As finances allow, I try to improve my rental units, adding value where I can. Here are the four best places to put your money, if you’re looking to “up your game:”
- Flooring: if you’ve done carpet in your main traffic areas, upgrade to ceramic tile or a sturdy laminate. I prefer ceramic because it’s more durable, if it’s installed correctly. Most of my tenants still prefer carpet in bedrooms (it’s warmer), but I like tile in living areas, kitchens and baths.
- Kitchens: if your cabinetry is well built, but just dated, prep it and give it a face lift with some semi-gloss white paint and new hardware/drawer pulls. Cheap but effective! Also, the big box stores sell granite look-alike patterns for replacement counter tops. Nice look, easy on the bank account.
- Bathrooms: I’ve been replacing my flimsy tub surrounds with porcelain tile. Longer lasting, nicer looking, and easy to clean. And for $250 or less, you can replace your tired-looking bath vanity and counter top.
- Exterior: I probably should’ve put this as number one! If the outside of your unit looks like crap, the better applicants may just drive on by. I’ve been working on sprucing up my exteriors. Installing new windows, washing vinyl siding, planting perennials and some shrubs, painting window trim, etc.
If you improve your rental, you can demand higher rent, and you’ll also attract tenants who are looking for those upgrades. So, you’re getting higher rent, tenants are getting a nicely appointed apartment … everybody’s happy!