If you’re thinking of purchasing a rental property, you may already be considering the possible costs of making the property suitable for tenants once you own it.
Like with all home improvements, some give you more bang for your buck than others.
However, renovating a rental property is a much different science than renovating your primary residence. You have to assume there will be wear and tear that is greater than the normal wear and tear you have in your own home.
So, which home improvements make the most sense when updating your investment property?
Check Out Our List Below of Economical Improvements That Are Well Worth The Cost to Renovating a Rental Property:
1) Fresh paint. Freshly painted walls are an affordable, easy way to make a property feel as good as new. No tenant wants to move into an apartment with dingy paint, or the prior tenant’s spaghetti sauce on the wall. This is a great and cheap way to renovating a rental property. Paint averages about $30 a gallon, so you can’t really go wrong. Make sure you use an eggshell or semi-gloss, so that the tenant can wipe walls clean with a damp rag.
2) Replace rugs with a tough laminate. Laminate floors look and feel like hardwood these days. And, they wipe clean with a mop, much easier than trying to get stains out of carpets. Quality laminates can be found at your local home improvement warehouse for as little as 99 cents a square foot.
3) Swap out old bathroom fixtures. Replacing a faucet or a shower head is fast, easy, and many times you can do it yourself. It automatically makes an old bathroom look new and modern again. While you’re at it, replace the towel bars, door hooks, and toilet paper holder for more instant updating at minimal cost.
4) Make the kitchen sparkle. The kitchen is one of the most-used rooms in any home. So for most tenants, it is a key space. Replace worn countertops and appliances. Replace an old faucet with a new one with the hose built into the spout for convenience. Replace old door hardware with something new and contemporary.
If you’re already searching for your perfect rental property, give Chad Baker a call at 858-353-8331 to discuss financing alternatives.
He has a full range of renovation loan programs available for you!
I was referred to Chad by my Realtor for a purchase of a new house. The experience with Chad and the team (I mainly worked with Juliann) was nothing short of outstanding. From start to finish there were always quick to respond and when needed, notify me of any new documentation that was required. There were very helpful explaining to me the pros and cons of different financing options as well as some other loan related issues, such as termite clearance outside the purchase contact and septic tank certification process. Overall, very knowledgeable and processional team. Loan preapproval was done in a single day and loan documents were ready for signing in 21 days, which was 9 days ahead of schedule. That never happened to me before.
Thank you Chad and Team
Chad and his team have been a pleasure to work with. I’m a 3rd time home owner. Wish I had known Chad and team a lot sooner. He made my 3rd home purchase very easy. There were a lot of moving pieces and they handled with professionalism and care. Juliann was a pleasure to work with too. The whole team made it possible for us to move into our dream home. Thanks you Chad and Team!
“Hey Chad, Just wanted to send a quick note to Thank You for all your work and effort to get this escrow closed. It was a pleasure to work with someone as professional as yourself. If I have a client that ever needs a lender you will definitely be someone that I would recommend.”