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 HIGHLY recommend Chad and his team.
Chad and The Chad Baker team really helped me from start to finish with my loan process. They were extremely responsive and provided me updates on a daily basis. I had a few personal issues that they helped me work through so I could get the best loan program and best rate. Very knowledgeable about the industry, rates and trends.I HIGHLY recommend Chad and his team. I’m happy to offer a reference upon request. Please ask Chad for my contact information.”
“Juliann – Thank you very much for your patience and help with everything. I can say 150% that we could not have gotten through this without you. I have been through this process before a few times BUT never have received this type of care/attention. This process is intense and you managed to humanize this life changing experience for us – rather than being a loan number. If you or Home Point ever need an official recommendation from us, you can count us in.”
I was amazed how quickly Chad was able to knocked out our refinance!
I highly recommend Chad he & his team did an incredible job! I had 3 others I was working with, including a Credit Union. Chad was able to offer me a lower rate with no fees! Based on the other 3 top financial bids I had for this refinance. ”