Property owners are always looking for rental property renovations or upgrades that will add to their property value or help them gain an edge in the rental market. You don't actually have to get the flashiest improvements to see an impactful change. If you do it strategically, the simplest upgrades add to your property's long-term value.
Cheap Home Renovations and Upgrades You Can Do
Fresh Coat of Paint
Interior and exterior painting can easily make your property look brand new. It's simple enough to make it a DIY project to avoid extra costs. Remember that you should use a different kind of paint for exterior upgrades.
Interior painting doesn't need to withstand harsh weather conditions or UV exposure. Fresh paint can improve curb appeal significantly, helping your property stand out in listings.
New Flooring
While adding a new floor may sound expensive, that depends on the flooring options you consider. Hardwood or tiles can cost a lot to install, whereas luxury vinyl planks are more affordable and are becoming increasingly popular.
If you don't want to spend extra money on new floors for the rental space, you can always just polish the floors and replace scuffed or damaged areas.
New Light Fixtures
Think of light fixtures as accessories for an outfit. Some jewelry doesn't match specific attire. If you've done upgrades to your investment property over the years, it's best to also install new fixtures or accent lighting that would match the current decorative elements.
Some models are compatible with smart home systems, allowing them to be controlled remotely. This can be an attractive feature for potential renters.
Polishing Appliances
Appliance upgrades will cost you a lot, so if you still have modern appliances, the best thing to do is polish them and make them look new. Especially with stainless steel appliances, you can use dish soap and warm water for the initial cleaning.
If you want to do the extra steps, use olive, mineral, or baby oil and buff the surface using a microfiber cloth. If there are tough stains, baking soda and vinegar might do the trick.
Improving Energy-Efficiency
Energy-efficient appliances are a huge selling point for eco-conscious tenants. Not only will they help attract potential renters, but they can also save money on utility costs. Your options are not limited to appliances; you can also install energy-efficient windows.
This will reduce heat transfer, minimize air leakage, and improve insulation, which will ultimately help save energy costs.
Up-to-Date Bathroom
This doesn't necessarily mean you must replace all the bathroom fixtures. You can replace the tiles and lighting to add a modern touch. Some landlords replace the shower heads with features like low-flow technology to conserve water, which can help save on utility bills.
Modernizing Your Kitchen
You can find cheap kitchen appliances that effectively contribute to renter satisfaction, like air fryers, toasters, coffee makers, and more. However, if appliances are out of your budget, you can modernize your kitchen cabinets and countertops by polishing or repainting them.
If your rental property kitchen happens to have in-unit laundry appliances, you can add more storage for laundry essentials like dryer sheets, detergent, and more.
Landscaping
The first thing people see in your listing is the exterior of your rental property. A well-maintained exterior will increase property appeal and rental value. High-quality tenants would prefer coming home to rentals with outdoor living spaces where they can relax.
Plant a few flowers to add a splash of color to your yard, or pressure wash your walkways to remove gunk and debris. It would be wise to hire professional cleaners since they'll have the right equipment, such as pressure washers and grass cutters.
Exterior Upgrades
Many landlords argue that repainting the front door is the cheapest upgrade with the most value, but you can also purchase new hardware, such as apartment number signs or mailboxes, which can improve the appearance of your rental property for prospective tenants.
Other inexpensive additions are planters, a fountain, bird feeders, or benches where your tenants can sit and enjoy the outdoors.
Smart Thermostat
Smart devices like smart thermostats are a little expensive initially, but they provide long-term benefits that appeal to the current rental population. It can optimize energy usage, adjust temperatures based on preference, and improve indoor air quality.
Smart features are among the most sought-after amenities in the rental industry. They attract more interested renters and increase your resale value.
Why It’s Important
Unlike a vacation rental property, residential rentals are long-term homes that many tenants choose to live in for years. These upgrades, whether they are high- or low-maintenance improvements, contribute to tenant satisfaction and rental property value.
Potential tenants are more likely to consider your listing if it suits their lifestyle. Even something as simple as a smart hub can make or break a prospect. If you want to find good tenants, then your rental property must stand out, and you can do that by maintaining and improving your investment property.
Boost Your Rental Business with Expert Management
Maintaining and improving your rental property can be a time-consuming venture, especially since there's a lot more to being a landlord, such as marketing, tenant screening, rent collection, and a lot more.
With a professional property manager at your side, your current and future tenants will be taken care of. You won't have to spend most, if not all, of your time tending to your rental business. With our management strategies and practices, you can earn passive rental income from a thriving property.
Leave your worries behind and focus on finding properties to add to your real estate portfolio. You can earn more income even as a hands-free landlord; all you have to do is allow Blue Line Property Management to make it happen.
Contact us now and learn more about our services!
