Managing multiple properties by yourself can be a lot to handle, not to mention an expensive undertaking. With constant repairs, finicky tenants, and rising prices, real estate investors are struggling to maintain the finances of property management. That said, some repairs and renovations are necessary to maintain your property and increase its value. Fortunately, these improvements don’t need to break the bank. Let’s take a look at some rental property upgrades that are within your budget.
Sparkling New Floor
Choosing the right flooring for your property can completely transform its look. However, while there are many inexpensive options, redoing your entire house can get pricey quickly. Instead, focus on problem areas that draw your attention. A fraying and dirty carpet is one example that will immediately turn away prospective tenants, so ensure that your flooring is up to snuff.
A Fresh Coat Of Paint
Every property manager knows that a solid paint job can do wonders for a property. Again, a complete renovation of the entire home can be not only expensive but a time-consuming and tiring process to undertake. Simple touch-ups here and there and maybe a single room makeover can make your property shine. However, don’t go crazy with the bright colors. Tenants want to picture themselves living there, which means neutral, appealing palettes.
Upgraded Cabinet Doors
This project is often forgotten, but a simple replacement of your old, dingy cabinet doors can be a serious upgrade to the property. While it is also worthwhile to consider whether it’s time to replace the entire cabinet, only upgrading the doors can be a fantastic, cost-effective compromise until the time feels right.
Repairs and upgrades to your rental property don’t need to be expensive! Sometimes, a simple touch-up is all it needs to stand out from the competition and increase in value and overall appeal! If you own a rental property and are curious to learn more about some popular upgrades that will enhance your property, don’t hesitate to reach out with any questions. Or, if you’re curious about how to find the right investment that won’t require as many renovations, we’d be happy to chat. We’re always here to help.