5 Budget Friendly Investment Upgrades
When it comes time to remodel an income producing unit, most owners have two things in mind.
Price
Lifespan
The cost of an upgrade needs to be justifiable in terms of initial investment and time until replacement. While there are many avenues one can take to produce a long lasting renovation, not many are cost effective enough to entice the average investor. We’ve compiled five of our favorites into one list for you to consider next time you’re ready to upgrade your investment property!
Vinyl Plank Flooring
Hickory Vinyl Plank In A Modern Setting
Both attractive to the eye and wallet, LVP (luxury vinyl plank) is one of the most dramatic changes one can make to a rental property on a budget. LVP is constructed using multiple layers of vinyl, a stylized image layer, and a hefty protective coating to ensure it lasts. Compared to rental grade carpet, the lifespan of LVP is nearly six times longer, some even lasting up to 30 years!
Multiple installation options are available as well, including : click and lock, peel and stick, and glue down. Installation costs are typically higher than that of carpet, however most installation types are DIY friendly and can be done by the consumer.
Pros:
Water Resistant/Proof
Easy Installation
Durable to heavy traffic
Cons:
Dented Easily
Damageable By Direct Sunlight
A Few Options
2. Energy Efficient Lighting
LED Light Bulbs Swinging
Being the cheapest upgrade on this list to make, LED (light emitting diode) lighting is a simple way to save you or your tenants money on electricity. LED bulbs are available in many different colors, sizes, and connection types, ranging from warm candle bulbs to cool kitchen tube lights. Compared to a traditional incandescent lights, LED bulbs consume up to 90% less energy and can last up to 25 times longer!
Pros:
Energy Efficient
Low Price
Dimmable Options
Long Lasting
Cons:
We don’t believe there are any!
3. Refinishing Cabinets
White Kitchen Cabinets
In a home, cabinetry matters. It’s where we put our belongings, our cookware, our linens, and more. A worn kitchen or bathroom can be viewed by tenants as a huge disadvantage and steer many away. Typically, new cabinets can be the most expensive renovation to make, however that doesn’t have to be the case. If your cabinets are still structurally sound and without damage, a simple refinish or paint job could transform your space entirely!
Looking at new cabinets, a full kitchen’s worth could cost you north of $10,000-15,000 without installation, while refinishing the cabinets can cost as low as $1,000-2,000. That’s nearly less than a tenth of the price to replace them!
Want to take care of it yourself? The price only gets lower!
Pros:
Immense Savings
Infinite Color Options
Enhanced Durability
Water Resistance
Cons:
May need to be redone in the future
Flaws become more noticeable
A Few Options
4. Low Flow Toilets
A modern bathroom with quartz accents
Do you pay your tenant’s water bill? If you do, then this upgrade is for you!
Traditional toilets are notorious for their water usage, gallons upon gallons of water going to waste with every use. In recent years, low flow toilets have become much more prevalent for their use in saving water, thus lowering your monthly bill. Savings being the priority, these toilets are similar in price to a standard toilet, but are built with gravity in mind to allow less water to be needed when flushing.
What makes this even better? Certain water providers will provide them for you, for free! That’s right FREE!
Pros:
Use far less water than traditional toilets
Similar cost to standard toilets
Space saving designs available
Cons:
May clog easier
Sometimes need to be flushed twice
Certain models are higher priced
5. Paint
A white paint roller painting a wall
A cost effective way to update a space can be as simple as painting! A fresh coat to bring a unit back to life may be all you need. When it comes to painting, there are typically two questions to ask:
What color?
What sheen?
Sheen refers to the reflectiveness, and in turn elasticity, of the paint. A good practice to maintain is to use a high quality paint with either a semi-gloss or high gloss sheen. Using higher gloss paints make cleaning walls and maintaining them a breeze!
Pros:
Refreshes an area
No major prep work
Can be done in a short time frame
Cons:
We don’t believe there are any!
A Few Options