In the rental property business, it is important to constantly update and improve your rental units. Upgrades will keep your property desirable to renters and help preserve the property by preventing minor damages from escalating.
However, you must also see to it that you do not overspend on these upgrades. Spending too much on certain features can eat into your profits while doing little to improve the value of the property.
Fortunately, you can do a number of inexpensive and easy upgrades that will give you the best value for your money. Consider some of these below:
- Add a fresh coat of paint
Among all home improvement projects, painting yields one of the highest returns on investment. It doesn’t cost much while instantly giving your home a brand new look. The key is to stick to a neutral color like white, beige, or gray to ensure the property appeals to a wide range of renters.
You can also consider adding an accent wall in a different shade to give the home an updated look. Keep in mind, however, that paints in special colors may be difficult to find in the future. Should you need to touch up a small area, you might have to paint the entire wall to keep the color uniform.
Another handy tip is to buy paint in bulk. This will allow you to negotiate for a discount with the supplier.
- Give your cabinets an inexpensive makeover
Worn-out kitchen and bathroom cabinets are eyesores that need to be fixed, but it’s not always necessary to replace them. You can give them brand new life by changing the cabinet doors and resurfacing. Resurfacing may be done by painting or installing new wood veneer on the insides of your cabinets.
You can get both the wood veneer and the new doors from woodworking companies. Just make sure to get the measurements right and to match the paint of the veneer and the doors for a high-quality finish. New and attractive knobs and handles can complete the look.
- Add a backsplash
A backsplash can do wonders in making the kitchen more appealing. They help provide character and are easy to clean. It’s advisable to choose a classic color or design that won’t get dated even after several years.
- Change the flooring
New flooring can instantly give your home a fresh look. You can opt to change the entire flooring or just certain areas, such as on the entryway or in one of the rooms. A new carpet, for example, can give a bedroom the facelift it needs.
If your rental is on the low-end market, new vinyl flooring can get you the result you want. For higher-end properties, you might want to consider wooden flooring. It rarely needs to be replaced and gives a home a warm and inviting feel.
- Install a new door
Entry doors easily get damaged at rental properties. Instead of simply touching up or doing repairs, consider changing the door. It can dramatically change the home’s appearance and improve curb appeal. While some doors are expensive, you can find low-priced ones from hardware or home improvement stores. Some building supply companies also sell their excess inventory at discounted prices.
Ray Amouzandeh of TARGA Residential Brokerage can provide more tips and ideas on how to upgrade your rental on a budget and attract the right tenants. Call him at 415-494-7009, or send him a message here.