Keeping costs down while improving your property is a definite “must”, especially for a rental. Some of the more cost-effective ways to achieve the best return on your investment may be the following:
Paint: You can change the entire perception of a property with the right paint color choice. For example, paint can make a small room look larger or a dark space look brighter.
Hardware: Replacing hardware like doorknobs and hinges or cabinetry handles can make a considerable difference to a space.
Fans: These go a long way in giving a room an inexpensive facelift, especially if the existing fans are outdated.
Flooring: Ripping out carpet and replacing it with vinyl plank, laminate or a less expensive prefab wood, can be done for quite an affordable price today. Most renters would prefer an easy-to-clean floor covering.
Blinds: Replacing older “apartment like” blinds with newer, modern versions is cost effective and can make a room pop.
Appliances: Purchasing used appliances in nearly new condition can make any rental unit more appealing and possibly get you more rental income or increase home value.
Countertops/cabinetry: While this may be a more expensive upgrade, there are sources of countertop choices that are both economical and durable. Cabinetry can be updated with paint or door replacement.
Backsplash: Believe it or not, this is a game changer for many renters and can transform a kitchen for well under $500.
Bottom line is even when on a tight budget, homes and rental units can be upgraded and updated to realize a higher value.
Best, Forest – The Guy in the White Hat
Hard Money Broker and Co-Owner of family owned and operated Sun Pacific Mortgage & Real Estate, serving all of California since 1988! 707-523-2099 www.sunpacificmortgage.com.
CA DRE license #010005559 and NMLS #289456
Note: Get our financing despite bad credit, difficult to prove income, property a fixer, etc.! We finance Jumbo loans, Bridge and short-term loans, Owner Occupied purchases and refinances, investment purchases and commercial.
The content of this blog contains general advice only and does not consider individual financial circumstances, desired loan amounts or existing real estate or lending transactions. This information is intended for licensed Real Estate Agents and licensed Lenders/Mortgage Brokers and is posted on our company website and specific blog sites with the express purpose of reaching such licensed individuals.