Investment properties are one of the best ways to grow your net worth over time, while also being able to achieve positive cash flow. At some point, you may want to trade up into a different property or cash out on your good investment.

Whether you’re looking to sell your multi-unit property, or increase rent per unit, here are the top four improvements you should make today.

Paint & Flooring

A fresh coat of paint goes a long way with selling. Making common spaces and units look fresh and clean can really increase the desirability of your property, decreasing time on market and helping fetch top dollar.

Additionally, swapping out that old dingy carpet or refinishing your hardwoods can do a lot to improve your property. If you don’t already have hardwood and it seems excessive for your market (return on investment becomes very important in investment properties), there are many affordable luxury vinyl flooring choices that can look almost identical to hard wood. 

Kitchen Renovation

It’s important to remember that your multi-family unit is an investment, and that any updates need to return at least as much as they cost. Kitchen renovations can be costly, but there are many ways to create that luxury kitchen aesthetic without springing for the most expensive materials.

Painting existing cabinets can go a long way, and cost quite a bit less than replacing them. Using high end cabinet paint is a quick way to refresh a lackluster kitchen.

Additionally, epoxy finish on countertops is an affordable way to recreate looks like quartz and carrera marble without springing for those top dollar stones.

Backsplashes don’t have to break the bank either. Often, when applied well, a stick on backsplash can look as real as true tiled backsplash, elevating the feel of your kitchen.

Finally, although often a high ticket item, new appliances can completely change the entire feel of a kitchen. It may be worthwhile to replace old appliances with stainless steel.

Bathroom Spruce-Up

Consider adding tile flooring, as it can completely change the whole look of your bathrooms. Paired with fresh paint, a run down space can become fresh and new.

Reglazing is another great way to clean up old tubs, bringing something you thought you needed to replace back to life.

Finally, replacing old vanities with new ones can make your bathroom feel clean and fresh.

Curb Appeal

Depending on your home's exterior, adding plants, putting down new mulch, mowing or reseeding grass may completely change the look of your home.

Consider power washing old exteriors and changing fencing if you have it to elevate your home’s curb appeal.

Most of these improvements are easy to make, inexpensive, and can seriously increase the value of your investment home. Making these changes between tenants and raising rents to market rate can go even further to increase the price you’ll get on the market.

We know many contractors who specialize in these changes, and we’d love to help you increase your property’s value and sell for top dollar.