Real Estate News

5 Inexpensive Ways to Improve Your Rental Property

If you had an unlimited budget for upgrading your properties you wouldn’t need an article like this one. In this current economic downturn we have to be creative and financially careful when we are trying to make our units more appealing.

If you had an unlimited budget for upgrading your properties you wouldn’t need an article like this one. In this current economic downturn we have to be creative and financially careful when we are trying to make our units more appealing.

As an investment property owner, you know what it is like to have a tight schedule and an even tighter budget, so I thought I’d share with you some simple and “cheap” ways to spruce up your rental property to attract new residents.

Here are five easy-to-do, inexpensive ways to improve the rental properties that you manage or own.

Paint the Kitchen Cabinets

If the cabinets are over ten years old (or look cheap from day one) they are probably ready for a makeover. Replacing cabinets is an expensive proposition, but painting them can make them look as good as new. Use a semi-gloss paint and don’t bother painting the insides. Just make sure the inside of the cabinets are clean and smell good.

Replace the Shower Curtain

It almost seems like a no-brainer, but replacing the shower curtains and liners with a clean, contemporary look make a bathroom look cleaner and newer. Just go to any large discount chain and you can find nice curtains for $30 or less. While you’re at it, replace the curtain rod as well, which is also a meaningful low-cost improvement.

Upgrade the Switch Plates

For about 50 cents each you can add some shiny new electrical switch plates that look more expensive than the old ones. Spend a little more and you can find ones that look like wood or brass. This can be an eye-appealing feature and can add that special extra touch that nice details can bring.

New Doors

Replacement doors can be as cheap as $20 for the basic hollow-core door. If you can’t afford a new front door at least paint or stain the existing one.

Replace or Paint Trim

If the unit already has trim give it a fresh coat of bright white paint. If it doesn’t, or the trim is in bad shape, add new trim. Trim and molding is around 50 cents per square foot, yet it dramatically improves the appearance of any room.

You’d be surprise how many investment property owners underestimate what a difference these five easy and inexpensive ideas can make.