Are you looking for affordable rental property upgrades to maximize your monthly income? Owning rental properties and being a landlord can be a challenging task. While earning passive income is always a good feeling, you need to make sure each rental unit stands out in a competitive market and fill the vacancy fast. Here are 8 rental property upgrades any landlords can do under $500 each.
A quick way to freshen up a unit is to simply put a nice coat of paint. You may not be able to do the entire property under $500 however; Pick key rooms and stick with natural colors such as gray or beige. You can even create accent walls and include these 2019 trending colors.
#2. Replacing Hardware
Replacing doors knobs, kitchen cabinets and bathroom cabinets hardware can spruce up the look. It is the most inexpensive rental property upgrade, yet the best return on investment in your rental properties.
In small apartments, you may be able to use vinyl flooring which is a much better option. Ditch and replace the dirty carpet in the bedroom, and focus on the kitchen and bathrooms. These small improvements can have a big impact on rental properties. Rent faster and for more money.
#4. Kitchen Cabinets
Renovating the entire kitchen is probably not in your budget, however painting or resurfacing the cabinets can bring a tired kitchen back to life. The heart of a home is the kitchen! One of the top 5 rental property upgrades to focus on.
To finish up the upgraded look of that kitchen, install a backsplash. There are many inexpensive options on the market that will give your kitchen a modern look.
Replace any outdated or broken appliances. Renters pay close attention to the appliances when visiting a unit. When deciding to upgrade your rental property, you should also consider adding a dishwasher. Look out for scratch and dent deals or used ones.
#7. Patch the Roof Tiles
Be pro-active! Make sure to replace any broken tiles on the roof. A leaky roof can lead to serious interior damage including the tenant’s belongings, which can lead to even more issues.
#8. Window Coverings
Update window shades or blinds. You can find faux-wood blinds for under $20 that will look much nicer than the cheap white metal ones.
Implementing upgrades in your rental properties can be very impactful and maximize your monthly income. In some markets, rentals can be competitive so having a unit that stands out with small improvements will always be a positive point.
If you have any questions about unit turn-overs or find better ways to maximize your monthly income with rental properties, feel free to contact us.
Blackstone Group Leasing and Management operates with an in-house maintenance team to control the cost of repairs and maintenance for each property under their management.
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