Being a landlord is not simply collecting rent and enjoying high profits. What other people do not see is that managing a property involves a lot of expenses; from utility bills and taxes to renovations and building upgrades.
In order to maximize profits, a landlord must apply frugal ways to minimize expenses without jeopardizing good quality indoor living for tenants.
One financial aspect that you can apply penny-pinching strategies to are property upgrades that would improve your rental property and the rental experience of your tenants. Here are a few ways to do that:
Grab good deals on paint
One popular option for landlords who want to upgrade their property is by repainting walls. A fresh coat of paint always gives even an old property an impression of newness.
One good tip is to buy paint for a good deal even before you need to repaint. When paints go on sale, prices can go down by half. Sometimes if there’s a surplus of paint that was mixed wrong for clients, they get sold for a huge discount. Watch out for sale announcement on your local hardware or paint store.
It’s good to also know the color options that would look good on your property so that when a sale comes, you’ll know what to look for instead of choosing from a wide array of colors without knowing which one would look good.
Search for appliances and furniture on sale
When new stocks arrive on furniture or appliance stores, the older stocks often get sold for a bargain price. Grab the opportunity to save money as such appliance and furniture upgrades are often too costly. Also, take advantage if they offer payment terms of 12 months at 0% interest because it would make the expense feel less heavy on your finances. Just make sure you don’t miss out on your monthly payment to penalties and interests.
There are also a ton of good deals on online shopping websites. You can even buy a high-end appliance that’s cheaper than mall price because some sellers are directly getting their supplies from manufacturers. Also note that stainless appliances are the best options.
Garage sales and closing sales are also a good venue to look for cheap furniture and appliance that has minimal wear and tear. If you have a network of service providers that know how to restore these items, then you just might be able to save a lot of money.
Improve your landscape
It doesn’t have to be a complete overhaul. Applying a few basic gardening skills like mowing and trimming can already improve the curb appeal of your property, which is important because it is a reflection of how well-maintained the property is.
Repurpose your basement
Basements are often neglected by landlords because it is often used for storage. Renovating it and turning it into another bedroom could also be too expensive. However, cleaning, decluttering, and sprucing it up a bit to create more space could make your property more attractive to tenants. The extra space can appeal to a lot of tenants, especially small families, who want to have space for a workshop or a downstairs living room.
You can even highlight the upgraded basement as one of your property’s selling points when you publish your listings to Padleads. Extra features like this often makes a prospective tenant feel that they can get more from their money’s worth.
Improve indoor lighting
Brighten up the room by adding light fixtures. These are often inexpensive but the added lighting can greatly improve the look of your property. You can even simply replace old light bulbs with bulbs that have a higher wattage to give a lighter ambiance.
While you’re at it, go the extra mile by replacing worn-out or stained switch plates to match lighting upgrade.