Home renovations are expensive, especially for rental properties. Even a complete renovation for a small part of your home can incur thousands in costs that you’re not sure you can recoup. Regardless, you need to grow your business and make some upgrades. What should you do?
Going for inexpensive upgrades not only makes your rental property look good but also increases its value. If you’ve run out of ideas, here are 6 upgrades that won’t be too heavy on the budget.
One of the most surprisingly cheap upgrades that you can do to your rental property is adding a fresh coat of paint. Many note how painting your property can give the highest return on investment (ROI) compared to any other upgrade. If you can, buy paints in bulk so you get a bulk price discount from your local hardware.
Painting several areas of your property can make it more appealing, especially if you’re still looking for tenants. Pick colors that fit the type of tenants that you want in your rental.
Negotiate prices for the amount of paint you need. If you have spare time, why not try painting the property yourself? Much of painting’s high costs come from labor, especially when you hire professional painters.
You can also encourage your tenants to paint the homes themselves. All you need to do is clarify what kind of painting is acceptable for the property through their tenancy agreement.
Renovating the front yard can be a bit pricey, especially if you have a big yard or choose to add in a new sidewalk to it. Even then, you get good ROI when you have good landscaping so the best move is to never go overboard. Attractive landscaping is a powerful way to pick new tenants while adding extra property value.
Add xeriscaped plants that are naturally hardy against drought and need very little maintenance. You can add natural landscaping stones yourself and plant small succulents that don’t need too much water. Hire a landscaper to clean up your trees and shrubs. If you have the budget, add some topiary designs.
Add decorative plants like hanging baskets. If you can, plant flowers that work well with the color and design of your home. Expect very little rental property maintenance if you add the right plant life to your exterior. They can hold the soil even better than most lawn material, so you can spend more energy somewhere else.
Many would think flooring is very expensive to install, but that depends on the type of floor you pick. New flooring can make your home look fresher and brand new, making it look cleaner even if you have an older property. Reflooring your entire home can cost a pretty penny, but you don’t have to do it.
Go for wood flooring if you can. It’s best to change the flooring for places where there is discoloration and delamination. Those with consistent foot traffic can benefit from awesome wooden floors. Not only will your tenants love the look, it’s also a great way to add value to your rental property.
Upgrade from carpet flooring. For rental properties, it’s best to move away from carpet, as it stains easily and wears faster than standard wood floors. Hardwood floor has a bit of a higher cost upfront, but it lasts far longer than any flooring you can pick. Keep carpet in low-traffic areas like bedrooms to push down the price.
If you’re trying to manage business finances, roof repair can be a good idea for your rental property. It does not give an immediately satisfying visual but roof repair can save you a lot of grief in the long run. It’s an essential and inexpensive repair that should be done almost every year to ensure roof quality.
Roof leaks are the bane of any landlord’s existence. They can cause major damage to your home, which will incur thousands of dollars in replacements and deterioration. Mold and water damage can devalue your property, especially if left alone for too long.
If you do consistent maintenance of your roof, you can prevent paying too much. In many cases, you would only need a handyman to patch a small hole or a flaw on your roof tile. Make sure that you don’t have existing long-term roof damage up there, as simply patching the issue can make the damage worse.
Depending on the age of the rental property, you may likely have very old kitchen cabinets that received staining in the 80s. You might even have low-cost kitchen cabinets, which can look unsightly for potential tenants. Why not update your kitchen cabinets with new ones?
Try replacing kitchen cabinets and update them to match the color of the walls. If you have to pick a color, pick something neutral to prevent a color clash with your rental property. If you plan on repainting your kitchen cabinets, then bring your kitchen cabinets and ask for the right paints that will work best with your kitchen doors.
If you’re doing the replacement, make sure to only use the highest quality wood that you can find. Replace the hinges and knobs to make sure your property is complete with the right materials.
Another easy upgrade that you can do for your rental property is to give your exterior a strong pressure wash. If you already own a pressure washer, it can help you save more money as you maintain your home. Whether it’s a condo, an apartment, or a townhouse, cleaning your property’s exterior can save you a lot of money.
Pressure washing has several benefits - the most obvious of which is how it makes your property appealing to look at. There’s just dirt and grime that you can’t remove with a simple wash, so power washing can remove all the muck and make your property look newer.
A good power wash can also remove substances that can corrode your property. Bird droppings, algae, mold, and more can grow out of control if you don’t do regular sessions of pressure washing. Pressure-washed exteriors give your property a quick “facelift” that tenants will immediately see.
There are so many more inexpensive upgrades that you can do to your rental property. All you need is to be careful with the upgrades that you do. Consider if you can get a good return on investment for your upgrade or make your property more desirable for tenants. Follow these suggestions and get everyone to love your beautiful rental.