For a buyer or a tenant, the feeling of being the first in a property is the best selling point. Cleanliness and fresh-feel, together with the brightness of a space, always win.
The owner of this house wanted to sell. It is three bedrooms, one bathroom, a lock-up garage for two cars and a backyard that was not used to its potential. It was an investment property that he rented for years, mostly to groups of tenants that didn’t take very good care of it. Despite the work of very thorough property manager and small maintenance jobs done on time, the house looked worn out and outdated.
Residential painting for improving the intrinsic value of the property
To improve its appeal to potential buyers, the owner agreed to re-paint the house inside and out. He knew that it will give his property a competitive edge and improve his chances to sell quicker and at the asking price.
After the house was repainted, it had a new ‘street appeal’ and appeared cleaner and orderly. The home had a more unified look as the neutral colours correlated better and incorporated the house well into the environment.
Updating your rental property ensures you get better tenants for longer terms
After the house was re-painted, the owner reconsidered his decision to sell. We even virtually staged his property to be advertised on the market. Instead, he chose to continue to rent the home using the same property manager. What came after was a real surprise.
The house was not even officially advertised yet when a female doctor came into the property manager’s office and explained what she was looking for. She was an ER doctor and needed to rent a place that feels like her own, is clean, relaxing, easy to maintain and have a backyard for her dog to enjoy. She did visit the house once and made an application right after that.
The following are photos showing the condition of the house during the use by the tenants before and after the residential painting. As we all know, better tenants equal fewer problems and preserve the good condition of the property for longer.
Take care of your tenants and they will care of your property
Many landlords and sellers are reluctant to spend the money for refreshing the look of their properties. They don’t have the time to organize it and/or the money to do it. What they don’t understand is that by choosing to do nothing, they lose thousands of dollars that tenants or buyers would be happy to pay if the home was easier to use and more pleasant to live in.
In this case study, the indoor and outdoor residential painting resulted in an increased rental income (by ten dollars a week) and a better, long-term tenant. At the same time, the tenant occupancy was dropping down and many landlords had to decrease their prices to keep their properties occupied.
The residential painting also created additional equity. It will be in the same good condition for when the owner is ready to sell or when the property is on the rental market next time.
Feel free to contact us if you need help with updating your home or investment property.