Greetings Investors!
We hope the year is off to a great start for you. Today we want to look into a few easy ways to get a nice increase on the value of your rental property with a relatively small investment. Whether it is to justify a rent increase or attract new tenants at a higher rate it is always a good idea to make small improvements to increase the interior appeal of your property. Sometimes improvements can be expensive but today we will show you a few that you can do for little cost.
#1 Paint the Kitchen Cabinets
A brand new kitchen is probably one of the most expensive things you can do in a property. And while they look great and should be considered every 10-15 years, they are not very efficient in terms of cost. A much better option is to hire a company to paint the cabinets. This will take an older looking kitchen and make it seem brand new. The color of course depends on the décor and overall look and feel of the interior of your property but one of the most popular options is to take a natural wood finish and paint it white. The white brightens up the entire kitchen and even the rest of the house. It is also one of the cheapest paints that does not require a mix. The cost for repainting an average size kitchen is only around a few hundred dollars.
#2 New Light Fixtures
Whether you add them to the kitchen to make it even more bright, or the hallways, bedrooms or even the front porch new light fixtures can really dress up a property. Think of them as jewelry for your home. Of course you want to be consistent with the colors but there are pretty much three basic colors: steel, white and brown. They are also relatively inexpensive to get a decent quality that will really make a nice impression. You could spend a little more if you have a higher end property and still only be spending a few hundred dollars to do the entire home.
#3 Crown Molding
This is probably the most expensive of the options we have covered today but it is also the most impressive. If you have ever seen the difference between a room before and after crown molding you will no doubt have been amazed. It literally changes the look of the entire room. Crown molding makes the room feeling “finished” as well as adding the perception of height to the room. The trick here is to buy the cheapest decorative crown molding because having no decoration really doesn’t give the same impact and going for an expensive and complex decoration is really not needed unless you are in a very high end property. Another consideration that would go along with this would be to add decorative and high base boards. But the cost can add up on this one. So a final cost saving tip is to add the Crown Molding in only the living room, that way you get the “Wow!” factor when you first walk into the home but don’t have to pay the high cost of adding it to bedrooms.
Each of these solutions will cost less than $1000 and could justify a rent increase of $50-$100 month which means your investment will pay for itself and start to earn additional income in about a year. Please check back often for more great investment tips and as always if you have any additional questions about property management and how we can save you money call us at 305-517-3900.
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