Owning a rental property is a great investment as long as investors make the right improvements. Some investors will go overboard with improvements because it’s what they like or want. While others won’t spend a dime unless they have to and will spend the least amount.
In order to rent an investment property for top dollar it doesn’t need the best finishes, but it shouldn’t have the cheapest either. There are ways to update rooms, such as updating the kitchen without breaking the bank, but giving it a fresh look.
The key to making money on an investment property is making good decisions. Instead of replacing the kitchen cabinets completely refinish them. Add a tile backsplash for a more updated look and switch out lighting.
Michelle Gibson is a full-time Realtor specializing in residential real estate since 2001 in Wellington Florida and the surrounding area. She assists buyers, sellers, landlords and tenants with all of their real estate needs.