How to Get the Most From Your Property Upgrade

Posted in Blog  
  on Apr 27, 2016

Choosing to upgrade your rental property is an investment. If you're going to sink money into that investment, you want it to turn a profit to make it worth it.

Make sure that your upgrades will bring in a higher profit:

  • Hidden Value of Renovations - If you are considering upgrading your rental property, you will want to take a step back and consider which renovations will work best for your property.
  • Cost-Effective Upgrades - There are many ways that you can upgrade your rental property, but choosing the most cost-effective upgrades will help you bring in a higher rent at a lower cost to you as the landlord.
  • Eco-Friendly Upgrades - If it's time to upgrade your rental, you may think about choosing eco-friendly updates. These can bring around savings that you might not have thought about, including tax breaks.
    • Energy-Saving Upgrades - Upgrading your rental to be eco-friendly doesn't mean that you have to break the bank to do it. There are several small upgrades that you can choose that will help you and your tenants save money.
    • Green Roofs - Installing a new roof on your rental is no small decision, but if it's time to get a new roof, why not consider choosing a green roof to save yourself some money down the line?

DIY upgrades:

  • Resurfacing Kitchen Cabinets: The kitchen is often one of the rooms that your tenants will spend quite a bit of time in. It is also one of the rooms that can look outdated if you do not keep it updated with the times. Instead of spending a lot of money pulling out the old cabinets and installing new ones, you may consider resurfacing them for that updated look.
  • Reglazing a Bathtub: A bathtub that looks old or dingy won't be a good selling point when you are trying to convince potential applicants that your rental is right for them. Instead of purchasing and installing a new bathtub, consider reglazing it to add life to it.
  • Regrouting Shower Tile: The conditions that shower grout are consistently subjected to may leave it vulnerable to mold, mildew, and decay. If you know how to regrout the shower tile it can add a whole new life to that tile.
  • Patching Nail Holes: When a tenant moves into the rental, they will likely hang photos and paintings on the wall to make the place feel like their own. The holes left behind from the nails in the wall are often considered normal wear and tear, meaning you can't take it out of the deposit, so knowing how to patch those holes quickly and easily will help save money.
  • Sealing a Drafty Door: If a tenant complains that their electricity bill has spiked recently, you might want to take a look at the doors that lead outside. If the door is drafty it can let the bought air out, making the AC or heater run longer than it normally would to keep up.

Related

Fair Housing Legislation: A Primer

The Fair Housing Act was first adopted in 1968 and covers most housing in the United States. In 1988, the U.S. Department of Housing and Urban Development increased its power to enforce the... More


How to Write a Lease Covering All Bases

When it comes to writing a lease, every state and locality has its own set of rules and regulations. Nonetheless, there are certain general guidelines which you should follow to protect your interests... More


How to Write a Lease Covering All Bases

When it comes to writing a lease, every state and locality has its own set of rules and regulations. Nonetheless, there are certain general guidelines which you should follow to protect your interests... More


5 Home Repairs To Handle for Your Tenants

Your tenants have needs -- including maintenance on the space that they rent from you. If you’re lucky, you have reliable contractors who are always available when your tenants need them.... More


What Makes a Good Landlord Insurance Policy?

  Before renting out your property, you should purchase a landlord insurance policy. Unlike a homeowner's insurance policy, a landlord insurance policy will protect you from common... More


What Makes a Good Landlord Insurance Policy?

  Before renting out your property, you should purchase a landlord insurance policy. Unlike a homeowner's insurance policy, a landlord insurance policy will protect you from common... More


The Millennial Rental Market Trend Report

Millennials now make up just under one quarter of the total population of the United States. Compared with previous generations, millennials are much more likely to rent their homes rather than owning... More


Rental Property Deductions

Owning a rental property means that you are a business owner and property owner at the same time. Because of this, the owner must be aware of key rental property deductions that you can take every... More


Rental Property Deductions

Owning a rental property means that you are a business owner and property owner at the same time. Because of this, the owner must be aware of key rental property deductions that you can take every... More


Section 179 Deduction Rental Property?

Depreciation is one of the nicest aspects of owning a rental property. Over the course of 27.5 years, you can take out the true value of your investment until you completely recover the amount you... More