- Elias Zeekeh, MBA, CPA, CMA
7 Low Cost Upgrades for Maximizing Rental Income
In order to keep up the value of your property and keep your tenants satisfied investment in your rental property will be required time to time. Below are 7 hot tips that will help maximize property value and rents.
Update hardware like handles, door knobs, and kitchen cabinet knobs. These are relatively cheap improvements that are visually appealing. Combine this with painting your old kitchen cabinets and a counter-top upgrade and that old kitchen could be completely revitalized.
Steam Clean Carpet, Tile, and Grout Lines. There are professional services that can do this for you or you can rent the machine at your local hardware store.
Lighting upgrades such as nice track lighting, dimmer switch, under cabinet or recessed lighting can give your property that “wow factor”. Select something eye catching for the front foyer to give a good first impression. Furthermore, replace old receptacle outlets and switches with decor style to give your property a more modern look.
Remove constricting walls that aren’t load bearing. This costs much less than people think, and will give your property the appearance of being larger. One of the top tenant complaints is lack of space or feeling crowded.
Replace shower heads and faucets. The new hardware will look and feel better and there are also more water efficient low flow options as well.
Replace toilet paper holders, towel holder, and toilet seat. These are low cost items and well worth it. There no more of a turn-off for a prospective renter than an old discolored toilet seat.
Pressure washing the exterior of your building and walkways. This helps to improve the curb appeal and is relatively inexpensive. Painting the exterior brick can also have a huge impact.