Making improvements to your property requires careful planning and forward thinking. The post, Can You Over-Improve Your Property? Yes and It's a Major Business Risk, covers some of the reasons why over-improving to your property is a bad idea.
But exactly what should you spend your improvement budget on? Here are some tips to help you save money on improvements for your property.
Buy Used Appliances
When it comes to upgrading appliances, used or scratch-and-dent models from big box stores are the most cost-effective option. While white appliances are good enough in most costs, if the neighborhood warrants it, you can opt for the stainless steel finish instead.
Re-roof With Architectural Shingles
The cost of purchasing architectural shingles for a roof is only slightly higher than three-tab shingles. The main difference is that architectural shingles last much longer, up to 10 years longer, than three-tab shingles. They also look a lot nicer as well.
Paint Your Properties With the Same Color
If you want one less decision you have to make in your business, choose a color scheme for all of your properties and stick with it. No only will it save you time, but it also saves you money so that you can keep leftover paint and use it on any of your properties as needed.
Buy Remnant Flooring
Returned plank flooring is sold at lumber stores as "remnant" bundles. These bundles are often much less than the number of plants that are required to do flooring for an entire house. However, if you buy them in the same sizes and shapes, you can mix and match them on a floor, it makes for an interesting pattern and saves you a ton of money over buying flooring at new prices.
The Bottom Line
The main goal of improving your property is to neither skimp and go with the cheapest option nor spend lavishly on things you really don't need. You need to focus on the necessary improvements first. After that, you maximize the value of your property with luxury of improvements. You should buy extras only as long as they will go a long way and are normal for the neighborhood.
If you're not sure where to start, look at the comps first. Finding comps for rentals involves nearly the same methods as looking for comps for rent prices or for a home appraisal. The key is not to guess.
You can also use Craigslist and Zillow to do some research. Search for rentals in your area and look through photos of comparable rentals in the neighborhood. Then your plan should be to match or only slightly outdo those properties while you stay within your budget.