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Upgrading your rental property and not significantly cutting into your profits is possible. In fact,
you can add curb appeal and help prospective tenants see your rental as their next home by making some simple changes. In this article, we’ll go over seven inexpensive upgrades that you can do yourself and without breaking the bank.
There is no denying that full home renovations can become quite expensive—even if it is a complete renovation of just one area of the home. Moreover, for investment properties, seemingly small upgrades can often make a big difference—ones that will draw in high-quality tenants and higher rental rates. Therefore, if you are looking to increase the value of your investment property, consider making some of the upgrades below.
Putting in new flooring can refresh the look and feel of a home. Clearly, there are many inexpensive flooring choices these days. However, re-flooring an entire house can still get pricey if you are not careful with your budget. That said, if there are areas of the home that have worn dirty carpet, then you may want to replace the flooring in those specific areas to increase the home’s perceived value. To keep new flooring as affordable as possible, make this a DIY project. Note, when taking on a flooring project, be sure that you are ready to put in the time and effort and become familiar with proper installation methods.
Yet another inexpensive rental property upgrade you can opt to do yourself or hire professionals for is painting. Upgrading the paint in only a few areas of the home can make it much more appealing to renters as they want to make the house fit their style. Thus, it is highly recommended that you choose calming neutral colors– grays, traditional whites, and creams can create a sense of uniformity throughout the home. What’s more, neutral colors such as these allow renters to decorate as they see fit with fewer limitations.
You may also want to consider a fresh coat of paint to baseboards and door frames to make your rental appear even more refreshed and clean. And while you are at it, do not forget about other easy paint upgrades such as painting an accent wall or whitewashing a brick fireplace.
Kitchen cabinets are pricey, but the good news is that they are fairly cheap to reface. Here, you can replace the entire doors or give them a fresh sanding and a couple of coats of varnish. Alternatively, a simple paint job and some new hardware will do wonders for the overall look and feel of the kitchen. If you decide to paint the existing cabinets, again, neutral is best.
Speaking of kitchen upgrades, updating or adding a backsplash can also make a kitchen feel more luxurious and modern. Of course, expensive, ornate tiles are likely out of the question for a budget project, but installing something like subway tiles will improve the space and add an extra layer of protection to your walls. Note, though kitchen sinks are commonly thought of as the location for backsplashes, they can also be installed behind stoves.
As you are likely aware, the right lighting can change the overall feel of just about any room. Furthermore, old light fixtures can make a place look dated. Thus, changing fixtures throughout can make any room look much more attractive and modern. Here, you can easily pick up inexpensive light fixtures at home improvement stores.
Along those same lines, if your rental property is lacking ceiling fans, especially in the bedrooms and main living areas, then you should absolutely consider installing a few ceiling fans/light fixtures. Not only are ceiling fans one of the many sought-after features for tenants, but they also make the home appear more comfortable.
Bathrooms are often another key feature of rental properties. Nevertheless, gutting and completely renovating a bathroom can easily cost thousands of dollars. The good news here is that you can make some small changes that can make bathrooms look newer and more spacious. For instance, if the toilets have worn, broken seats, replace them with inexpensive ones. Likewise, if the sink, hardware, or vanity could use a makeover, then replacing them will make the bathroom appear newer or more modern. Of course, new hardware and vanities can get pricey; however, many home improvement stores have affordable options so you can stay within your budget.
Last but not least, prospective renters will often form their first impression of the home within a few seconds of seeing the outside. So, to make your property more appealing, simple landscaping can make a big difference. This means making sure the lawn is trimmed, gutters cleaned, any bushes or branches that need to be cut down are removed, and so on. Additionally, you may want to plant some beautiful bushes or flowers near the home and bring in fresh mulch. Remember, exterior upgrades are not limited to just the lawn. For example, if your property has a patio in disrepair, do not neglect it. Sometimes a simple power wash or refinishing a deck can change how renters will perceive the home – if the home exterior and its surroundings are well maintained, then chances are the inside is as well.
Though home maintenance projects can be time-consuming, they definitely are a must. And if you stay on top of these particular projects, then any required upgrades do not have to be extremely expensive. Moreover, making some small improvements can increase the value and overall appeal of the home. Note, going above and beyond minimal upkeep will likely increase the rental amount you can charge and draw in high-quality tenants.
Overall, the above-mentioned upgrades are just a few things you can do to spruce up your rental home. If you are looking for more low-cost rental renovation ideas, however, then you should also consider the following upgrades:
Ultimately, you can make your rental property more attractive with any or all of these easy and inexpensive upgrades. That said, if you own an investment property and would like to learn more about popular yet affordable features and upgrades, then contacting your local rental property expert for further assistance is a great place to start. If you are looking to purchase investment properties, on the other hand, we can also guide you through the process, so you can find the perfect rental property sans expensive upgrades and repairs.
Are you curious about mortgages for investment properties, or do you want to learn more about available home improvement/renovation financing? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Contact us today with any questions you have about mortgages.
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