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10 Simple Repairs and Upgrades to Boost Your Property Value

Making smart repairs and simple upgrades to rental properties is critical to maximizing potential returns and boosting overall value. As a real estate investor, there are many affordable improvements you can make to attract better tenants, charge higher rents, increase longevity of tenancy and see greater gains when it comes time to sell. Even small changes can make a big difference.

Repair or replace damaged components
Fixing or swapping out damaged components like leaky faucets, non-working outlets or switches, broken windows or doors, holes or cracks, etc. prevents further damage, improve safety, function and appeal. Basic repairs keep costs low while boosting value substantially.

Update lighting fixtures
Replace outdated fixtures with modern, energy efficient and attractive options. Improved lighting enhances ambiance and perceptions of quality, safety and luxury. It’s an easy, economical update with a big impact.

Paint walls in neutral, contemporary colors
Fresh paint is an affordable way to make a space feel like new again. Choose colors that appeal to the widest range of potential tenants and buyers. Neutrals for walls along with bright accents create timeless, versatile style suited to most tenants and resale value.

Add contemporary fixtures and hardware
Handles, knobs, pulls, hinges, baseboards, crown molding, cabinet hardware, plumbing fixtures, lighting fixtures, etc. can breath new life into a space with updated style. Replace outdated, damaged or cheap components to make a good impression on quality and value.

Refinish hardwood or laminate floors
Investing in professional sanding, refinishing or restoration of wood and laminate floors provides large returns for the money spent. Floors in good, attractive condition see far fewer tenant requests for assistance or complaints which minimizes frustration and costs. Refinished floors also appeal strongly to a wide range of potential buyers.

Add storage space
Extra storage space is always desirable for tenants and enhances functionality, convenience and livability. Options include cabinet installations, shelving solutions, closets, walk-in closets, storage units or separate detached garages. Well-designed storage maximizes usable space and justifies higher rents.

Landscape and update exterior
Curb appeal attracts tenants and buyers and makes a strong first impression. Professional landscaping, mulching, edging, tree or shrub removal, lighting, signage updates or new mailbox installation make properties more attractive and appealing for little money. Exterior appearance impacts perceptions of quality, safety, prestige and investment opportunity.

Improve energy efficiency
Updating to programmable thermostats, insulation, energy efficient windows, LED lightbulbs and Energy Star rated appliances reduces utility costs for tenants, environmental impact and long term expenses but boosts comfort, appeal and asset value. Greener spaces charge slightly higher rents and appeal to an increasing number of environmentally-conscious tenants and buyers.

Add amenities
Whether pet washing stations, playgrounds, tennis courts, golf carts charging stations, pools, hot tubs, clubhouses, gyms, workshops or anything else, additional amenities enrich tenant experience, encourage longer tenancy, enable higher rents and develop into selling points to certain buyer demographics. Superior amenity packages justify premium pricing in the market.

In summary, simple repairs, cosmetic updates, storage additions, exterior changes, efficiency improvements and amenity installations can make a tremendous positive impact to rental property value when done thoughtfully and strategically. By evaluating each property individually to determine the most effective and worthwhile investments that maximize return on money spent while enhancing appeal and justifying higher rents and sale prices, you transform run-of-the-mill spaces into highly competitive, profitable assets. Small changes frequently yield big benefits. Staying on top of design trends ensures relevance in the eyes of constantly evolving tenant and buyer preferences. Smart reinvestment keeps units, properties and entire portfolios fresh, competitive and positioned for maximum potential gains. With time and practice, you’ll get better and better at determining exactly which improvements will boost bottom lines substantially at minimal costs. Proactive repositioning builds wealth and success in real estate. Value enhancements, when performed properly and judiciously, absolutely can make or break a deal. Developing an eye for what’s really important helps ensure every dollar spent or invested leads to more in return. There’s no magic formula, just experience, strategy and consistently making the best possible decisions based on your goals.

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