10 Inexpensive Ways to Spruce Up Your Rental or Rehab Property
by Bill Bronchick
It's easy to fix up your properties if you have unlimited cash. However, you
need to keep your repairs to a Related Information: "Flipping Properties Course"
minimum to stay profitable. You also need to keep your properties in good shape
to attract tenants or buyers. There are the basic improvements, such as carpet
and paint, but these can still costs thousands of dollars. The following are
some inexpensive ways to improve your properties with very little cash.
#1) New Electrical Switch Plates
This is such a minor, yet overlooked improvement. Most rental owners and
rehabbers paint a unit and leave the old, ugly switch plates. Even worse, some
even paint over them.
New switch plates cost about 50 cents each. You can replace the entire house
with new switch plates for about $20. For the foyer, living room and other
obvious areas, spring for nice brass plates. They run about $5 each - not much
for added class.
#2) New or Improved Doors
Another overlooked, yet cheap replacement item is doors. If you have ugly brown
doors, replace them with nice white doors (you can paint them, but unless you
have a spray gun it will take you three coats by hand).
The basic hollow-core door is about $20. It comes pre-primed and pre-hung. For
about $10 more, you can buy stylish six-panel doors. If you are doing a rehab,
the extra $10 per door is well worth-it. For rentals, consider at least changing
the downstairs doors.
#3) New Door Handles
In addition to changing doors, consider changing the handles. An old door handle
(especially with crusted paint on it) looks drab. For about $10, you can replace
them with new brass finished handles. Replace the guest bathroom and bedroom
door handles with the fancy "S" handles (about $20 each).
#4) Paint/Replace Trim
If the entire interior of the house does not need a paint job, consider painting
the trim. New, modern custom homes typically come with beige or off-white walls
and bright-white trim. Use a semi-gloss bright white on all the trim in your
houses.
If the floor trim is worn, cracked or just plain ugly, replace it! Home Depot
carries a new foam trim that is pre-painted in several finishes and costs less
than 50 cents per linear foot. Create a great first impression by adding crown
molding in the entry way and living room.
#5) New Front Door
You only get one chance to make a first impression. A cheap front door makes a
house look cheap. An old front door makes a house look old. If you have nice
heavy door, paint it a bold color using a high-gloss paint. If your front door
is old, consider replacing it with a new, stylish door. For about $125, you can
buy a very nice door.
#6) Tile Foyer Entry
After the front door, your next first impression is the foyer area. Most rental
property foyers are graced with linoleum floors. Consider a nice 12" Mexican
tile. An 8' x 8' area should cost about $100 in materials.
#7) New Shower Curtains
It amazes me that many landlords and sellers show properties with either no
shower curtain or any ugly old shower curtain in the bathroom. Don't be cheap -
drop $40 and buy a nice new rod and fancy curtain.
#8) Paint Kitchen Cabinets
Replacing kitchen cabinets is expensive, but painting them is cheap. If you have
old 1970's style wooden cabinets in a lovely dark brown shade, paint them. Use a
semi-gloss white and finish them with colorful plastic knobs. No need to paint
the inside of them (unless you own a spray gun), since you are only trying to
make an impression.
Americans spend 99% of their time in the kitchen (when they are not watching
TV). A fancy modern faucet looks great in the kitchen. They can run as much as
$150, but not to worry - most retailers (Home Depot, Home Base, etc) often run
clearance sales on overstocked and discontinued models. I have found nice Delta
and Price Pfister faucets for about $60 on sale.
#9) Add Window Shutters
If you have ugly aluminum framed windows, consider adding wooden shutters
outside. They come pre-primed at most hardware retailers and are easy to
install. Paint them an offset color from the outside of the house - (e.g., if
the house is dark, paint the shutters white. If the house is light, paint them
green, blue, etc.).
#10) Add a Nice Mailbox
Everyone on the block has the same black mailbox. Stand out. Be bold. For about
$35 you can buy a nice colorful mailbox. For about $60 more, you can buy a nice
wooden post for it. People notice these things....and they like them!
Bio:
William Bronchick, CEO of Legalwiz Publications, is a Nationally-known attorney,
author, entrepreneur and speaker. Mr. Bronchick has been practicing law and real
estate since 1990, having been involved in over 600 transactions. He has
appeared as a guest on numerous radio and television talk shows including CNBC
Power Lunch. He has been featured in Who's Who in American Business, Money
Magazine, the Los Angeles Times and the Denver Business Journal. William
Bronchick has served as President of the Colorado Association of Real Estate
Investors since 1996.