Are you looking for a way to make more money through your investment properties? If so, consider making key upgrades. In theory, the more upgrades you make the more money you will be able to charge in rent. While this is not always the case, it holds true most of the time. Believe it or not, there are many upgrades you can make that do not cost a lot but can bring a big time return.
First things first, a clean investment property will go a long way in increasing your income. No matter if your home is in the best or worst part of town, you should strive for it to be clean both inside and out. This costs little to no money, and should be relatively easy to accomplish. For the most part, all that is needed is some elbow grease.
Have you ever thought about upgrading the kitchen and bathrooms? If not, these are two areas that attract buyers and renters alike. Again, this does not have to cost too much. In fact, you can freshen up both areas for $1k total or less. This includes new paint and flooring, as well as any other minor upgrades that may need addressed.?
Finally, if you are ready for a big project you may want to look into adding another bedroom. If you can rent a two bedroom home for $1,000 you should be able to rent a three bedroom property for close to $1,500. This math is not exact, but it goes to show you that more room, especially bedrooms, means more rental income.
By upgrading your investment properties you can increase the amount of rent that you collect each month. As you can see above, there are both small and large upgrades that can greatly help from an income point of view.