Rental Property Updates that Give the Most Return
Does your rental property need some updates or maybe just some minor repairs? It’s important to keep your rental property up to date and in good condition without breaking the bank. But where do you start when thinking about updating your investment property? Here are a few tips to get you started.
You don’t need to do a large landscape project, but you do need to make sure the curb appeal for your property is neat, attractive and easy to maintain. Remove any weeds, overgrown bushes, and trim the shrubbery. Put fresh mulch out. Paint the shutters and front doors. Pressure wash the pavement. Put a pot of fresh seasonal flowers on the front porch. An idea for easy care flowers are mums and knock out roses.
Remove outdated colors or wall paper. Update small fixtures such as lights, switch plates, and cabinet knobs. Update faucets on sinks. Install updated basic ceiling fans with light kits.
It’s very important to deliver a property with unmarked wall and trim. If the ceiling has not been painted in more than 5 years then it's a good idea to get it painted.
If your appliances are outdated, make a plan to get them updated one at a time, so the cost of each one doesn't occur all at once. The trend for appliances continues to be Stainless Steel.
Updating and changing the towel bars, toilet seat, light fixtures and sink faucets are affordable upgrades. If your mirror is de-silvering, follow the latest trend and frame it.
Solid surface is always a tenant’s number one preference over carpet. Latest trend is luxury vinyl. It comes in patterns of wood or stone to fit any room décor. It is more expensive up front, but will wear longer avoiding replacement costs over time.
The nicer you make your property, the longer you’ll likely keep your tenants. With that in mind, these improvements should make your property desirable without putting too much strain on your wallet.