Whether you are skimping and saving for your next real estate purchase or putting off any major renovations on a rental home until they are inevitable, you can still give your investment property a facelift without spending a small fortune. Low-budget overhauls can have a significant impact on vacancy rates. Similarly, if you were to sell the home, you might get more money for it.
We have rounded up some creative ways to give your investment property some oomph on a tight budget. Check it out:
Upgrade the lighting with dimmable LED bulbs. In addition to their energy efficiency, these lights can help create more intimate ambiances or even make your kitchen look brighter and fresher. While you are at it, you might also want to consider changing out the light fixture!
- Storage Space
A home with plenty of storage space is something most tenants look for. While building in new cabinets or closets can be pricey, you could opt to invest in more affordable shelving units. Additionally, be sure to add new hangers, rods, hooks, and baskets to allow tenants to store sundries. A fresh coat of paint to existing cabinetry can also make a big difference in your investment property.
If you have a boring, plain backsplash, consider painting it over. If you have a tile backsplash, you can check out tile stickers and decals to cover them with. They are inexpensive and easy to apply.
- Tile Grout
Speaking of tiles, while they can be incredibly beautiful and timeless, the grout will inevitably begin to show signs of wear and tear. This can make your tiles look rather lackluster. If you notice cracks and discoloration in the grout, it is time to renew it.
- Garage door
We know what you’re thinking. A new garage door might not be the cheapest way to update the look of your investment property, but it is worth every penny! A garage door that doesn’t match the overall aesthetics of the home can take away from the home’s curb appeal.
With around $1000 to $2000, you can replace your garage door with a newer and higher-quality one, which will allow you to raise your property’s rent a bit to recoup the costs and make more money over time.
Would you like to speak with a member of the RLG team to discuss the value of your current investment property portfolio and determine areas for improvement? Give us a call today! We would love to help you with the properties you currently have and multiply your investment portfolio.