Increase Your Mortgage Loans

It's easy to fix up your properties if you have unlimited cash. However, you need to keep your repairs to a minimum to stay profitable. You also need to keep your properties in good shape to attract tenants or buyers. There are the basic improvements, such as carpet and paint, but these can still costs thousands of dollars. The following are some inexpensive ways to improve your properties with very little cash.

New Power Points and Light Fittings
This is such a minor, yet overlooked improvement. Most rental owners paint a unit and leave the old, ugly power points and fittings. Even worse, some even paint over them.

New points cost about $1.50 each. You can replace the entire house with new fittings for about $80. For the foyer, living room and other obvious areas, spring for nice brass fittings. Its well worth the outlay - not much for added class.

New or Improved Doors
Another overlooked, yet cheap replacement item is doors. If you have ugly brown doors, replace them with nice white doors (you can paint them, but unless you have a spray gun it will take you three coats by hand).

The basic hollow-core door is about $100. It comes pre-primed and pre-hung. For about $50 more, you can buy stylish six-panel doors. For rentals, consider at least changing the downstairs doors.

New Door Handles
In addition to changing doors, consider changing the handles. An old door handle (especially with crusted paint on it) looks drab. For about $35, you can replace them with new brass finished handles. Replace the guest bathroom and bedroom door handles with the fancy "S" handles (about $50 each).

Paint/Replace Floor skirtings
If the entire interior of the house does not need a paint job, consider painting the skirting boards. New, modern custom homes typically come with beige or off-white walls and bright-white skirtings. Use a semi-gloss bright white on all the floor skirtings in your houses.
If the skirtings are worn, cracked or just plain ugly, replace them! Bunnings carry a new floor skirtings and it is amazing how it will re-vitalize your house . Create a great first impression by adding crown moulding in the entry way and living room.

New Front Door
You only get one chance to make a first impression. A cheap front door makes a house look cheap. An old front door makes a house look old. If you have nice heavy door, paint it a bold colour using a high-gloss paint. If your front door is old, consider replacing it with a new, stylish door. For about $125, you can buy a very nice door.

Tile Foyer Entry
After the front door, your next first impression is the foyer area. Most rental property foyers are graced with carpeted or linoleum floors. Consider a nice tile instead. A small area near the front entrance should cost about $100 in materials.

New Shower Curtains
It amazes me that many landlords and sellers show properties with either no shower curtain or any ugly old shower curtain in the bathroom. Don't be cheap - drop $40 and buy a nice new rod and fancy curtain.

Paint Kitchen Cabinets
Replacing kitchen cabinets is expensive, but painting them is cheap. If you have old 1970's style wooden cabinets in a lovely dark brown shade, paint them. Use a semi-gloss white and finish them with colourful plastic knobs. No need to paint the inside of them (unless you own a spray gun), since you are only trying to make an impression.

Australians spend 90% of their time in the kitchen (when they are not watching TV). A fancy modern tap looks great in the kitchen. They can run as much as $150, but not to worry - most retailers and plumbing suppliers, etc often run clearance sales on overstocked and discontinued models. I have found nice tap fittings for about $60 on sale.

Add Window Shutters
If you have ugly aluminium framed windows, consider adding wooden shutters outside. They come pre-primed at most hardware retailers and are easy to install. Paint them an offset colour from the outside of the house - (e.g., if the house is dark, paint the shutters white. If the house is light, paint them green, blue, etc.).

Add a Nice Letterbox
Everyone on the block has the same off white mailbox. Stand out. Be bold. For about $85 you can buy a nice colourful letterbox. For about $60 more, you can buy a nice wooden post for it. People notice these things...and they like them!