I work with many Lancaster PA real estate investors, folks buying homes to rent or rehab. Over the years I’ve gotten into many conversations about how to improve those properties. Recently I’ve become addicted to Twitter and enjoy the interaction with the community. One of my friends on Twitter is Erika from www.Investorloft.com. This website is a great resource for real estate investors and is also growing. I’m proud to offer some home improvement advice from Investorloft in this space today:

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Five Easy Rental Property Improvements that Won’t Break the Bank

Sometimes we have to face the reality that it’s time to spruce things up a little bit at our rental properties. However, improvements often mean down time between tenants – so how do we make decisions that will:

• Improve aesthetics

• Up our asking rent

• Result in as little downtime as possible between tenants?

Here’s a list, courtesy of www.investorloft.com, of five simple improvements that you can do to your rental property in less than two days that won’t only NOT break the bank, but result in virtually no downtime between tenants!

• A Fresh Coat of Paint: If you stick with a neutral color in a high-hiding variety that will go on in one coat, you’re done in a day! True Value has a handy paint calculator that will help you figure out just what you need. Don’t go for designer varieties – stick with staple colors from major paint manufacturers so you can get more when you need to touch up or paint again.
• New Baseboards: With the advent of the “no-mitre” variety, you can now just install all of your corner and radius pieces and make straight cuts. This decreases install time significantly. Check out Home Depot and Lowes as they generally have baseboards in contractor packs in sizes up to 3.5 inches. Get a contemporary look with low wallet impact. Hint: use a satin or kitchen & bath finish paint in Swiss Coffee instead of traditional white – shows less wear and can be wiped clean! Most condos and homes can be demo’d in a half day and re-installed in one. Paint your baseboard strips the same day as the demo to speed-up the process.
• Get Rid of that Grass! Xerascaping (also known as desert landscaping) is not only eco-friendly but easy to do as well. If you live in water-sensitive areas like AZ or NV, often the government has a program to PAY YOU to remove your grass and replace it with low-maintenance landscaping. Having a yard that a tenant does not have to keep maintained not only increases the desirability of your property to prospective tenants but lowers water bills, increases curb appeal and will make your property inherently “pet friendly” too!
• Plumbing Fixture Update: It’s a breeze to install new faucets and showerheads, so hop on it! They’ll spruce-up a lackluster sink or shower and lower your maintenance costs in the long run. Keep them fresh and even if you’re not the “handy” type, your property manager will have a handyman who can go in and replace everything for you in one day.
• Lighting Fixture Update: There are so many attractive, low-cost lighting options available that it’s time to put those “Hollywood lighting” bath bars to rest (permanently). Look for options where the sconces are upward-facing so you can use compact flourescent bulbs to save energy (especially important if you’re including utilities in the rent). For closets and hallways, flush-mount flourescent fixtures like these are not only cost-effective but easy to install as well!