As a landlord and real estate investor, it is essential to not only maintain your rental property but keep up with the trends in order to stay ahead of the competition and attract good high paying renters. However, one mistake rental property owners make is that they only focus on complicated and pricey renovations.
Contrary to belief, it is possible to increase the value of your home and wow potential renters with small affordable upgrades and renovations. Oftentimes it is the little details that can make or break your rental property, increasing or decreasing your chances of making good on your investment. With many real-estate investors needing capital to invest in their first properties, any edge they can give themselves to recoup that initial investment and make a significant profit should be more than welcome.
So whether you’ve already acquired a new property and you’re seeking out ways to make it more marketable or are looking for new ways to increase an established property’s value and attract high-paying renters, here are the best upgrades you can make today that won’t break the bank.
Upgrade The Bathroom Vanity
If you are looking for a quick and inexpensive way to update your bathroom, consider enhancing the vanity. Whether you give the vanity a fresh coat of paint or replace it altogether, making this minor change can drastically change the look of your bathroom and give it a more modern feel.
However, it is important to note that switching out the vanity may require plumping work, so you may want to talk to a professional before getting any work done.
Add More Bathroom Storage
It is no secret that many bathrooms lack storage space; therefore, a bathroom with extra space for toiletries and other products can be really attractive to buyers. The good news is that bathrooms can be easily modified in order to add more room for storage. Consider installing a shelf over the toilet and on the back of the door.
You can also install hooks and towel racks to hang towels and robes. If you want to make even more space, consider installing a medicine cabinet mirror above the sink and stacking multiple shelves on top of each other.
Add More Storage in The Kitchen
Storage is just as important in the kitchen as it is in the bathroom. Tenants are always looking for more places to store their goods, cookware, and glassware. Consider installing extra shelving inside your pantry as well as hanging storage railings for your pantry door.
You can even consider switching out your cabinets for taller cabinets that reach the ceiling. While extra kitchen storage won’t be the sole reason potential renters choose your property, it will certainly grab their attention.
Enhance Your Countertops
Sometimes you have to spend money to make money. While it may seem expensive to upgrade old, outdated countertops, deciding not to replace them could cost you much more in repairs in the long run.
Updating your kitchen can drastically boost the value of your home. Therefore, replacing your countertops with materials like marble, slate, granite, and quartz can transform your kitchen and instantly increase the appeal of your home. Not to mention your kitchen will seem more modern to potential renters allowing you to increase your rental rates.
Replace Interior Doors
When it comes to rental properties, interior doors seem to show the most wear and tear, especially if they are in high traffic areas such as the bathroom or a bedroom. The good thing is that replacing your interior doors is usually an easy upgrade.
All you have to do is make sure your purchase the right sized doors and take the old one off the hinges. Not only will replacing the doors not hurt your wallet, but they can transform the look of your property.
Add A Fresh Coat Of Paint
Whether it is a bathroom, kitchen, living room, bedroom, or hallway, repainting your walls can give your rental property a fresh new feel. As one of the highest returns for small budget renovations repainting your home’s interior will not break the bank and attract high paying potential renters.
Renovating your home and upgrading your rental property does not have to break the bank. Consider these budget-friendly upgrades to transform your home and attract high paying renters.