Being an owner of multifamily and other rental properties gives me good insight on what things I can do the increase the value of my rental properties in the eyes of potential tenants.
Most people want easy and inexpensive. Other can go a bit further and some go all the way, stating, I don’t want to do this again anytime soon, referring to remodeling in general, opting to go full-out and update an older apartment, but most of us fall in the former category which is probably the best place to be if you want value for your renovation dollars.
The Easy And Essential.
- Make sure the place is clean, and I mean really clean, even in the nooks and crannies.
- Fix stuff so that it works.
- A good cleaning is often a good renovation, especially if you’ve neglected this before.
- Paint is inexpensive and colored paint is not much more. Meaning that you can paint an accent wall or a room something different, something that is in style besides all white or all beige.
- Electrical plates are cheap and can make a huge visual difference.
- Toilet seats and the like.
- Really anything that would make someone queasy or squirm needs to go.
- Did I mention cleanliness… yes, I did, but it bears repeating.
- Those are the essentials. You would be surprised how many owners skip these simple steps and lose a lot on this.
A little bit more, but still easy renovation.
You can spend a little bit more to add pizzaz to a property. These are things that add value and last.
- Upgrade faucets.
- Change out the lights. You can get some really nice lights for great prices, even in places like IKEA. Don’t add that common stuff from Home Depot with no style. Just look at what IKEA has..
- Add a glass tile back splash in the kitchen, over the counter top. This has been very popular and looks expensive, but it’s not.
- Change out the cabinet handles in the kitchen.
- Get rid of the carpet and put in tile or laminate flooring.
- If you the laminate and/tile, change out the baseboard and put in the taller ones. They are really nice and inexpensive, a great value indeed.
Okay. I can go on. There are lots more things you can do and this will give you a good start. Remember though, the number one complaint I hear from those looking for a place is the lack of cleanliness.