If you own rental properties, then you know how important it is to get as much income from it 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 it 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 is starting to peel. It’s also a good idea if your current colors are dark or muted, because they give the place a tired and dreary look, or if they’re 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 it will be greatly appreciated by tenants, whether new or current. Because appliances like the dishwasher, washing machine, 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 runs 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 bound 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 will 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 the 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 you might not get the masses rushing to your door, you’re bound to at least grab the attention of a couple of people, and might end up being the thing that seals the deal.
New light fixtures
Light fixtures tend to get dirty especially due to dust and bugs, so clean them often if you can, if not, replace them when necessary. This will keep your property bright and clean, making your current and potential tenants happy.