One of the best ways to increase your ROI and earn more on your Cleveland investment property is by making simple and cost-effective property upgrades and updates. You don’t necessarily have to start adding new rooms or putting in a penthouse level. If your property is already in good condition and well-maintained, you’re probably having an easy time attracting good tenants and earning reliable rental income. However, a few affordable and minor changes can really make an impact in how quickly you attract those tenants. These upgrades can also lift your rental value.
Progressive Urban Property Management in Cleveland serves both single-family and multi-family landlords’ and investors’ needs across all of Cuyahoga County including in Cleveland, Parma, Middleburg Heights, Westlake, among other cities. We have a lot of experience advising owners and investors like you on how to make their rental homes more attractive to residents. These are some of our best ideas.
Start with Floors and Walls
A fresh coat of paint is rarely expensive, and an easy way to make your rental property look brand new. Keep the walls a neutral color. You might love bold and bright colors, but you never know what your potential tenants will prefer. Consider shades like eggshell, taupe, and off white. Cover up any small nail holes and pay attention to the trim and baseboards. Painting those will really make the room pop and give it the clean, modern look you’re hoping to get.
If you want to have carpet, consider neutral colors as well. Nothing too light should be used, however, because it can look a lot dirtier a lot faster.
Replace any worn or stained carpet with mid-grade carpeting, or consider investing in hard surface flooring. Some types of vinyl look great and don’t cost a lot. Faux hardwoods are also popular. These are cleaner and easier for tenants to maintain. You’ll also have a longer lifespan, which means you won’t be cleaning and replacing carpet during every tenant turnover.
Kitchen and Bathroom Remodels
Kitchen remodels can be expensive, but you probably don’t have to rip out your existing kitchen to increase your rental value and make your home more modern. You can make a few improvements that won’t break open your budget and still deliver some attractive ROI.
Start by evaluating your appliances. Are they looking a bit worn? If so, you should consider replacing them with energy-efficient models that will help the kitchen look and feel modern. Consider new floors as well to give the room a clean and bright look.
Inexpensive updates to faucets, drawer pulls, and knobs on the cupboard will also make a difference. Counters don’t have to be granite, but they do have to be clean. Make sure they’re not stained or chipped.
Bathroom remodels can also make a difference. Your tenants will want good lighting and clean sinks. Make sure the floor is intact and replace the hardware if it’s looking faded or rusty.
Check Windows, Doors, and Insulation
The Cleveland area has some weather, and for that reason, seasonal upgrades are especially cost-effective. You’ll want to make sure the doors and windows in the property are in good condition, sealed, and easy to lock, open, and close. Check your attic insulation as well. You want to make sure the cold Ohio winter stays outside, and you especially want to be sure that moisture doesn’t have a way to leak and seep into the home. Think about utility bills and ensure the entire property is well-insulated.
All of these upgrades will add value to your investment. These are just a few of the things you should be thinking about when you are turning over a property or preparing to put your rental home on the Cleveland market.
If you have any questions about how to upgrade your rental home without spending more than you’ll earn back, contact us at Progressive Urban Property Management. We’d be happy to tell you more.