If you become an accidental landlord or are new to the intentional investing space, you might be unsure about what upgrades your house needs to best benefit your return on investment. It can be easy to assume that you may need large, sometimes expensive renovations to increase your return, but that is usually not the case. The smartest upgrades are actually simple, cost-effective, and designed to attract better tenants while reducing long-term maintenance.
The Game-Changer: Flooring
Let's start with one of the biggest game-changers: flooring. If your property still has carpet, let's get it out. It is time to switch to luxury vinyl plank, also known as LVP.
LVP is durable, waterproof, and holds up much better to wear and tear.
Unlike carpet, which often needs replacing between every other tenant—or every three if you are lucky—LVP can last for years.
This saves you money while also giving the home a more modern look that tenants love.
The Power of Paint
Next up is paint, which is easily one of the highest ROI upgrades out there. A fresh coat of neutral paint instantly makes a property feel clean, updated, and move-in ready. Not everybody is in love with your teal kitchen. Fresh paint photographs better for listings and helps attract more qualified tenants.
One of the best benefits of working with us is our ability to get you some of the lowest pricing on painting without sacrificing quality. We have great relationships with our painting vendors, which ultimately means more ROI for you.
Cost-Effective Kitchen and Bathroom Updates
When it comes to kitchens and bathrooms, you may not know where to start, but you do not need a full remodel to make an impact. Simple upgrades can completely change the feel of the space:
Swapping out old hardware.
Updating faucets.
Updating the light fixtures.
Bright, clean lighting makes spaces feel larger and more inviting. These small improvements give these high-traffic areas a more modern appearance without the high cost. This is exactly what drives better ROI in a rental.
Smart Strategy for Your Rental
At the end of the day, the goal isn't to over-improve your rental. The goal is to make smart, strategic upgrades that increase rent, reduce maintenance, and appeal to the widest range of potential tenants.
If you have any questions about your property or want help walking through any upgrades, feel free to reach out to us. We will be more than happy to help guide you through and coordinate these upgrades.
