Do you own a rental property in Milwaukee or are you thinking about buying one? Knowing how to make cost-effective improvements can make a huge difference in how much you are bringing in each month. In our latest post, we discuss six cost-effective ways to improve your Milwaukee rental property.
Improving your rental property can improve your bottom line, but at what cost? Landlords can spend thousands of dollars improving their property, without being able to charge any more in rent each month. If you want to improve your Milwaukee rental, you’ll want to see some significant returns for your efforts. Below are 6 home improvements that add value, without breaking the bank.
There is nothing like a fresh coat of paint in an old and dreary room. Painting the walls can change the entire appearance of a room. It can go from dull and dreary to bright and inviting. Even if you are painting with a similar color to what was there, freshening it up, covering all the dings, and repairing old holes will make the room look a million times better. Painting can be done relatively quickly and inexpensively, especially when you choose to handle the labor part of it yourself.
Transforming the outdoors seems like a huge step. However, there are little things that you can do that will add the curb appeal instantly. Change the door color, add new lighting and replace the old house numbers. You will instantly see an upgrade! Add seating or a swing if you think the place needs to be more welcoming. The same can go for flowers or a new landscaping, which will instantly change the feel of the entire environment. Just make sure to state in the lease that the yard has to be well maintained! You don’t want that work to be for nothing. Or, you can always decide that you will be the one in charge of maintaining the yard of your rental property, especially if it requires some special maintenance. Also, if you rent out a property with a nice landscape, you can be sure that you’ll attract some good tenants who would invest their time into taking care of your property, instead of someone who would simply trash it.
Many tenants would love having additional storage. This can be done by redoing a closet, adding shelving or drawers. Adding additional cupboards is also a nice touch-up. If you have a garage, add storage space in it as well. For example, add hooks to hang things such as tools. A house that has a lot of storage space is a huge perk for many. Most of these things can be improved rather cheaply, so you can make your property stand out at an affordable price.
When it comes time to replace an old appliance, be sure to replace it with something that is energy efficient and not necessarily the lowest-priced model. Many renters will love having a nice dishwasher or washer and dryer in their space. Getting something with a few bells and whistles can be a huge perk for many people. And if you needed to replace the appliance anyway, its almost a no-brainer. That said, don’t go out and spend a ton of money replacing all of the appliances. Wait until they need to be replaced before you begin shopping around for the latest stove.
Updating fixtures around the home will add value and make the property more appealing. You can install new lighting or replace the faucets or drawer pulls. These accents make a huge difference in the fell of a room. Choosing things that are modern, clean, and simple will attract the most potential tenants to your Milwaukee rental property. Fixtures are typically a simple thing to swap out and can be done on your own.
Replace The Flooring
If your house has carpeting, it is likely a good idea to have it replaces, or better yet, torn out. Tile or hardwood floors are easier to keep clean and aren’t going to stain or get dingy the way carpet does. A dirty carpet is a huge turnoff for your potential tenants. However, nice and new tile floors will be a huge draw. Seeing as it is a rental property, choose a flooring that is durable yet also attractive. You’ll want the flooring to last if you are going to all of this trouble to replace it.
As a landlord, improving your rental property is something you should always be thinking about. Making major changes should be done between tenants when possible unless something major needs to be repaired. Making smaller improvements, that won’t disturb the tenant will be highly welcomed and may make your tenant more inclined to stay in the house longer.