We recently took a look at some low-cost improvements you can make to improve the value of your property. While those were focused on things that were anywhere from free to $200, this time we’re going to look at some bigger improvements that can be made for an even bigger return on investment. These are going to max out at around $1,000, but the positive impact they have on your property will help you find the right tenant or buyer and improve your bottom line. If you’re looking to rent your property, call Real Property Management in Little Rock today!
-Update the Bathroom
Anyone who has watched one of those shows with a couple hunting for a house has seen the negative reaction that streaks across their face when they walk into an old and gross bathroom. One of the rooms that benefits the most from renovations is the bathroom. Often all you will need to do is update one thing — replacing an outdated mirror, old plumbing, or lighting fixtures — it all helps. Replacing the flooring with some updated tile can totally change the look and feel of a bathroom instantly. Consider this especially if your property’s bathroom has linoleum floors, as they can get discolored which makes the bathroom feel dirty or old. It always feels better to be in a clean bathroom!
-Even the Kitchen Sink
The other room that you’ll see massive benefit from improving is the kitchen. Something as small as replacing an old built-in microwave with a more recent model can make the kitchen feel like it has much more value to interested parties. This is another room where replacing the flooring can totally change the complexion of the space. Swapping out an old, stained sink with a new, stainless steel one can make the room feel vibrant again. Small stuff can add big value!
If there’s a common theme you may have noticed, it’s how important a good floor is to any room. This is especially true when dealing with carpets and rugs. They get worn down, dirty, and can instantly give a bad impression. Even if you’re unable to replace all of the flooring at once, a focus on the most worn-down problem areas can make a huge difference. Replacing an old carpet also has the bonus of improving the overall air quality in a home, as you’re getting rid of years of dirt and allergens that have embedded themselves in the carpet fibers.
-Regular Maintenance and Repairs
We know, it sounds like a teacher telling you to do homework. But keeping on top of repairs creates an overall atmosphere of a property being taken care of. Ignoring small repairs will only cause them to stack on top of each other, making your property look neglected and, frankly, broken down. Even if you aren’t comfortable completing the repairs yourself, hiring a professional for a day or two to take care of these problem areas will not only check off some of your to-do list; it’ll help you avoid possible disaster in the future.
-Thanks, but No Tanks
A standard water heater is designed to hold around 50 gallons of hot water on a constant basis, regardless of if you actually need that much hot water. This increases your energy consumption because so much is required to keep that much water hot at all times. Upgrading to a tankless water heater is an eco-friendly, cost-effective update that many buyers and renters are seeking out more and more when they’re hunting for a new home. Tankless water heaters only heat the water you need, when you need it. It’s a great value proposition when you get down to it.
-Appliances Need Love Too
For reasons we’re still not entirely sure about, the 1970’s really loved oddly colored appliances. While that may have been in vogue back then, seeing a refrigerator the same shade as your Grandma’s split pea soup is liable to turn anyone green. Getting rid of these old units and upgrading to new, energy-efficient appliances has a huge effect on how a room feels. Going stainless will add a shine and glow everyone that walks in will appreciate.
-Green is Good
When you pull up to a home, what’s the first thing you notice? For most people, it’s the grass in the yard. If you’re dealing with grass that hasn’t been kept up with, you’re looking at brown patches and weeds. Not very attractive. All it takes is a weekend and less than $1,000 to put down new sod that will improve your property’s curb appeal like nothing else. It creates a welcoming environment and helps provide a beautiful frame for your property. Drive through a neighborhood and pay attention to their front lawn. You’ll be amazed at what a huge impact nice green grass can have on the landscape.
There are still even more updates you can make to your property that will add value and help your investment grow. We’ll be continuing this series soon, but in the meantime, these cost-effective steps can help you truly make your property something worth being excited about. If you are looking for new renters or if you want to really make your property something special, call Real Property Management of Central Arkansas today. We have the expertise necessary to help you make the most out of your property while taking away so much of the frustration. Let us work for you!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.