One of the things I love most about turnkey for the investors I work with is that they don’t have do a thing to the property they buy. It’s completely move-in ready, and oftentimes already has tenants living there or at least lined up. There’s no reno, no marketing, no nothing. It’s the most passive way you can invest.
However, I’m a realist. I know that not everyone wants a turnkey property, and there are lots of investors who prefer to take the lead on renovations. And that’s totally fine! I want this blog to feel like an inclusive place, where ALL types of investors can find something of value.
Hence my post today. After rehabbing literally hundreds of properties myself, I feel like a know a thing or two about how to flip a house. I know which renovations pay off and which don’t, and I know what types of features renters are looking for in a property. If you’re ready to bring the wow factor to your own rental property with some easy renovations, here are some ideas to try:
This is literally one of the easiest things you can do to transform a property. Nothing makes a place shine like a fresh coat of paint. Pick a neutral color palette and give all the interior rooms a do-over, and remember to get the ceilings too. I prefer using a mid-grade paint, personally. It’s not the cheapest, but it’s much more durable and sometimes I can even get away without repainting between tenants! I also refuse to use flat paint, because it’s impossible to clean. Satin or semi-gloss all the way, baby. Finally, don’t forget the front door! Pick a nice contrasting color, and have fun with it!
While you’re giving the rooms a new look, think about adding a feature wall to one of them. Will it add tons of value to your property? Honestly, no, but my purpose here is the wow factor, and a feature wall will do the trick. This can be as simple as using a different color of paint on one wall, or you can go all in with wallpaper or shiplap. Just be careful on picking a crazy color or pattern, as this can be a major turn-off for some folks.
I don’t know a single renter who ever said, “You know, there’s just too much storage in this house.” Providing renters with ample storage is a definite win for everyone involved, and built-in shelving is a great way to do this. It looks classy, it can be done inexpensively, and everyone will be happy in the end. My recommendation? Go with floating shelves for a more modern look and less expensive material cost.
Depending on the size and layout of your kitchen, adding an island can make a major impact. Not only does an island increase the counter and storage space, it just makes the kitchen look more complete. It doesn’t require a major installation, either. If you don’t want a fixed island, add a mobile one that’s on wheels. This gives your tenant flexibility on where to put it, while still creating the island effect.
Like paint, new lighting can make a place feel brand new. Swapping out dated fixtures with something more current, like pendant lighting in the kitchen and dining area, can be done quickly and inexpensively. While you’re at it, upgrading to dimmable switches in bedrooms and bathrooms will also bring some of that wow factor you’re after.
Elevating your rental property from “just okay” to “omg, that’s amazing” doesn’t have to a complicated, expensive undertaking. Use the ideas above to create a standout space that will have tenants saying, “Wow, this place is cool!”