Is it time to upgrade your rental properties? Not looking to spend a fortune? It can be hard to know exactly where your money would best be spent. You want to choose the right upgrades that will make the greatest impact without spending a ton of money. Upgrades also help to create a great draw to new clientele and applications. Many higher-end tenants love to see up-to-date properties as they are more likely to rent these types of properties. To help you better know what to renovate, we’ve put together a list of great upgrades that will make the biggest impact while still fitting in with your budget.
- Add a Fresh Coat of Paint
Adding a fresh coat of paint is a low-cost expense that isn’t terribly time-intensive that can make a home look clean and inviting. Freshening up the walls makes a huge difference and makes the home look polished and new. Choose more neutral tones that allow tenants to bring their own color to the home. A great paint suggestion is Accessible Beige by Sherwin-Williams. It’s a great brown/grey color that is very neutral and looks great in any home!
- Resurface Cabinets
Replacing kitchen and bathroom cabinets can be expensive and a lot of work. If you have the money and time to do so, then go for it! The outcome is always astonishing! But if you don’t have the money nor the time, then look into ways you can resurface the ones the rental already possesses. Here’s a link to how you can resurface your kitchen and bathroom cabinets. We would also suggest adding new cabinet handles to the front of your cabinets to help generate a clean, new look.
- Update The Lighting
A well-lit room not only says that you have good lighting, but it also sheds light on the beauty of the home you are renting. Choose lighting that’s bright but appropriate for the room: soft lighting in the bedrooms, bright lighting in the kitchen. For any light fixtures you choose to keep, make sure to clean them out, change the bulbs, and update the fixtures if they’re broken. If you happen to decide there is no need to update the lighting, just make sure to change out the bulbs so all rooms portray the right brightness and temperature and add a great look to all the rooms.
- Add To The Properties Curb Appeal
First Impressions matter the most and by having great curb appeal, your potential tenants’ first impression will always be amusing. A few ways you can add to the appeal of your rental property include:
- Maintaining the Lawn and Surrounding Area
- Make sure the lawn gets mowed regularly and bushes and shrubs are maintained often. Overgrown vegetation places a bad visual to not only potential tenants but also others passing by.
- Update the Front Door and Exterior Lights
- Having up-to-date outside accessories boosts the property’s curb appeal almost instantly. By having more modern materials, it shows tenants you care about the curb appeal of the property and will take action in keeping up with maintenance items.
- Plant Something
- Adding a few plants to the front of the yard can make a huge impact. Just be sure you don’t overplant and place lots of yard responsibility on your tenants. Unless you plan on keeping up with the maintenance yourself or plan on hiring someone to perform all rental property yard maintenance, then don’t choose anything that needs much attention. Because chances are, your tenants won’t make any effort to help keep the yard up and looking nice.
- Replace Appliances
Replacing appliances is a task that further down on the list when looking to upgrade a rental property. Appliances can get pretty pricey and usually the appliances the rental already posses work just fine. However, there comes a time when they do need to get replaced. So if they are not in great working condition, then look into purchasing new ones.
Pro tip: You can usually find some great deals and discounts on appliances around Black Friday, so assess your current appliance situations and make plans to buy and replace when the appliances go on sale.
If there’s extra money in your budget,…
- Install New Flooring
Installing new flooring can get pretty expensive and becomes a task that needs to be done often, especially if the property has a lot of carpet. Make sure to add the cost of flooring to your renovation budget if the property is in dire need of it. Although carpet can be cheaper than most other options, the life of it isn’t as great. Carpet in rental properties usually has a life span of about 4-5 years. This is why tile flooring could be a better option. If you are looking to have the property as a long-term rental, then look into the wood looking tile. It can become pretty pricey but the results are amazing! And it can last a lifetime.