As a real estate property owner, you'll find that property care and smart upgrades take a significant amount of your earnings. But don't be concerned, there is some good news here.
In order to attract high-quality tenants while also minimizing future maintenance, it is critical for landlords to make modifications that are both practical and beneficial. This will ensure that the property is streamlined, cost-effective, and rewarding in the future.
There are simple, budget-friendly methods to maintain your investment property looking its best while also increasing your rental revenue.
Here are a few suggestions. So let's take a look at the top 6 most cost-effective modifications for investment property.
Installing new flooring may not only improve the appearance of a home, but it can also make it feel and appear significantly cleaner.
Despite the fact that there are numerous low-cost flooring options available these days, reflooring a complete house may be rather expensive.
However, if there are portions of the property that have old and soiled carpets, for example, changing the flooring in such areas will boost the perceived worth of the home significantly.
Moreover, if you want to keep the cost of new flooring as low as possible, you'll have to do part of the work yourself.
Refresh the Look with a New Coat of Paint
While it may come as a surprise to some, painting provides the best return on investment of any of the improvements that can be made to rental homes. In order to earn an even greater return on your investment, consider purchasing paint in large quantities.
This way, if you ever need to touch up the paint on your real estate investing property, you won't have any problem matching it. You might even be able to negotiate a discount for a significant quantity of paint from your local hardware shop.
If you prefer to avoid this step, you may offer to let your tenants paint the walls themselves, which may be a selling factor for some renters who are looking to save money.
Just make sure to include any stipulations you may have in your lease that pertain to painting the rental property as part of the agreement.
Having ancient brown cupboards and cabinets in your investment home that appear like they were put in in 1980 is a big red flag. It's surprising what a fresh coat of paint and some new hardware can do to transform the appearance of a kitchen.
If you're planning to repaint your kitchen cabinets, neutral colors are the best choice. Visiting your local paint store is also recommended to verify that you're obtaining the right product.
One simple method to handle this is to bring a drawer or cabinet door with you when you visit so that the associate can determine precisely what sort of paint and supplies you'll want.
Despite the fact that cleaning, sanding, priming, and applying numerous coats of paint can take a significant amount of time, this is a relatively affordable update that will make a significant impact.
Replace Interior and exterior doors
Interior and exterior doors in rental homes are frequently damaged simply as a result of the number of times furniture and other possessions are moved in and out of the house. It's common for property owners and managers to either overlook or cover up this damage.
Over-coating doors with paint, on the other hand, will result in a messy appearance if done more than once. Instead, consider replacing the existing doors on the property, which is a very affordable method to significantly improve the aesthetic attractiveness of the unit.
Doors for your home may be obtained at your local hardware shop, and you shouldn't have to pay more than $100 per door (depending on whether they're for the inside or the exterior). You can install a new door without having to change the frame if you have a little assistance.
Add a Backsplash
An additional feature that may make a kitchen appear more opulent and up to date. Using expensive, elaborate tiles for a budget project may be out of the question, but using subway tiles will not only brighten up your room but will also provide an additional layer of protection for your walls as they age.
Even while backsplashes are often built below kitchen sinks, they can also be installed behind stoves if the space is available.
Pressure washing the exterior
You shouldn't forget about the exterior of your home, whether it's an apartment building or townhouse, or condo. In order to maintain your home, pressure washing is a necessary and reasonably priced step.
Pressure washing may make a significant change in the appearance of a house. If you want to remove mold, mildew, or worn materials from the exterior of your home, you may pressure wash the porches, the back porch (or balcony), and the doorway.
It is possible to hire a professional to pressure wash your home, or you can easily do it yourself by renting a pressure washer from your local hardware shop if you do not already have one.
The majority of landlords are constantly looking for methods to increase their income while also making their lives simpler when it comes to dealing with their investment properties.
These two objectives can be met through the implementation of cost-effective and strategic rental property improvements.
The question is, which improvements are worthwhile making an investment in? When answering this question, you must evaluate a number of factors, including what is best for you as a landlord, what will make your renters happy, which improvements would boost your monthly rental revenue, and what will increase the value of your property.
The Hard Money Co. is doing its best to keep your investment property profitable for the coming years. So, for more profitable tips for your investment property, stay with us!