No one likes to spend money where they don’t have to, but today we want to discuss the pros and cons of doing a full painting vs.touch up painting on your rental property turnover. Here are a few items to consider:
1. More Rental Applications
Potential new tenants love walking into a home when it feels fresh and new. When you have a new coat of paint and the carpets & home have been professionally cleaned, the applicants have a much greater connection to the unit and you will get many more rental applications. Inversely, when there is a bad touch up job, that is the first negative reaction to the unit. If there are other rental options in the neighborhood, they may apply elsewhere.
2. Leases Faster
When tenants love your property, they are more likely to apply quickly. When you have MORE applications and they apply QUICKLY, you can get that rental leased faster, which minimizes vacancy periods and helps you get a better return on investment. If the potential tenants have a negative reaction to the quality of the home, more than likely, they will keep looking.
3. Higher Rental Rate
If there are two similar properties for rent in your neighborhood and one unit has a bad touch up paint job and the other has a fresh coat of paint, the freshly painted property will be able to command a higher rental rate than the badly touched up property.
4. Better Tenants
Your freshly painted and cleaned rental property shows like you care about the quality of your unit and you care that your tenants have a quality place to live. A home that shows pride of ownership tends to attract tenants who show a similar level of respect to the home and appreciate its condition.
I know doing a full paint job can be expensive and I am not suggesting that every house needs a full paint job. There are a few things you can do in lieu of a full paint job. If you had great tenants and the only damage to the walls were small nail holes, it is perfectly acceptable to get a fine tip paint brush and carefully touch up the holes. In some cases, if a particular wall or room has excessive paint damage, try doing a full wall or room paint. Just don’t try to touch up paint when there are larger areas of paint damage on a wall. It never matches well and it tends to show badly. One last thing I wanted to mention is the quality of paint you select can have an impact on the frequency of repainting. Inexpensive Flat paints are the least stain-resistant and don’t fare well in high traffic areas. Eggshell and Satin paints are much tougher and are able to be cleaned without severely damaging the sheen. My last comment here is to make sure that you select neutral colors for your next interior paint project. Color palettes can be very specific and you want to ensure your color selections appeal to the vast majority of potential renters.