When you look at your rentals you want to look at it as a business. You need to decide how to invest in the house and what upgrades you can do to generate a good ROI. These are my 5 favorite upgrades to do.
# 1 is upgrading the floors. I do not like carpet in my rentals and most people do not either. They are hard to maintain and you will need to constantly replace them every few years. I like installing vinyl plank floors. They look good and in many cases look just like hardwood and they are waterproof. They are very durable and low cost to have installed.
# 2 is upgrading the appliances. If my appliances are old and outdated I will change them all to stainless steel. The price of stainless has dropped so low in the last few years that its worth the money to invest in them. I am able to increase my rent and also rent my units out faster.
# 3 is painting the kitchen cabinets white. This is a very low-cost way to modernize the kitchen and attract more renters. I have them painted white and also put new door handles I purchase from Amazon.
# 4 have all the ceiling lights changed in all the rooms. Lighting is important and the brighter the room the better it shows. Lighting materials have also come down in price in the last few years so making these changes won't break the bank.
# 5 painting just the living room to a light gray color in eggshell. This will make the most important room in the house pop. Renters will remember that the room was nice. You don't need to paint all the bedrooms to save money.
Go and apply these to your rentals and increase the rents to cover the upgrade. If you want to learn more about how to increase your rents and the properties value contact me and schedule a strategy session.
