When it comes to investing in rental properties, there is no one-size-fits-all solution. Every property has its own unique needs and challenges. Read on to learn from HumbleWorks some ROI-friendly ways to spruce up your rental property.
Research Updates that Provide Great ROI
Before making any major decisions about how you want to upgrade your rental property, it’s important to research what other local rental properties have to offer. This will help you determine which amenities and upgrades are most popular in the area and what kind of return on investment (ROI) you can expect from them.
Refresh Fixtures and Hardware
An easy way to give your investment property a facelift without spending too much money is by refreshing fixtures and hardware such as doorknobs and light switches. Replacing these small items with more modern versions can make a big difference in terms of aesthetic appeal.
Make Use of Area Rugs and Textiles
Area rugs and textiles are another great way to give your rental property a refresh without breaking the bank. Adding a few area rugs or throws here and there can help make a room feel more inviting and homey without costing too much money or taking too much time out of your busy schedule.
Upgrade Kitchen Appliances
If you want to attract higher-quality tenants then consider upgrading some of the kitchen appliances such as the refrigerator, stove/oven, or wall mounted range hood. Investing in higher quality appliances may cost more upfront but will typically provide better returns over time since they last longer than cheaper versions.
Create A Cozy Outdoor Seating Area
Having outdoor seating areas can add value to any type of investment property – whether it be an apartment complex or single-family home. These spaces can easily be created with furniture items purchased from thrift stores or yard sales at very affordable prices. And don’t forget about adding accessories.
Upgrade Bathroom Amenities
Another great way to improve the look of an investment property is by upgrading bathroom amenities such as faucets, showerheads, and toilets. Doing so not only improves aesthetics but also helps conserve water. Additionally, it provides tenants with a greater sense of comfort.
Establish Your Investment Company As An LLC
Forming an investment company as an LLC is a smart move for any business owner looking to protect their investments. By creating an LLC, owners can limit their personal liability and benefit from tax advantages that are unique to this type of entity.
Use E-Signatures to Simplify Paperwork
There will be plenty of documents to sign whether you plan to sell or rent your updated investment property. Whenever possible, use electronic signatures. Here's an option that makes the process simple. Just add your digital document and follow the directions to add a signature field.
Make a Property People Will Love
Investing in rental properties requires careful planning and consideration. However, there are many ways where landlords can improve the look of their investment properties without breaking the bank by consulting online resources as needed along the way.
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