• (Photo : Dillon Kydd via Unsplash)

When it comes to attaining financial freedom, one of the best avenues towards creating a healthy cash flow is investing in a rental property. If you are successful as a landlord and land the right tenants, you can have a steady income coming your way every month. However, it is not all sunshine and rainbows. The harsh reality is that most rental property owners have to come out of pocket for a lot of expenses. 

There are many ways to invest in real estate, of course, but it does come with risk. From mortgage payments to property taxes, maintenance, repairs, advertising, and renovations, landlords could potentially end up losing money on their investment. Luckily, if you find yourself in this predicament, there are plenty of upgrades you can make on your property to increase your rental income. 

So whether you are looking to invest in your first property or are looking for new ways to increase your income from properties you've had for a while, here are the top renovations you can make today. 

Replace Your Floors

While carpet and vinyl floors are both inexpensive and durable, they will not increase the value of your property. Carpet and vinyl floors won't deter renters from considering your place, but you won't be able to charge the rates you are looking for. Instead, consider replacing your carpet or vinyl floors with laminate or wood flooring. Not only are wood and laminate floors a higher-end finish, but they will be much appealing to higher-paying renters.

Remodel Your Kitchen and Bathroom

Aside from the bedrooms, the kitchen and bathroom will be the most used rooms on your property, so it is essential that they are as up-to-date as possible. Transforming your kitchen into a newer upscale design can drastically improve the value of your home. While it may be expensive upfront, it will allow you to charge more in rent and increase your returns in the long term. 

Update Your Fixtures

If completely remodeling your bathroom or kitchen is not in the budget at the moment, you can still increase your rental homes' value by updating your fixtures. Simply replacing doorknobs, faucets, and cabinet and drawer hardware can make your home much more visually appealing to potential renters. In addition, consider repainting your cabinets to give them a cleaner look. Not only does replacing hardware and repainting cabinets increase the appeal of your home, but it is relatively affordable. 

Enhance Your Rental's Landscaping

When it comes to owning a rental property, there is nothing more important than first impressions. One of the first things potential renters will notice is your landscaping. Therefore upgraded landscaping can make a huge difference in the eyes of potential renters checking out your property. However, since it is a rental property, you have to make sure your landscaping does not require too much maintenance from your tenants. 

Low Maintenance Landscaping

Not only do you want your landscaping to be low maintenance, but you also want it to be attractive. The best way to do this is by planting plants native to the area along with natural grass and tropical plants.

Enhance Outdoor Living Areas

Along with low-maintenance plants, consider installing hardscape features such as stone patios and walkways in order to transform your outdoor living area. Not only will attractive outdoor living areas attract high-paying renters, but they will increase the value of your home. 

Maximize Your Views

There is nothing worse than a beautiful home with an amazing view like a mountain, valley, city, or ocean that is blocked by tall trees and overgrown shrubs. Consider clearing unruly trees and shrubs in order to maximize your views and your property.  Not only will an impressive view attract more potential renters but, you can get away with charging much higher rates than homes without a view. 

Increase Your Rental Income Today

The key to increasing your rental income is to increase your home's value. Consider these upgrades to improve curb appeal and attract high-paying renters.