Replace ___________ in your rental now.

After purchasing an investment property, the last thing you want to do is spend more money for renovations. The point, afterall, is to generate a cash flow in, not out. Most fixes can be delayed, but others should be tended to immediately, regardless of their condition. Here is a list of the top 5 things you definitely should at least consider upgrading or replacing in your investment property.

1. GFCI Electric Outlets

These are the outlets you will find in places near water, including bathrooms, kitchen countertops, laundry areas. These electrical outlets have an automatic shut off feature activated when electricity runs an unintended path such as the body, or water. Beyond just safety, they are often required by law.

Although these outlets are more expensive that regular ones at roughly $10 each vs. $1, they are well worth the investment, and could actually save someone’s life.

2. Light Bulbs (Including Security Lights)

There are a number of good reasons to change the light bulbs in your investment property. Not only will new light bulbs help you save money on your electricity long-term, but they will also reduce the number of calls from tenants about bulbs that have blown out.

The good thing about changing the bulbs is knowing you won’t really have to do it again anytime soon. Double bulbs last twice as long as energy bulbs, which can easily last up to 9 years.

3. Locks

No matter the condition of the locks at your income property, you should always change them out. Previous occupants could have kept additional copies of keys to the locks, which could put both your investment and tenants at risk. Keep in mind that you can always recycle locks to save a little money. Switching sets of locks between properties will keep you from spending money on locks every time you get a new tenant.

4. Smoke Alarms and Fire Extinguishers

This is another replacement or upgrade that is also a matter of safety. As long as your tenants don’t tamper with them, smoke alarms and fire extinguishers can last for several years.

Using battery operated smoke alarms means you will have to stay on top of changing the batteries out periodically, but will also allow you or your property manager an opportunity to “inspect” the property when a battery change is needed.

Consider purchasing a dual-sensor alarm if you do decide to get new ones. These use both photoelectric and ionization sensors to detect both fast spreading fires and slow smothering fires for a little added security.

5. Toilet System

Toilets may be #5 on the list, but that doesn’t mean they are less important than the other items. In fact, they may be the most important replacement or upgrade you make!

A leaking toilet wastes money 24 hours a day, every day of the week. With a few hours and about $20 in materials, you can change the toilet system inside the toilet yourself, and immediately start saving money.

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