Making your rental property ready for residents is simple. Once you’ve covered the basics you can start offering lease options. If you want to increase your property demand and profit, you should make additional improvements to enhance your property. Here are some improvements that pay off for a rental property!
Improvements That Pay Off: New Kitchen Finishes
Adding new kitchen finishes to your rental property is known to bring a high return on investment (ROI). Renters are willing to pay more for large kitchen spaces with fresh cabinets and upgraded appliances. When upgrading your kitchen finishes, you not only increase the value of the property, but you also prolong its useful life. Old cabinets can become moldy and cause extensive damage to the apartment. Appliances that leak or have low energy efficiency become expensive to repair and increase utility costs. Performing kitchen upgrades can offer you 10% or more ROI.
Hardwood Floors
Installing hardwood floors may seem like an expensive investment. However, the ROI is substantial. Hardwood lasts longer than other standard floors. Hardwood is much easier to clean than carpet because it doesn’t easily stain. Depending on your pet policy, it is wise to replace carpet for each new tenant. Hardwood does not need to be replaced because it does not hold dust and allergens like carpet does. Hardwood can also be refinished to add new shine and life to your property.
Improvements That Pay Off: Fresh Coat of Paint
After old tenants move out, you will find quirks with the apartment. Getting the property ready for new renters includes getting rid of any signs that renters were there previously. Renters want to feel like their new home is theirs alone. The best way to immediately freshen up the space is by adding new paint. Paint is a low-cost way of making a home look clean and inviting. Paint can get rid of marks left by previous occupants and make the place feel new. It is generally recommended you go for neutral tones that add light to the space and allow future tenants to bring their own color to the home.
The profit you experience from your rental property will depend on your initial investment. Making small improvements go a long way in increasing value and desirability. Common improvements that yield a high return include new kitchen finishes, hardwood floors, and a fresh coat of paint.
Read this next: How to Expand Your Pool of Potential Tenants
We meet twice a month.
Click here for information about the monthly luncheon.
Click here for information about our nighttime general meeting.
One of the premier sources for real estate investing networking and education is the SWFL REIA. In the real estate world, the SWFL REIA is different in that they do not do information product sales. Their meetings are focusing on the best ways of investing in real estate by collaborating with other property investors who are sharing their experiences.
We look forward to meeting you at a meeting soon!
Click here for membership information
Get our meeting notices and market data emailed to you.