June 14, 2019
If you’re investing in real estate, it’s wise to do everything in your power to ensure that the property you’re renting out will give you the best return on your investment. With apartment rentals, this usually means doing a few upgrades that can make the unit more appealing. However, there’s a fine line between doing upgrades for investment purposes and over-investing in the property.
To help you in walking this line, here are three upgrades that will make your rental apartment worth more.
Give The Place A New Coat Of Paint
While it might seem like something too easy to even bother doing, adding a fresh coat of paint to your rental property can be a great way to make things like brand new. And, if you do it right, you can get some great quality paint without too much of a financial or time investment.
According to Jimmy Moncrief, a contributor to Landlordology.com, this upgrade will be most cost effective for you if you’re able to get a discount on a bulk order of paint. By doing this, you’ll be able to paint however many units you have and all the rooms within them in the same color. One of the benefits of this is that, if and when the time comes that a room or entire unit needs a touch-up, you’ll have the exact paint on hand to make those quick fixes.
Increase Energy Efficiency
Another way you can make your rental apartment more valuable and worth more to your current and future tenants is to make upgrades that will result in your units getting more energy efficient.
There are countless ways that you can make a space more energy efficient. According to Erin Eberlin, a contributor to The Balance Small Business, one of the best things you can do is to add windows where possible and replace any windows that aren’t energy efficient. By doing this, you’ll create more natural light that will help to heat the unit. And by putting in double pane windows, there will be more insulation during all seasons of the year.
Replace Hardware and Fixtures
To increase the elegance of your rental apartment, an easy and inexpensive option is to replace some of the hardware and fixtures throughout the unit. These small changes can really make a big difference in the space.
According to Kirstin Wong, a contributor to The New York Times, some of the best replacements to make include switching out cabinet handles, upgrading light fixtures, putting in a new faucet, and replacing light switch plates. These new details can make your unit look much more sophisticated.
If you’re wanting to make some small but impactful upgrades to your rental apartment, consider using the tips mentioned above to find the projects that will give you the best return on your investment.