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!
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