9 Cheap and Easy Ideas for Improving Your Rental Property
Many look at a house and say "it just needs a little work" or "the bones are good." We happen to own one of these homes in Nanaimo, BC and our current tenants are moving out. We have to decide whether to sell the property or look for a new tenant. We asked our realtor to take a walk through of the property; that's when we heard "it just needs a little work." I decided to let my mom take a look and give me an idea on some inexpensive changes we could make to the property. My mom, who's a great visionary, suggested some cosmetic work in the kitchen to spruce up the look of the place. Before it was over, mom had volunteered my dad's services to help me paint, change cupboard hardware and remove the sunshine ceiling in the kitchen.
When the weekend came I was up early ready to board a BC ferry headed for Nanaimo. My Dad and I were ready to invest some "sweat equity" and hopefully increase the value of the property without much monetary investment. It took us one day and few hundred dollars in materials to complete the job. When we were done, I was surprised at how much better the property looked. The best part was that it didn't cost me very much!
Over the years my wife and I have purchased several properties as investments. Our goal is not to flip them; instead we fix them up to rent them out. We want to keep our properties in the best possible condition in order to attract top quality tenants. When I say top quality, I mean those who can afford to pay on time every month and won't tear up our property. Our hope was that making these small changes in the kitchen would yield us higher rents from reliable tenants.
Take a look at the suggestions below for how to make low cost changes to your property which will make a huge impact:
1. Simple yard maintenance like mowing the lawn, pulling out the weeds, raking the leaves
2. Power wash the exterior of the home
3. Instead of painting the entire house, touch up window trims instead to freshen look
4. Inside of the house, change the hardware to update cabinets and cupboards
5. Fill holes in the walls
6. Painting the interiors is also a good idea, just be sure to use colors with mass appeal
7. Re-glazing tiles and tubs or painting the counter tops can be a great low cost option to help give bathrooms an updated look
8. Change out-of-date looking light fixtures in favor of versions which reflect current styles
9. Clean the place thoroughly! A good cleaning is a great way to freshen up the look (and smell) of a property.
Most of these simple property improvements cost very little and don't require you to be a skilled tradesman. It will just take a bit of time and "sweat equity" investment on your part " but it will pay off with better tenants and higher rents! - 23199
When the weekend came I was up early ready to board a BC ferry headed for Nanaimo. My Dad and I were ready to invest some "sweat equity" and hopefully increase the value of the property without much monetary investment. It took us one day and few hundred dollars in materials to complete the job. When we were done, I was surprised at how much better the property looked. The best part was that it didn't cost me very much!
Over the years my wife and I have purchased several properties as investments. Our goal is not to flip them; instead we fix them up to rent them out. We want to keep our properties in the best possible condition in order to attract top quality tenants. When I say top quality, I mean those who can afford to pay on time every month and won't tear up our property. Our hope was that making these small changes in the kitchen would yield us higher rents from reliable tenants.
Take a look at the suggestions below for how to make low cost changes to your property which will make a huge impact:
1. Simple yard maintenance like mowing the lawn, pulling out the weeds, raking the leaves
2. Power wash the exterior of the home
3. Instead of painting the entire house, touch up window trims instead to freshen look
4. Inside of the house, change the hardware to update cabinets and cupboards
5. Fill holes in the walls
6. Painting the interiors is also a good idea, just be sure to use colors with mass appeal
7. Re-glazing tiles and tubs or painting the counter tops can be a great low cost option to help give bathrooms an updated look
8. Change out-of-date looking light fixtures in favor of versions which reflect current styles
9. Clean the place thoroughly! A good cleaning is a great way to freshen up the look (and smell) of a property.
Most of these simple property improvements cost very little and don't require you to be a skilled tradesman. It will just take a bit of time and "sweat equity" investment on your part " but it will pay off with better tenants and higher rents! - 23199
About the Author:
Making easy and cheap property improvements is just one way to make more money with real estate. Learn How to Retire with Real Estate with Dave's free Real Estate Investing Starter Tips Guide and real estate investing newsletter.
posted by X - Men @ 8:36 AM
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