If you own rental properties, then you know how important it is to earn as much income from them as possible. There are a few ways to do this. You could buy more properties, or somehow find ways to put more people in the same space, but one of the best ways to increase income from investment rental properties is to make improvements to the space that make them more attractive. Of course, they can’t be too expensive or it will take you a long time to get your money back, but a wise renovation will greatly increase your rental income in the long run. Here are some rehab projects that make homes more attractive, without breaking the bank.
Furniture
If you currently have tenants, they won’t appreciate you leaving a bunch of new furniture in your space, but if you’re looking for tenants, offering to include furniture in the deal can greatly improve a potential tenant’s impression of the place. . You don’t have to get fancy furniture, by any means, but it is important to find furniture that is comfortable and reasonably attractive.
paint work
Walls are one of the most visible parts of a property. Consider repainting interior walls if it’s been a while and the paint begins to flake. It’s also a good idea if the current colors are dark or muted, because they give the place a tired and sad look, or if they are a wild or inappropriate color, like pink or bright green. Painting, especially if it’s the right color, can make the place feel more alive and will definitely attract new tenants, and you can also offer to repaint current tenants if you’d like.
new appliances
Appliances will certainly cost you more than new paint, but they will be highly appreciated by tenants whether they are new or current. Because appliances like dishwashers, washing machines, and even the stove and oven are such an important part of our lives, they affect us more than we realize. If the stove is rusty, or the dishwasher is stained, or the washing machine only works half the time, it makes us feel dirty or like our life is a mess. People don’t want to feel that way, and a rental that instead makes people feel like everything is going well is sure to make more money.
Solar panels
Don’t tell your tenants, but this is really more for you than it is for them. By harnessing the power of the sun instead of using power from the lines, you’ll save a considerable amount of money each year. Every situation is different, so do the math yourself, but many solar panels pay for themselves in less than two years, and technology is improving rapidly. Once you’ve installed the panels and started reaping the savings, you can also tell your tenants that the property they live in is green. While it may not attract the masses rushing to your door, it’s sure to catch the eye of at least a couple of people, and it could end up being the thing that seals the deal.
New light fixtures
Light fixtures tend to get dirty especially from dust and bugs, so clean them frequently if you can, if not replace them as needed. This will keep your property well-lit and clean, making your current and potential tenants happy.