If you own a rental property and want to do something to attract new tenants along with potentially and justifiably increasing your rental income, it is very important to plan a budget-friendly renovation strategy. Renovating your apartment or home isn't just going to help increase the value of your real estate but doing it smartly will ensure that you won't have to frequently commit to making expensive changes time and again.
Some good examples of less cost-intensive renovation projects can include things like replacing the windows, ensuring the landscaping is adequately done (if the rental has a lawn), replacing old kitchen appliances with upgraded alternatives, and much more.
If you are interested in investing in renovating your rental property but have no idea how or where to start, this article is going to talk about some important changes and upgrades you can make to your rental on a budget.
Vital Rental Property Renovation Projects You Should Consider Implementing
Only Renovate Important Things
Before you make a list of things that need to be renovated, take a pause and start identifying what types of renovations matter the most. Understand that it isn't smart to renovate everything or anything (it's going to make a big dent in your pocket and could be a complete waste of time).
You need to determine things that are going to give you the most value for the money you are spending. For instance, think about what you are trying to achieve. Do you want to enhance the lifestyle of the renters that will occupy the space? If so, it is a good idea to install a washer and dryer in your apartment or home.
However, if your goal is to boost the overall market value of your rental, it is a good idea to replace the roof. In addition, also consider the time it would take you to recoup the amount you have invested in your renovations. For example, if you plan to add a washer and dryer, approximate the right amount of rent you can charge that will help recoup the expenditure incurred over time.
Add an Interior Storage Unit
Having adequate storage can be a very important aspect of transforming your rental into a modern living space. Not only does an internal storage unit in the basement or the living room help add a touch of décor, but it is also going to help the tenant organize everything and declutter their space. A good example can be the FlexiSpot Multifunctional Locker CB10.
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It is designed with a total weight load capacity of 120 kg and incorporates sturdy and moisture-free legs for easy cleaning. Plus, you can place it anywhere and the storage unit will complement your interior décor.
Replace Old Light Fixtures
Another budget-friendly element you should consider implementing is changing your old lighting fixtures with something that is non-trendsetting and equally functional. The objective is to ensure every room in the property is well-lit. Spaces that are poorly lit or exceptionally dark such as attics and basements can be a turn-off for tenants. You have to make a good first impression.
Install New Knobs and Shower Handles
Consider replacing all the loose or potentially damaged kitchen cabinet knobs and handles with sturdier alternatives. Do the same with doorknobs as they are prone to a lot of wear and tear. Also, don't forget to install new shower handles. All of these things can make a big difference in terms of renter desirability and overall property value. Plus, it won't cost that much.
Install New Bathroom Faucets
Aside from the kitchen, the most important space renters first look at is the bathrooms. Considering your property has been rented in the past, there is a high chance that the bathroom may have incurred heavy wear and tear-related damages such as leaky or broken faucets, broken sinks, damaged floor tiles, rusty shower handles, etc.
However, all of these things aren't that cost-intensive to repair or replace – but you must renovate the bathrooms in your rental to upscale the rent value.
Consider Investing in Tried-and-Tested Styles of Renovation
The objective of renovating your property is to increase its rent value and generate an appeal among modern renters. You don't have to overly commit to the project by splurging on highly chick or trendsetting interior and exterior renovation elements. For example, adding a simple standing desk in the corner of a living room can both add to the room's décor and enhance the functionality of the living space.
Similarly, you could also consider installing a recliner chair to enhance the comfortability of the space. For portable and easy storage, you can also go with modern wall-mountable pegboards such as the FlexiSpot Pegboard DDB.
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The DDB pegboard is an excellent space-saving accessory that can be used in a shed, kitchen, and practically any room where you want to store your appliances or tools. Its anti-slip properties make it an easy DIY project that can be unmounted and mounted with considerable ease.
Some Important Reasons Why You Should Not Neglect Renovating Your Rental Property
1. Ensuring Your Property is Always Rentable
Renovating your rental property is going to help make the space more liveable and desirable to renters. Modern renters always look for properties that ensure comfortability and reliability. Providing these two elements to them will ensure that you will also attract the best types of tenants.
2. Boosting Your Overall Rental Income
Frequently renovating your property can be a good way to increase its overall rent value. For example, replacing the roof or redoing the entire kitchen or bathroom can be a justifiable reason to ask for more rent.
