Rental Property Upgrades for Every Budget

Rental Property Upgrades for Every Budget

 

Upgrading your rental property from time to time is just a fact of life for investors. In order to stay competitive and keep your unit occupied, you’ve got to keep your property on par – or better – than others in the area. This means performing regular maintenance and upkeep, obviously, but it also means upgrading certain features when they become too outdated. It can seem painful to spend money on something that doesn’t necessarily need to be fixed, but remember – you’ve got to spend money to make money.

 

Here are a few upgrades to consider for your property:

 

Under $100

  • Repaint a room
  • Repaint the front door with a “wow” color
  • Pressure wash the driveway and sidewalks
  • Plant some flowers, bushes, or trees
  • Replace hardware (cabinet knobs and pulls, faucets, light fixtures and switches, showerheads)
  • Add pull-out shelving to lower kitchen cabinets
  • Add dimmer switches to bedrooms and bathrooms

 

Under $1,000

  • Repaint or refinish kitchen cabinets
  • Update the kitchen backsplash
  • Repaint the whole house (interior)
  • Add/replace storm doors
  • Pressure wash the exterior of the house
  • Create a comfortable outdoor living space
  • Add a washer/dryer
  • Install shelving to create additional storage

 

Under $5,000

  • Repaint the house (exterior)
  • Install tile or wood flooring in high traffic areas
  • Replace carpet (or consider scrapping carpet altogether for something more durable)
  • Get new appliances
  • Replace single-pane windows with double-pane

 

Other Upgrades to Consider

  • Add an extra bedroom
  • Remove/add walls to improve flow and make the space more functional
  • Add “smart” features like a programmable thermostat or security cameras
  • Add a playset to the backyard

 

Do any of these things really need to be done? Probably not. Chances are, there aren’t going to be too many investors out there repainting their property simply because they don’t love the color scheme, or replacing the kitchen faucet because it’s brushed nickel instead of brushed bronze. But you’d still be wise to consider things like these and how they might impact your cashflow.  Remember, it’s all about giving your unit that “wow” factor that will make it stand out, and more importantly, make people want to rent it. Upgrading your property can improve your occupancy rate and will also justify a rent increase, both of which will mean more money in your pocket.

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