Smart rental property investment in NYC is key if you want to make as much money as possible to pay off the mortgage while padding your savings account or paying for your other expenses. In the end, you’ll probably want to get as much as you can for the apartment.
Some people put the absolute bare minimum amount of effort into getting their rental apartments ready for tenants. They view rental apartments as nothing more than transient living spaces for random people, and the decor reflects that! Brown kitchen cabinets that have seen better days and grubby looking floors and walls painted with paint that’s barely a step up from primer all say one thing: We’re not going to put the effort in because this is just a rental.
The thing is, if you think this way, you run the risk of not getting the best renters. You need to spend money to make money. The nicer the apartment, the more rent you can charge. Perception is reality; if you show prospective tenants they’re worth the extra effort, they’ll pay for the privilege of living in your space. It’s the entire premise upon which the HGTV show Property Virgins is based.
Replace the Cabinets
No one likes brown rental cabinets. The entire apartment can look awesome, and a renter will walk in, see those brown cabinets, and die a little inside. White cabinets do not cost a lot of money, but they can make a kitchen look brighter, cleaner, more modern, and more importantly, infinitely more spacious. This 10×10 kitchen from Ikea will get you the white doors, FÖRVARA drawers, drawer fronts, and the FÖRHÖJA open wall cabinets for under $1,000.
Get Rid of Dingy Vinyl Floors
Dingy vinyl or dirty-looking floors are ugly and depressing. They never look clean, no matter how often you wash them, and they drag down the look of the rest of the room as well. There are so many extremely affordable and attractive flooring options that can make a kitchen floor sing. Those options include new vinyl flooring that’s designed to mimic textures like wood and tile.
Add Nice Overhead Lighting
This light from Overstock.com is under $200 and will make any room look like a million bucks. Nice lighting may cost you a little out of pocket up front, but it will shed beautiful light on renters’ first impressions of your space.
Add Nice Fixtures
Fixtures are cheap, too! For a little over $30, you can put a faucet like this in the rental bathroom instead of sticking with the old, moldy $5 one that’s been there for years. A tiny investment like this can instantly raise the value of your space.
Reglaze the Tub
For $300 or $400, a dingy bathtub will look sparkling new in new time with a professional glazing treatment, and the results last for years. New York Bathtub Reglazers is a well-respected company that offers prices starting at $350 for a standard glazing session. For an extra $50, they can even change the color.
Use Good Paint on the Walls
You don’t have to pay $100 per can for good paint, but painting the apartment with good-quality paint is good for your tenants and good for you. Quality paint makes a room feel fresh and clean, and it lasts a long time.
Take the time, and a bit of money, to make these upgrades and you will reap the rewards from your rental property investment.
Image Source: Flickr/JDH Rosewater
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