There’s a common misconception in the general marketplace that landlords are greedy penny-pinchers who look for every opportunity to make an extra buck. But those aren’t the landlords we interact with.
Most of the San Antonio landlords we know understand the importance of value creation and are focused on providing quality housing for their tenants. Part of this means keeping their properties both safe and desirable – often investing in upgrades to keep tenants comfortable. If you have some spare cash set aside, now could be a great time to upgrade your San Antonio rental property.
While $1,000 might not seem like a ton of money to upgrade your property, it can go further than most realize. It’s all about knowing how to get the most bang for your proverbial buck.
6 Options Worth Trying
You can easily blow $1,000 on things that don’t matter, or you can leverage it to improve your property, impress tenants, and potentially allow you to charge more rent in the future. Here are a few recommendations:
1. Give the Kitchen a Minor Facelift
It’s often said that the kitchen is the most important room in the house. Whether you’re selling your home or leasing to a tenant, money spent upgrading the kitchen goes a long way in adding value.
Having just $1,000 to renovate a kitchen might not sound like a lot, but it goes a long way in most rental properties. You’re not going to replace appliances or install new countertops, but there are some small tasks that can be done, including:
- Under cabinet lighting. You can install under cabinet lighting easier than ever before. Thanks to inexpensive LED strip lights, you can buy and install lighting for a moderately sized kitchen for right around $100.
- Hardware. Cabinet and drawer pulls are another inexpensive item that make a significant visual impact. It’s much cheaper than refacing cabinets or painting them, yet can have almost the same impact.
- Backsplash. There’s nothing like a sleek new backsplash to signal to renters that you care. It’s hard to go wrong with a classic subway tile. For a conservative look, use white grout. For a more modern and industrious look, try gray or black grout.
If you do the work yourself and are smart about which items you purchase, it’s possible that you could do all three of these items. However, it’s much more likely that you’ll have to choose one or two. When in doubt, go with the option that makes the biggest visual impact. That’s usually the backsplash.
2. Upgrade the Bathroom
If the kitchen is the most important room in the home, the master bathroom is arguably the second-most vital (in terms of perception and value). Thankfully, there’s a lot you can do with $1,000. Options include:
- New vanity. Ripping out an old vanity and replacing it with a new vanity/sink combo is a great way to spend your money. If you have room in the budget, you might even consider upgrading the mirror above the vanity.
- Shower remodel. You won’t get a world-class shower with $1,000, but you should be able to do something. Whether it’s installing a frameless door or upgrading the surround, there are options.
- New flooring. Most bathrooms don’t have a ton of square footage. This means you can splurge on nice tile flooring and make a visual statement.
How far you stretch your dollars depends on the size of the bathroom and how much of the work you’re able to do on your own. You won’t be able to install a new vanity, remodel the shower, and replace the flooring with your budget, but you should be able to do at least one of these items.
3. Paint the Front Door
If you haven’t noticed, colorful front doors are having a moment. Thankfully, you can add a fresh pop of color to your front door within nothing more than a gallon of paint and an hour of your time. (Or you can hire someone to do it for you. In that case, you’ll probably spend $100 to $200.) Either way, it’s an inexpensive way to improve your curb appeal and make the property feel more inviting.
4. Install New Light Fixtures
Light fixtures can be expensive, but they really do pay off. Whether you’re renting or selling, a premium light fixture can instantly make a space feel more luxurious. To get the best ROI, try upgrading hanging fixtures in the kitchen or dining room. You may also benefit from upgrading the lighting in the bathroom.
5. Buy a TV and Soundbar
Sometimes it pays to think like a renter. If you really want to impress prospective tenants and magnetize them to your property, you should include things that are compelling. And as nice as some of the above elements are, it’s hard to beat the appeal of a brand new 65-inch 4K TV hanging on the wall.
TVs are extremely inexpensive today – you can easily buy a quality option for under $700 – yet get renters really excited. They’d rather not have to buy their own and figure out how to move it, mount it, etc. You may even have enough money left over to install a soundbar.
6. Clean Up the Exterior
If the inside of your home is already done well, you might choose to spend your $1,000 on the outside of the home. Try cleaning up the curb appeal by pressure washing siding, repainting railings, trim, and shutters, pulling weeds, mulching beds, and planting fresh flowers. You can get a lot of good work done at this price point – just make sure you do it right before putting the listing up.
Green Residential Professional Property Management
Looking for ways to streamline your San Antonio investment portfolio and generate a better return on your time and money? Green Residential’s professional property management services can help you do away with the complicated, time-consuming tasks of landlording and give you the freedom to focus on the big picture. Contact us today to discover more!