When you invest in real estate with the goal of renting it to tenants, you take on a substantial amount of responsibility. Not only do you have to qualify tenants and handle the business end of things, but you must also maintain the property and handle all of the necessary repairs.
In reality, a landlord is a jack of all trades. They are part marketer, part CPA, and part building maintenance professional, all rolled into one.
If you’re currently a landlord, this article has the potential to show you some new strategies you may not have otherwise known about. However, if you’re thinking about becoming a new landlord, this could be a great place for implementing your repair strategy.
These are the top do-it-yourself property repairs every landlord should know.
When you own and manage rental properties, one of the most critical aspects is learning how to cut costs whenever you can. This is why it pays to be a do-it-yourself landlord.
Sure, you could pay a maintenance crew or a property management company, but this cuts into your rental profits significantly. When you take on all
of the simple maintenance and repairs on your own, you stand to save yourself thousands of dollars compared to the alternative.
Use the following tips to save the most money possible when you own a rental property.
Refresh the Entryway
One of the first things tenants see when they arrive at your property is the entryway. Making small repairs like throwing a fresh coat of paint on the door, or updating the old one, can make a huge difference and net you a few more dollars each month.
Did you know that different colors target different tenants? Choose your paint scheme accordingly and market to the most appropriate type of tenants.
When you make small upgrades like this on your units, you can make it reflect in the price. It’s not difficult to justify a $100 a month increase when you make the proper repairs and upgrades.
Put some mulch down to save yourself some time from weeding later on or hiring a landscaping company. When you make your plant choices, choose low-maintenance options that are nearly self-maintained.
Another great idea is using hardscaping in the form of stone or gravel to cut down on grassy areas. This limits the need for summer landscaping, which could also be more appealing to a potential tenant.
Quick, cost-efficient upgrades will boost your home’s curb appeal in a big way. This is another easy way to get another $50-$100 each month from tenants.
Upgrading the Appliances
When you’re renovating between tenants, keep in mind that the kitchen is a huge selling point. However, this area also packs the biggest punch on your wallet.
Consider installing energy-efficient appliances for eco-conscious tenants, which also modernizes the space. These appliances also lower the utility bill, which you can use as an additional selling point.
If upgrades like this aren’t in the budget, make sure you use some elbow grease and clean the ones you have spotless. When everything shines during walkthroughs, the chances are higher you’ll get the price you want.
Resurface Your Cabinets
If you feel there’s a need to install new cabinets in the kitchen or bathroom, consider resurfacing them first. Stick with neutral tones for a uniform style throughout your home.
One of the worst returns on your investment is a full kitchen remodel. Most kitchen cabinets are already very functional, and you can install new hardware to make old cabinets look new again.
If you pair this with some updated appliances, most tenants will feel as if they’re walking into a new remodel anyway. In reality, you saved upwards of $10,000.
Replace Old Flooring
Rip out any old carpet that’s seen better days. Alternatively, use hard surfaces to save money in the future. You won’t need carpet cleaning services after each new tenant, either.
Use inexpensive laminate flooring to avoid scratches on the hardwood. Laminate freshens up the space and gives it a much sleeker look.
Retile the Bathroom
Besides the kitchen, the bathroom will receive the highest ROI on your property’s maintenance. Missing pieces of tile or large cracks are a huge turn-off. This can make or break the deal for many renters.
Retile the bathroom with a classic subway tile to prevent extensive damage over time. This also creates a more expensive, spa-like appearance for a fraction of the cost.
Stick with classic styles, and your property will look updated for a decade after the initial replacement. Try not to use anything modern or flashy, or things will be dated in a year or two.
Paint Is Your Friend
There is a lot of power in a few gallons of paint and some primer. Renters expect the area to look clean, fresh, and ready to move right in. It should be bright and vibrant, attracting them to being potential tenants.
Paint your walls, trim, and doors in neutral tones to create a uniform flow. Make sure you caulk and seal any cracks, nail holes, or any other traces of the previous tenants. Any noticeable imperfections should be covered.
A can of paint has the highest ROI when it comes to a rental property. They cost about $40 each and can make rooms look completely renovated and brand new. Repaint when all else fails, and you need to add value.
When you’re a landlord, the name of the game is saving money and maximizing your ROI. It’s easy – follow the simple rules in this guide, and you’ll net yourself tens of thousands of dollars.
You don’t always need the flashiest home to get the most out of your tenants – you just want one of the cleanest. When you have a clean, crisp environment in your rental property, the chances are high that tenants will be eager to sign the lease.