Five Home Improvements worth the Investment Cost
When choosing what home improvements to invest in to a rental property, it is important to know what types of improvements are worth the investment and will bring you the highest value. It is imperative that you upgrade and improve in the most coveted areas. This will increase chances of getting more renters and higher rent payments for your property as well as increase the property value.
- Kitchen- The kitchen is the center of any home and should be treated as such. When choosing an area to upgrade, the kitchen should definitely be the first choice in your home improvement plan. The kitchen should have appliances that all match in the same color design. If you do not have matching appliances, consider replacing the one that does not match. Alternatively, you can consider purchasing panel covers in the color that will match the other appliances. You can also make sure that cabinets are nice in the rental property. You can paint the cabinets to make them look more aesthetically pleasing. If the cabinet doors are too far-gone, consider purchasing new doors for the cabinets to create a nice and updated look.
(There are small cabinet shops that only make doors and they'll custom make us doors specifically for rental homes. We often replace the all kitchen and bathroom cabinet fronts for less than a $1000)
- Bathroom- Close second in home improvement value is the bathroom upgrade. When considering upgrading a bathroom, consider the small things first. The toilet seat should be brand new and the sink should be something nice to look at, possibly a pedestal style. Bathrooms also need storage space, so consider adding a cabinet above the toilet to store toiletries in that area. Adding a nice modern vanity will always be worth the money and your friendly home improvement store often has them on sale, you just need to stop by often and speak to one of the sales people, they'll be happy to tell when the next big sale on vanities is coming up.
(Something that my husband and I will do often, is buy vanities on sale when we can find them and store them in our garage until we need them. Sometimes we'll pay $75 for a $600 vanity.)
- Exterior- The exterior of a house is always the first thing that people look at when deciding to rent a property. If the house is brick, look at the trim and determine if it needs to be painted. If the house all painted, consider upgrading to a nice vinyl siding. This will last for years and will not require painting, which is a lot of maintenance. This is one of the bigger investments, but one that is definitely worth it in the end.
- Roof- If the roof is in poor shape and there are leaks, consider patching the roof. If the tenants determine there are leaks, they will not want to rent and put their belongings in the residence. Make sure the roof is in great condition and that leaks will not be an issue for your renters.
- Landscaping- The landscaping at your rental property is also one of the first things that a potential tenant will see. Make sure the grass is in good condition and that it is being maintained. Also, consider adding in bushes and hedges to complete the look of the home. A couple of nice trees in the front yard and backyard are also great ways to get tenants interested in your property.
(We ask our lawn maintenance guys to plant some plants around the property and we usually get them to do it for under $100.)
By taking the time to invest in property enhancements and upgrades, you will be sure to get better tenants that are willing to pay more for you property. The task of upgrading may take a little cash up front, but will be well worth it in more ways than one.