One of the biggest mistakes a landlord can make when renovating a rental property is to over improve it. Some landlords want to make the property look perfect, but the truth is that market rate will usually dictate the lease price. However, there are some rental property renovations that are worth the money. We’ve compiled a list of those improvements that will give a landlord the most bang for the buck.
- Swap Out Hardware and Fixtures
With a visit to the Home Depot and a screwdriver, this is one that is easy to do yourself. Update light fixtures and match handles throughout the house. It’s easy to add new wall plate covers for just a few dollars and the impact will make the home appear newer.
- Make Sure the Fence is Functional
Replace missing pickets, secure the fence line and make sure its sturdy. If you plan on allowing pets, this is one of the areas that potential tenants will look at.
- Remodel the Kitchen (On a Budget)
It is usually not cost effective to remodel the entire kitchen, but replacing hardware and handles can make a big difference. Consider painting cabinets – it’s definitely less expensive than installing new ones. Appliances should look good as new. Clean or replace any dirty stove tops or oven racks. If appliances are at the end of their shelf life, consider replacing them.
- Invest in Soaker Hoses
If the property does not have a sprinkler system, invest in soaker hoses especially if you are depending on the tenants to maintain the landscaping. Soaker hoses make it easier to water landscaping and have an added benefit of hydrating the foundation during the hot Texas summers.
Most renovations will offer a return on the investment in the long run. To be a smart landlord and investor, don’t waste money on improvements that aren’t needed or won’t give you a payoff. If you are looking for property management in Austin, give us a call to find out what we can do for you. We’d also be happy to help with the search for investment properties in and around the Austin area.