As a real estate investor, it is essential to keep your investment property looking its best to attract quality tenants and maintain its value. However, it can be challenging to improve the appearance of your investment property without breaking the bank. Fortunately, there are several ROI-friendly ways to improve the look and feel of your investment property without spending a fortune. Here are some tips from Porch Life Direct to help you out.
Create a Business Plan
Before embarking on any upgrade project for your investment property, it is essential to start by creating a business plan. A business plan will help you determine the scope of the work and the budget required to complete the project. Moreover, it will help you identify any possible hurdles such as permits and zoning restrictions. Also, consider structuring your business as an LLC in Minnesota. This structure limits your personal liability and offers tax advantages, too.
Refresh Fixtures and Hardware
Replacing outdated fixtures and hardware such as doorknobs, light fixtures, hinges, and handles is a simple and cost-effective way of improving the look of your investment property. You can either repaint or replace the fixtures and hardware to give them a fresh look.
Make Use of Area Rugs and Textiles
Area rugs and textiles are an effective way of adding color and texture to any room in your investment property. They are also an excellent way of covering outdated floors and furniture. Area rugs allow you to update the look of your investment property without having to spend money on expensive flooring upgrades.
Upgrade Kitchen Appliances
The kitchen is the heart of any home, and as such, it is essential to keep it looking modern and functional. One way of upgrading your kitchen without breaking the bank is by investing in energy-efficient appliances such as refrigerators, dishwashers, and ovens. Energy-efficient appliances not only look modern, but they can also save you money on energy bills.
Additionally, adding a range hood above your cook surface is helpful as well. This vent pulls air towards it during cooking, preventing particles from settling on other surfaces throughout the kitchen, which saves time cleaning later on.
Create a Cozy Outdoor Seating Area
Outdoor spaces are becoming increasingly important to tenants, as they provide an extra area to relax, entertain and enjoy. Creating a cozy outdoor space is an excellent way of enhancing the curb appeal and value of your investment property. You can achieve this by adding comfortable outdoor furniture, colorful cushions, and potted plants. Visit Porch Life Direct if you’re planning to screen in the porch!
Upgrade Your Landscaping to Boost Curb Appeal
The first thing that prospective tenants will see when they arrive at your investment property is landscaping. Well-manicured lawns, neatly trimmed trees, and blooming flowers create a welcoming entrance that will impress anyone who visits. Before getting started on any landscaping project, it is essential to consult online resources to ensure that you are following all relevant laws and regulations.
Upgrade Bathroom Amenities
Bathrooms are another area of the home that can benefit from upgrades. Simple upgrades such as new towel racks, faucets, and showerheads can go a long way in updating and modernizing the space. You can also add new light fixtures, mirrors, and other accessories to give the bathroom a fresh new look.
Once you complete your renovations, it’s crucial to conduct thorough research on the rent prices of comparable investment properties in your area. This can provide you with a benchmark for setting an appropriate rent for your property. Comparing your property with similar ones in terms of size, location, amenities, and condition can give you a clear idea of what tenants might be willing to pay. This ensures you are competitive in the market and not leaving money on the table each month. Having a good understanding of the rental market trends can also help you make informed decisions about future investments or renovations.
Improving the look of your investment property does not have to cost a fortune. By following the tips outlined above, you can update and modernize your investment property while keeping your budget in check. Create an LLC, make kitchen updates, and set an appropriate rent price. Remember, a little investment in your investment property can go a long way in attracting quality tenants, maintaining its value, and maximizing your ROI.