Image by Michal Jarmoluk from Pixabay
With today’s rental markets, it’s important to maintain and keep your property updates as a landlord. Making these necessary upgrades will help you attract potential tenants and keep you competitive in the market.
Additionally, renovating your rental property helps it increase in price — thus being a great passive income opportunity for a side hustle.
There are many simple and easy upgrades you can make to your property that can help increase the value of your property without breaking the bank.
For example, you can add a new coat of paint to the walls in the living room, switch to hardwood floors, replace old doors, and install new windows.
Renovating a property has many pros and cons. Sometimes, while doing renovations, you can uncover additional damage that needs to be done — it can also be time-consuming and increase property taxes.
However, making these improvements can lead to overall reduced maintenance costs, happier tenants, and these renovations are not only easy and simple, but they add up, making the property deserving of higher rent.
For more ideas, this infographic from TurboTenant provides additional tips and tricks for easily upgrading your rental property and maximize profits for your side hustle.
From the Coach’s Corner, here are related strategies:
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