Rental renovations are a great means to add value to your property as well as attract new tenants. This indicates, you can make a handsome amount of money keeping the high rental prices. There are plenty of budget friendly renovations you can make like exterior upgrades, kitchen upgrades security upgrades and the list goes on.
The efforts to spruce up your rental property not only attract new tenants but also make it easy to retain the existing ones. Also, the right rental renovations mean you are the king and can have flexibility in deciding the rental rates, especially when you are seeking new renters. So, what budget-friendly renovations can you add to your rental property? Here, we will discuss four of them.
But first things first,
Why should I be considering adding budget-friendly renovations to my rental property?
Putting in some efforts to add value to your rental property can pay you off bigger returns in the long term –
- It makes your rental property stand out from your competitors.
- Improves energy efficiency and reduces the cost of utilities, which proves to be the biggest selling point.
- Improves tenant satisfaction levels.
Note: Collecting rent for your renovated rental property has become easy with the innovative rent collection tools. You don’t have to chase the late rent payments. It is simple to set up for both tenants and landlords, where you get the rental payment directly to your bank account. So, ensure stress-free rent collection with these advanced rent collection tools.
Now, let’s move on to the list of renovations.
Exterior upgrades
Let’s start with the exterior. It is the first part of the home that tenants are going to notice when visiting your property. Improving its curb appeal is actually going to pay off in the long run. Start looking at your property from a tenant’s point of view. If you find your property disinteresting from the outside with dirty windows and shabby looks, it is time to do something about it. Just by painting the exterior with a fresh coat of paint can make a significant difference to the property’s appeal. You can even do it all by yourself.
What more things can you do for your exterior? Groom the lawn. Remove the weeds and dead patches from the grass. Plant well-positioned trees in the garden as the demand for eco-friendly properties is on the rise, and this will attract potential buyers. Doing all this will help you enhance the curb appeal of your property and hence impose higher rental rates.
Security upgrades
Adding security features to your rental property makes the tenants feel more safe. Being a landlord, it is your responsibility to provide safer and secure environment to the tenants. Also, tenant-landlord laws say to provide certain fixed security measures in their rental properties.
The least is to provide secured doors and windows with functional locks. Additionally, you can get the alarms installed, replace weak locks, and provide outdoor lighting to improve nighttime visibility.
Kitchen upgrades
Kitchen is the heart of the home. Stay updated with the latest kitchen trends and include that in your rental property to enhance its value. Sand and paint your existing cabinets. Some budget friendly or inexpensive touches include faucet replacement and adding a backsplash. Glass tile backsplashes need low maintenance and are easy to clean. And tenants love to buy the properties with the appliances having low-maintenance features. So, you can consider these kitchen upgrades to enhance the value of your rental property.
Also, if you have decided to upgrade kitchen appliances, ensure that you highlight them when listing out your rental property. Because some tenants search for “upgraded kitchen appliances” or “Stainless steel appliances” when hunting for a house.
Fixture upgrades
Details do play a significant role in your rental property. Pay attention to the little things in your property that can turn off the potential tenants. When talking about budget friendly rental options, first check out all the ceiling fans. Are they in good working condition? Do they make any loud noises or are running smoothly? Then, take the necessary steps to get them repaired or replaced.
Check all the shower heads in the bathroom as they are a major factor driving your water bills. It is advisable to swap the old showers in your property with new ones to save massively on water bills which will grab attention from modern home buyers.
To make a long story short
Here you go. These are the budget-friendly ideas that you can consider for your rental property to increase its long-term value. You don’t have to do it all. Just decide what’s best for you, and then you can decide to go for the bigger projects. Your rental property is a crucial investment. So, spend on it wisely and make the most of it.
