A rental property is an investment, one that you want to upkeep. If you’re in the business of renting a property, whether it be a single home or multiple units, then you know the importance of keeping your cash cow in action. As a first-time landlord, it can be especially important to consider the condition of your property.
For rental properties, this means maintaining a space that is both safe and visually appealing. Oftentimes, the first impression of a rental property is the paint. So how often should you paint a rental property to ensure it is up to code and in style? Keep reading to find out.
Why a Fresh Coat of Paint is Worth the Investment
We will not ignore the fact that painting a rental property is an investment. It will cost you a shiny penny or two. But the return on your investment is where there is money to be made. And a new coat of paint plays into that. For starters, potential tenants want a space that is safe and clean. When touring a room, paint is a dead giveaway. Is it dirty or marked up? Is it chipping or peeling? Is there a fresh paint smell?
The answers to these questions tell a tenant about how well you maintain the rental space. The safety of paints is near impossible to determine from sight, although using unsafe paint is more of a concern for the owner. The potential liabilities from renting a property withpaint that is lead-based are astronomical. So, make sure all the paint used in or around your property meets all conditions for habitability.
Painting the Exterior of a Rental Property
Let’s start with the exterior paint of a rental property. Exterior paint acts as a protective layer from weather, as well as animals. It assists with preventing mold, mildew, rotting, and unwanted house guests, like small insects. However, it also boosts curb appeal. As a result, it attracts potential renters and contributes to the estimated value of the property. Regularly painting the exterior of a rental property will be appreciated by both your tenants and neighbors alike.
Painting the Interior of a Rental Property
When painting the interior of a rental property, your goal should be visual appeal. While it does assist with protecting the walls, your guests will be more concerned with the looks. Are the walls an obnoxiously bright color that clashes with the architecture? Or a soft and calming color that puts tenants at ease and allows them to personalize the space? Don’t forget that you want a rental property to be livable.
How to Maintain Paint
If you have recently invested in paint, then now is the time to start forming good habits with the upkeep. Although a professional paint job should last 7 to 10 years, a lot will depend on how well your tenants treat the home. The better you take care of it, the nicer it will look.Helix Painting recommends taking the following steps to protect your property:
1. Clean the Walls
Just like your floors, the walls need a good cleaning. Just think of the scuffs, dirt, and grime it collects from furniture, fingers, and dust. When cleaning walls, do so carefully, using mild soap and water. For stubborn spots, a magic eraser may do the trick.
2. Touch it Up
Once the walls are clean, you may notice some dull or dirty areas. That is common around high contact areas like door frames, light switches, and outlets. Rather than repainting the entire room, touch up the paint.
3. Include Damage Repair in the Lease
It would be a mistake not to specify that tenants are responsible for any significant damage to the interior or exterior paint. For example, if their kids draw all over the walls or water damage following carelessness. Note, however, that too many rules can scare off potential renters. Don’t get stingy with small repairs, such as nail holes.
When to Paint
Unless you are lucky enough to have tenants move out a few days early, painting your rental property’s interior likely will require a few days of the vacancy. To minimize this downtime, be sure to get estimates from a few painters before your tenants move out. You can then schedule the painters to come in once the property is vacant and only have a few days of the vacancy.
Luckily, painting your rental property’s exterior is much easier. Since painting the exterior does not involve entering the property, most landlords can paint the exterior while their tenants still live in the property.
Between tenants and ready to invest in your rental property? Give your property manager or local painter a call to get a free estimate.
Bigham & Associates can help take care of the maintenance of your rental property, including having the interior and exterior of the property repainted at a reasonable price, due to our relationships with local painters.
Contact us today to find out how we can help you!