General Contractor · Midland, TX · Member since 2008 · 160 posts · 24 votes
This has been asked before, but I want to ask the question with a bit of a spin.
1-What is your favorite improvement you like to make to your properties to increase rent you can collect? (Made up example: I like to install a cupid fountain in the back yard because tenants will pay $50 more a month for cupid statues)
2- What is your favorite improvement you like to make to your properties to increase the durability of your property. (Made up example: I like to put diamond plate on the walls because that stuff in indestructible.)
Realtor · Albuquerque, NM · Member since 2014 · 109 posts · 79 votes
11y
My favorite "improvement" is a fresh coat of paint and clean. Pretty simple but many rentals are dirty and not well taken care of.
In order to increase durability of a home is to paint the entire home with semi gloss paint. Semi gloss paint will hold up a lot longer to cleaning and scrubbing. I also find doing touch up paint with semi gloss matches better than a flat paint
Investor · Austin, TX · Member since 2014 · 102 posts · 41 votes
11y
Favorite improvement for increased rent is stainless steel appliances. So far I have had success from scratch and dent places or buying used. They quickly improve a kitchen a kitchen's look for about 200-300 per appliance. They also aren't very common in north Austin rentals. So I separate myself easily from other rentals.
Favorite durability improvement- tile or vinyl flooring. The main reason is that I just hate carpeting.
Realtor · Albuquerque, NM · Member since 2014 · 109 posts · 79 votes
11y
My favorite "improvement" is a fresh coat of paint and clean. Pretty simple but many rentals are dirty and not well taken care of.
In order to increase durability of a home is to paint the entire home with semi gloss paint. Semi gloss paint will hold up a lot longer to cleaning and scrubbing. I also find doing touch up paint with semi gloss matches better than a flat paint
Investor · Hampton Roads, VA · Member since 2014 · 1k+ posts · 418 votes
11y
When I buy a place it's usually outdated. I update everything. It allows me to get a higher rent and cherry pick the best tenants. To directly answer your question, laminate flooring (.68 per sq ft) always seems to be a winner. I haven't tried the Allure stuff though.
Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
11y
When it comes to residential (1-4 units) and small multi-family (5-10) we typically purchase distressed properties and perform a deep energy retrofit, with the result being units which operate 40 - 75% more energy efficient following the retrofit.
While this does not necessarily increase the rent we can command, it has proved to decrease our turnover and vacancy - tenants stay longer and, when they leave, we often have word-of-mouth applicants before the unit becomes vacant ... just last month we had 5 inquiries and 3-applicants on a property we had yet to advertise.
your comment are extremely true to colder climates.
Renters always cried on the utilities cost in the long winter months; They cranked the heat so high & open the window for FRESH air, while it is -30C outside.
Unfortunately most bills for this kind of tenants are picked up by Housing.
Any normal person that has to earn a living by working hard will never have the mindset like that.
your comment are extremely true to colder climates.
Renters always cried on the utilities cost in the long winter months; They cranked the heat so high & open the window for FRESH air, while it is -30C outside.
Tom:
Students are known to do the same, which is why we never pay the utilities.
Professional · Noblesville, IN · Member since 2014 · 222 posts · 66 votes
11y
I like to take advantage of poor / outdated layouts in homes. It's often quite easy to add a bedroom or bathroom or both. Who uses dining rooms these days? I like to blow out walls to make 'great rooms'. I'm currently converting a 'utility room' into a full bath and moving the washer dryer to an enormous closet in the master bedroom upstairs. The old kitchen was moved to the dining room and became a 3rd bedroom. A two bedroom one bath will be a three bedroom two bath in about a week! While I'm at it, I'm putting in a 90% efficient furnace. Total cost will be very low and resale and rent increses will be awesome! Older houses are great candidates for these kind of changes. I have four awesome projects doing this right now.