellbros.com. Advice is for guidance only.

Rental Property Upgrades

The current real estate market is a lucrative one for many rental property owners. Whether it’s short, weekly visits, or long-term tenants, having a second property that can be rented out is a smart move, especially considering how many people are looking for places in our area. So whether you’re ready to list on Airbnb or you’re interested in a long-term tenant, here are a few things you can do to make the most out of your investment property. 

Treat it like a house, not a home. Spending time and money creating the perfect aesthetic is a waste because the people who will be occupying the property likely won’t have the same taste that you do. Instead, focus on function while maintaining an inviting and warm atmosphere. Keep it simple and comfortable to appeal to a wider audience.

Upgrade kitchens and bathrooms. These rooms are key for rentals as they generally come “as-is” with fewer furniture and styling opportunities. With a kitchen, be sure that there is plenty of storage and that the appliances are clean and new. For the bathroom, make sure it’s absolutely mold-free and has good ventilation. Everyone loves a strong, hot shower but no one wants a bathroom riddled with mildew from the heat and humidity. Again, it’s important to remember that no one is going to treat a rental property with the same love and care as their own house, so plan for wear and tear.

Keep it clean. Walls and carpets can get used and abused pretty easily, but most of the time they can look new with a thorough clean. Before you go ripping, replacing, and repainting, see what you can do with a Magic Eraser and a carpet cleaner which can be rented from a home improvement store for around $30 per day. If your walls and carpet are damaged and you need to repaint or replace them, stick with simple, neutral colors that are easy to clean and will complement any style.

Fixture focus. One inexpensive upgrade is giving the fixtures a facelift. Cabinet knobs, door handles, blinds, and lighting can give a dated space a whole new look without spending a fortune. I can’t tell you how many homes and apartments I have been in with broken, plastic mini-blinds that make a whole room look dark and dingy. A simple replacement using wide faux wood blinds or a simple and easy-to-clean panel shade can really change a room on the cheap.

A picture is worth. Good quality photography can really make a listing shine. Professional images will get more people interested in your space, giving you a wider selection of better prospects to choose from. Attracting good people who will take care of your property is key and will save you a lot of money and headaches in the long run, so it’s important to go the extra mile to find them.

Bob O'Donnell is the owner of O'Donnell Bros, Inc., a Bristol-based home improvement company established in 1975. Email your questions for Bob to info@odonnellbros.com with the subject line “Ask the Pro”. All questions may be considered for publication. To contact Bob for your remodeling needs, call O'Donnell Bros, Inc. at (860) 589-5155 or visit www.odonnellbros.com. Advice is for guidance only.

Five Ways To Prep For Downsizing

The current real estate boom is motivating enough for many older homeowners to start thinking about putting the family house on the market. While landing a good price for a sale is a great reason, so too is finding a place that’s smaller, simpler, and easier to maintain. That being said, the tough and tedious process of sorting through belongings, selling furniture, and parting with sentimental items is a lot to bear. Here are a few tips to help get the process started. 

Start Now

Even if you’re not yet ready to downsize, it’s a good idea to begin organizing yourself early. Seasonal changes are a fantastic time to start getting rid of clothing and equipment that never make it out of the closet. Pretty soon it will be spring, so take stock of what you didn’t use in the winter. Facebook Marketplace is a great way to make a few extra dollars on gently used goods or consider your local shelter or Salvation Army for donations. 

Take Photos

Leaving a house can be difficult, especially if it’s one that you’ve raised your family in. Be sure to take photos and videos of the various places where memories were made and invite family and friends over for intimate gatherings. After the house is gone, you’ll appreciate reminiscing and remembering the good times through pictures. A video diary is a fun thing to share with the kids and grandkids too. 

Choose Your Favorites

Collections are always very hard to part with so pick a few favorites and let the rest go. Some collections, such as shot glasses, have plenty of sentimentalities but not much monetary value. Other collections can be worth a pretty penny once you’re ready to move them on. Either way, downsizing into a smaller space is the perfect time to get rid of some of the things you’ve been holding onto for a long time. 

Paperwork Purge

This is one of the worst tasks but it’s a must for many downsizers. So many of us hold onto paperwork for too long, only to get completely overwhelmed and bogged down with it years later. Things that might seem worth keeping such as tax returns only need to be filed for seven years, if that. Most of our accounts and records are kept online anyway, so there is really little need to have hard copies of anything. Invest in a good shredder and start pushing that paper.

Get Help

Downsizing is tough to do alone, so enlist your children to help with the sorting and organizing. If you’re the sentimental type, it’s also a good opportunity to pass treasures onto family members. Kids and grandkids will enjoy having special momentos that mean something to both you and them and it will feel wonderful passing on those treasures. While it can all seem overwhelming at first, the process will actually become freeing as you move into a new phase of your life.

Bob O’Donnell is the owner of O’Donnell Bros. Inc., a Bristol-based home improvement company established in 1975. Email your questions to info@odonnellbros.com with the subject line “Ask the Pro.” All questions may be considered for publication. To contact Bob for your remodeling needs, call O’Donnell Bros. Inc. at (860) 589-5155 or visit http://www.odonnellbros.com. Advice is for guidance only.