Lesson for the Landlords: Freshening Up Could Mean Higher ROI within 12 months.

Being a landlord is not just a way to create passive income; it’s a way to make future dreams come true. Investment properties can help you fund a retirement account, higher education or your travel plans.

Buying an occupied investment property means you are walking into a building with cash flow. It also means you won’t know the exact condition of each unit before purchasing it. Consider having a home inspector visit each unit in between tenants. This will help mitigate emergencies and help you keep a running tally of items to address every couple of years. 

Just like when you’re selling a home, your kitchen and bathrooms will have the largest impact on your rent price. If remodeling sounds daunting and cost-prohibitive, consider some small scale renovations with a huge impact.

Painting the Cabinets Consider painting the cabinets for a refresh. While neutral colored cabinets like white, are timeless, consider the impact a pop of color adds to the room and feel of the space. There are self-leveling paints for cabinets that mean you can complete your project in one afternoon. Estimated price per gallon to cover about 500 square feet $130. We like “Heirloom Traditions.” 

Replacing Cabinet Pulls/Knobs – Updating the knobs and pulls on your cabinetry is a cost effective, quick way to update the feel. If you’re not into the metallic finishes currently trending, (read: rose, gold) go black. Black pulls are modern and elegant and easily pair with most cabinet colors. 

Replacing Faucets, Shower HeadFaucets and Showers show the age of a property. The chrome silver finish is dated and they are likely rusted at the spout. If there is a water pressure issue, consider reevaluating your plumbing instead of replacing your faucet.

By making small changes, you can help your tenants have pride of ownership in their new place and help keep your place in high demand for years to come.

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