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6 Cost-Effective Upgrades for Your Rental Property
Considering that most people list their homes as their biggest investments, it’s no wonder they sink so much money into maintenance and repairs. But it’s not just your personal residence that needs loving care. If you own one or more of the 19.3 million rental properties in the country, it pays to invest in the upkeep of those, too. Whether you want to ensure tenants are satisfied, attract new tenants, or justify raising rent, home improvement projects for your investment property can make sense.
The good news is you don’t have to spend an arm and a leg. You can make some meaningful upgrades without breaking the bank, which can ultimately increase the value of your property. Consider these six easy upgrades to take your investment property to the next level.
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1. Flooring
A relatively easy upgrade is flooring. Depending on how you rate your DIY skills, installing laminate flooring or engineered hardwood might be a piece of cake. It can up the aesthetic and appeal of your investment property so it appeals to more prospective tenants.
Unless you have high-quality carpets in good condition, most renters prefer laminate, engineered hardwood, hardwood, or vinyl flooring. It’s more modern and easier to maintain than carpeting. So, upgrading the flooring in your investment property can be a game-changer.
2. Blinds
Another easy project that can increase the aesthetic appeal of your rental property is blinds. When considering blinds, you can choose from various types. There are tons of styles, materials, and colors. You’ll also find something that fits your budget, so it's a manageable project.
If blinds aren’t your thing, there are other window covering types. Shutters, shades, and drapes are some of the window treatments available.
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3. Paint
Few things can change the interior look of your home more than a few coats of quality paint. It can give your rooms a much-needed facelift if the current color is no longer doing anything for you.
A few tins of premium paint, some paintbrushes, and a few drop cloths are all you need to get started. Other than that, you'll need to roll up your sleeves and get to work. But it’s the sort of project you can do independently. Since many hands make short work, you might want to enlist family or friends to come over and help you get the job done faster.
4. Plant a Garden
Another way to bring additional value to your property is to create a garden or expand an existing one. It’s not something that will move the needle for all prospective tenants. However, some will appreciate the attention paid to the exterior of the rental property just like they appreciate the attention paid to the interior.
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5. Add a Backsplash
Yet another relatively simple project is to add a backsplash to your kitchen. You can find how-to videos on YouTube that'll make the project easy. But the project is mostly intuitive if you have basic DIY skills.
Find the right tiles for you and get to work. It’ll add functionality to the kitchen but also increase the aesthetic in your kitchen. It’s something that tenants will notice. Besides, it'll help keep the walls near the stove cleaner.
6. Change Light Fixtures
Yet another option to consider is changing the light fixtures in your investment property. You don’t have to buy brand-new ones since they’re easy to find in thrift stores. So, if the light fixtures in your rental property are in rough shape, consider replacing them.
If you want help making the most of your investment property, it pays to work with a property management firm. These service providers are accustomed to helping property owners maximize their investments, and one way to do that is to offer tenants the best rental units possible. Find a property manager in your neck of the woods. If you own a single-family home in Fresno, Texas, for example, your best bet is to find a property manager serving Fresno.
These are some things to consider if you want to do easy DIY home improvement projects. They won't take a ton of time and money. And, depending on your DIY skills and available time, you may be able to do them independently.
