We recently held an open house that was received extremely well, with dozens of people coming through the doors and several applications for rent. This property was one of several we’ve been prepping, rehabbing and cleaning up.

I am constantly listening to investors talk about the things they’re doing to save themselves money and time. I want to best them all as often as I can.

Whenever I develop a property, I’m always sticking to the tried and true methods – the same palate some renters know it’s one of our properties they’re looking at. However, I’ve decided that going cheaper on some parts of a property – for the sake of saving money – is something I will no longer participate in.

What parts of a home will I spend more money on?

HVAC System

When it comes to an HVAC system, property owners often try to get a few more seasons out of as they can. However, this is something you shouldn’t be compromising on. Instead of spending more money on repairing a unit that looks like it’ll fall apart, it’s better to spend the money upfront and replace it.

Think about the hassle you don’t have to contend with when it comes to a broken HVAC unit. You spend more trying to fix it, and eventually, have to shell out the money for a new one anyway. Why not get it out of the way right now and replace it before you rent the home out?

Bathroom and Kitchen Fixtures

When it comes to bathroom and kitchen fixtures, you have plenty of brands to choose from – ranging from cheap to really expensive. When it comes to cost and material, you need to do your homework here. You need figure out which material will last the longest. I find that Delta metal works best and lasts much longer than other brands and materials.  You’ll pay more, but it’s well worth it in the end.

Bear in mind that most expensive doesn’t always mean better. It also doesn’t mean it lasts longer. Talk to your local hardware store about what they recommend and talk to other investors to see what they’ve been successful with.

Toilets

Toilets are like your other plumbing facets; you should invest in a good one. Consider spending a little extra money and put in a low flow toilet? These toilets tend to far less water and don’t tend to break. You don’t have to worry about constantly fixing or replacing them in your units.

Vinyl Flooring

When it comes to flooring, you certainly don’t want to go for the most inexpensive materials in the market. If you like the idea of vinyl flooring, you can go with a thicker vinyl that includes rolls and full pieces. Avoid the peel and stick tiles, as they don’t tend to stick for very long and you’ll have to repair them sooner rather than later.

Of course, one tear in a tile means just a simple replacement instead of a fixing the entire thing. However, you tend to have fewer problems with a thicker, larger piece of vinyl.

Anytime there’s a maintenance problem, it’s best to find a solution that fixes it first time out instead of putting a Band-Aid on it for a later date to be fixed. After all, if something breaks down while a tenant is renting the unit, you have to schedule a time that works for both you and the tenant for the work to be done.

If you just complete the work before renting the unit, you save yourself the headaches and phone calls of irate tenants. Many investors don’t like the idea of spending money on plumbing lines, but if you spend the money now, the return on investment is much better down the road.

Happy tenants will stay longer, which means you don’t have to worry about advertising to find a new tenant. Plus, you don’t have to trouble an electrician or plumber to repair the problem after the tenant moves in.

By addressing the problem right the first time, you lower your costs and save a lot of money in the long run.