The Top Investment Property Upgrades To Increase Rent and Equity

Happy Transformation Tuesday! I teamed up with Natalie Boyle with The Boyle Group who is a Real Estate Agent in Orange County who specializes in Residential Real Estate and Investment Properties. We worked on one of her investment properties. We’re sharing the top investment property upgrades to increase rent and equity. Natalie’s property was in original condition and by doing some minor updates Natalie, was able to increase the rent by over 50% and add any additional $50,000 to her equity. Rents are up and the key to maximizing rental income is by making the right property upgrades. We’re sharing the top investment property upgrades to increase rent and equity.

The Top Investment Property Upgrades To Increase Rent and Equity:

1). Fresh Paint:

Paint is the top upgrade to make to increase both rental income and equity.  Picking the right color for your home is so important.  Having the right color will make your investment property feel more spacious and more inviting, which is sure to bring in higher profits.

Design Tip: 

To maximize curb appeal you have to determine the architectural style of the home and what trends will work best with the architecture.  In this situation the single level style house could work well in some of the popular modern farmhouse colors. Rather than going strictly black and white we worked in some gray, since white can get dirty over time the gray would allow for less maintenance and cleaning.  For the interior I recommended a light neutral palette to brighten the home. 

Paint Color Recommendations for this property:

Exterior  Stucco: Whisper White – DEW340 Siding: Silver Spoon – DE6366 Doors & Window Trims: Black Tie – DE6357 Interior Walls – Foggy Day: DE 6226 Doors, Ceilings & Baseboards: Igloo – DEW379 Potential cost: $2,000 – $5,000

2). Curb Appeal Tips: 

Add Vinyl Shutters!

An amazing easy way to amp up the curb appeal on this home was to add inexpensive vinyl shutters.  They’re not right for every home, but in this case we scored.

If you’re willing to do a little landscape work yourself, you can save big and reap the rewards.  A little grass seed and fertilizer goes along way and is often something that gets overlooked on a rental property.  Flowers and shrubs can have a big impact too.

Design Tip: Opt for local drought tolerant plant varieties to help keep water costs down. 

Potential Cost: $80 – $300

3). Flooring Updates:

Install Vinyl Wood Flooring Tenants love wood flooring and the new vinyl wood floorings never looked so good and are oh so durable!  Carpet in a rental property is never a good option if you want to maximize your rental income and equity. The new vinyl wood flooring is more affordable than ever and will make your rental property stand out from the competition.  A big cost advantage is that vinyl floors last for 30+ years and are not glued down, so they are easy and affordable to fix when needed. We chose our flooring from Simple Floors in Orange which had an amazing selection and prices. 

Design Tip:

Steer away from dark floors that could make your rental property look smaller.  Opt for lighter colored wood to make your rental property look brighter and larger. The goal is to select a floor that will maximize the homes appeal and brightness as well as one that will easily conceal any wear and tear. Potential Cost: $3,000 – $10,000+

4). Kitchen Upgrades

We took a look at the design and layout in this kitchen.  Natalie knew to maximize profits adding a dishwasher was so important! We also added an entire wall of cabinets on one side of the kitchen that had no cabinets.  We had a lot to do in the kitchen and needed new cabinets, new countertops, new hardware and new kitchen appliances. Natalie knew that updating this kitchen was one of the most important property upgrades to increase rent and equity.

Ways to save!  

Design Tip: If your kitchen cabinets are in good shape just paint them white and opt to change out the hardware to a high quality hardware like those by Emtek.  Having high quality kitchen hardware is key to longevity as cheap kitchen hardware is prone to rusting. Not having hardware can also damage your cabinets by wear.

Purchase new stainless steel appliances in a package to get a bundle discount and rack in the savings.

Opt for selecting a neutral color pre-fabricated quartz.  Pre-fabricated quartz can be ¼ of the cost of slab quartz.  Choosing a neutral color is best to conceal potential stains and damage from Tenants. Potential cost – $1,000 – $15,000

5). Bathroom Upgrades

Reglaze Bathroom showers & tubs Colored tile and old tubs can show age and be a major turn off for Tenants.  An easy and affordable fix is to reglaze your showers and tubs. They will sparkle and look brand new! Potential cost: $300 – $400 per bathroom

Design Tip:

If you have a higher end rental property with a worn out bathroom, opt to replace the tile.  Choose a classic color and look, like white subway tiles. You’ll be sure to win over more Tenants and beat out the competition. Sharing some great neutral tile options from Bedrosian’s Tile.

Link to tiles on your website or bedrosians? New bathroom fixtures and faucets New hardware, fixtures and faucets can make a bathroom look brand new!  

6). New Ceiling Fans

An easy and affordable way to give your investment property a new and fresh look is by changing the ceiling fans.  Lowes had some amazing ceiling fans that we bought on sale for only $39!

Check out the before and after pictures of our investment property project.   Not only did Natalie increase her rental income by over 50%, but she also increased the equity in my home by over $50,000. Natalie being an experienced Real Estate Agent in Orange County she knew what to focus on and how to maximize profits. Hiring the right Real Estate Professional makes all the difference in maximizing your profits as they truly understand the market. 

We hope you enjoyed the top investment property upgrades to increase rent and equity! See some other fun ways to update your property here.