Are you considering making updates to your investment property?
If you’re like many rental property owners, you’re most interested in updates that are inexpensive but that increase the amount of rent you can charge or the asking price when you choose to sell.
In short, you’re looking for updates that bring real value to your investment property.
At HUNTAHOME, we work each day with landlords and owners across the Dallas-Fort Worth area. As the leader among DFW property management companies, we know what updates will deliver the value you want — and the ones that won’t.
If you’re looking for easy, cost-effective tips to update your investment property that pay off in the long run, here’s a look at 10 ideas.
10 Inexpensive Ways to Update Your Investment Property
1. Start With Paint
A little paint always goes a long way.
Choose an attractive, trendy color and a paint brand/style that requires only one coat. In just a day or two, you can transform the way your property’s interior looks and feels by painting throughout.
Paint is always one of the most cost-effective home improvements you can make. Spend a little time carefully choosing a paint color (or paint colors) that really fits your space. For example, if you have a rental property that lacks natural light, stay away from darker colors.
2. Popcorn Removal
Most homes built in the 20th century included so-called “popcorn” ceilings. Popcorn ceilings hide imperfections and helped absorb noise. Unfortunately, they also included white asbestos — and they were ugly, too.
In the 21st century, popcorn ceilings make rental properties feel old and unkempt.
There’s good news, though.
Removing popcorn ceiling and retexturing in a more modern way is a fast, easy, inexpensive project that can make your property feel newer and better maintained.
3. Visual Space
You can’t expand your property’s square footage without a major construction project. But you can make it feel larger by making some simple updates.
Start with window treatments. Heavy, thick drapes and even the vertical blinds often used on sliding doors make rental properties feel dark and a little claustrophobic. Replace with shutters or other blinds that let more light in — and make properties feel larger.
If your property includes rooms that are particularly small, add a single mirror to visually increase the amount of space available. Prospective renters or buyers who walk through will get the sense that your property is a little bit larger than it is.
4. Minor Bathroom Renovations
Renovations are expensive. If you think your property needs renovations, keep costs down by starting in the smallest possible spaces — the bathrooms.
Replacing the tile, adding a new vanity and re-caulking the shower/tub are comparatively low-impact, low-cost updates to your investment property. When done together, they work as a full bathroom renovation that can boost the rent you command or the eventual sales price of your property.
Depending on the size of your rental property, new flooring could be an improvement that brings value. Don’t feel as though you have to choose one type of flooring throughout, and don’t feel as though you have to replace all of the flooring in the property.
Start with flooring in the common areas that visitors see when they first walk in. For example, find an inexpensive hardwood for the living room and a low-cost tile for the kitchen.
You can also go with a blend of hard flooring in common areas and carpet in bedrooms. You don’t want to mix and match flooring too much, but explore using different types of flooring to create the best look at the lowest price.
6. Attractive appliances
The value of appliances is less about brand and features and more about appearance and attractiveness. For example, prospective renters will be more impressed by off-brand appliances that are stainless steel than they will be by name-brand appliances that are white.
Obviously, you’ll want to invest in durable appliances that won’t need replacing in the near future. But look for appliances that can get the job done without paying a premium for an unnecessary feature or a well-known brand.
Strive to make your rental property as energy-efficient as possible so that you can use its efficiency as a selling point in marketing.
What types of energy-efficient updates offer the most value?
Smart thermostats, LED lighting, energy-efficient appliances, and attic insulation are updates to consider.
8. Lawn and Landscaping
Most rental property lawns have long been neglected. Renters don’t care to mow the grass, to water the lawn or to otherwise maintain exterior spaces. Landlords have a difficult time enforcing lawn maintenance provisions in lease agreements.
Before you attempt to lease or sell your rental property, spend some time focused on the lawn and landscaping. Sometimes yards just need a good cleaning up to vastly improve appearance-wise.
If you’re going to update your investment property with landscaping, look for low-maintenance plants that will continue looking great without care from the tenant.
9. Deep Cleaning
Rental properties often need a deep cleaning.
Let’s be honest: Tenants don’t care for homes the way owners do and they have a tendency to leave them in less than pristine condition.
Before you lease or sell, it may be worth paying for a deep clean. Use a deep cleaning session to also look for minor repair and maintenance tasks that may have gone overlooked. Between the cleaning and the minor repairs, your property will look and operate far better than before.
10. Regular maintenance and repairs
To keep your rental property’s value as high as possible, stay on top of maintenance and repair needs on an ongoing basis. If maintenance and repair tasks accumulate, they will feel overwhelming and expensive.
Maintain a strong relationship with your tenants, and ask them to communicate when the property needs maintenance or repairs. It’s better for the property and for your bottom line to take care of these tasks over time rather than waiting for a vacancy to start addressing the to-do list.
Need Help With Property Maintenance and Marketing?
It’s hard to stay on top of property maintenance and repair needs. And it’s also hard to market that property when it’s time to lease or sell.
At HUNTAHOME, we are the leading provider for property management in Dallas and Fort Worth.
We serve as a maintenance and repairs contractor for our clients, taking service calls from tenants and quickly providing the needed solutions. We also help our clients market their properties before leasing or selling.
Our team makes recommendations on low-cost ways to update to your investment property that bring value, and we have a track record of successfully filling units and selling properties when owners want to divest.
Our team makes recommendations on minor updates to your investment property that bring value, and we have a track record of successfully filling units and selling properties when owners want to divest.
We also help our clients market their properties before leasing or selling. Our team makes recommendations on minor updates to your investment property that bring value, and we have a track record of successfully filling units and selling properties when owners want to divest.
When you need help from the leading provider of property management in Fort Worth and Dallas, get in touch with the team at HUNTAHOME.