11 Easy, Affordable Tips For Upgrading Your Rental Property
Property maintenance can quickly cut away at your revenue and also cause significant stress. Fortunately, there are affordable, easy ways to maintain your property while also boosting your cash flow — talk about a win-win!
Read on to learn 11 inexpensive cosmetic changes that can transform your rental space and increase your revenue without too much stress on you or your wallet!
1. Replace Cabinet Doors
While most people assume the only way to deal with worn-out cabinets is tearing them out and replacing them entirely, it is sometimes possible to only replace the cabinet doors. This greatly reduces the cost of the project while still creating a desirable impact.
Consider replacing just the cabinet doors with solid, high-quality wood doors. Add some new hardware, paint, and the entire kitchen will look significantly better.
If you are really in a financial pinch but still wanting to update your rental, consider just replacing the cabinet knobs and handles. For just a few dollars per pull, you can choose unique pieces that instantly update the rental’s look and create a unique appeal.
2. Freshen Up the Paint
If you are aiming to get the highest return on investment, painting is a key area to focus on. While it already boasts a high return on investment, buying in bulk can make this project even more profitable in the long run.
Be aware that it is important to avoid poorly mixed paint sold at a steep discount. If any touch-ups are necessary down the road, it will be near impossible to find a paint match.
3. Choose Flooring Carefully
While carpet is a great option in many circumstances, it is not ideal in rental properties due to its short lifespan in such settings. If your property already has carpet, consider ripping it up and installing a more rental-friendly option instead.
- Timber – While timber flooring can be an investment initially, its durability can equate to significant savings over time. Along with its timeless appeal, wood flooring is also easy to clean and relatively low maintenance. Keep in mind that when wood floors do get damaged, they are relatively easy and inexpensive to fix. Also, light-coloured wood floors do not show scratches as much as dark wood floors.
- Hybrid – Hybrid flooring options combine the best aspects of laminate and vinyl into the ultimate waterproof flooring solution that offers style and resilience. With a wide range of colours and style, hybrid flooring can instantly update your rental’s style and boost its appeal. Hybrid flooring also boasts excellent longevity.
- Vinyl – Although the term ‘vinyl flooring‘ still evokes images of cheap, dated flooring, modern vinyl options are not your grandmother’s lino! Modern vinyl floors feature enhanced texture, greater depth, and other details that mimic the appearance of stone, timber, or tile like never before.
This option is cost-effective (great for renovations on a budget) while still offering a luxurious appearance. The flooring styles and colours to choose from are practically endless.
4. Replace Doors
Doors typically see a lot of wear and tear at rental properties. Some investors choose to touch up the damage with paint or ignore the issue entirely. Instead, adding new doors can greatly boost the rental’s visual appeal without a large investment.
Most local hardware stores carry doors at a reasonable price and some local building supply companies offer doors at steep discounts.
5. Pressure Wash
Some investors put a great deal of effort into the interior of a property without paying enough attention to the outside of the house. A good pressure wash can significantly raise a property’s appeal, make it look more inviting, and increase your chance of renting it out.
Pressure washing can usually be done for several hundred dollars or you can take on the task yourself.
6. Pay Attention to Landscaping
Landscaping has a direct impact on the vacancy rate. This can be a fun project to tackle by yourself if you enjoy working outside and gardening. Consider planting some flowers along the border of the house, adding rocks or woodchips to the border, adding a stone pathway, or planting flowers in pots as weather permits.
Tip: Here’s some landscaping ideas that won’t blow the budget
7. Install a Washer and Dryer
If your property does not already offer a washer and dryer, consider adding this duo to significantly boost its appeal. Generally, the appeal of a washer and dryer will draw additional interest to your property.
The inclusion of a washer and dryer will also allow you to increase the cost of rent each month.
8. Add a Backsplash
Backsplashes are a simple, affordable way to add value to your rental properties. They are easy to clean, durable, and visually appealing if you choose your design carefully. While some backsplashes can date a property, classic looks such as white subway tiles or neutral colours can create a timeless appeal.
9. Upgrade the Lighting
If you are looking for one of the easiest updates of all, consider swapping out the light bulbs. This can change the brightness of the room and instantly give it an entirely different atmosphere. This simple change creates a dramatic impact with minimal effort.
Along with changing the bulbs, consider looking into smart lighting. This tech-savvy option allows users to change bulb colours using an app on their tablet or phone and automate lights to turn on and off at certain times of the day.
An even easier, inexpensive fix is switching out old light switch plates. For just a few dollars a piece, you can upgrade light switch plates and add a fresher appearance to your rental.
10. Replace the Toilet Seat
For minimal cost and time, you can replace a worn out toilet seat. This instantly updates the bathroom and makes it look fresh and new to renters.
11. Swap Out the Faucet
The majority of faucets are relatively straightforward to replace. Upgrading this feature automatically updates kitchens and bathrooms.
Shower heads are another feature to pay attention to and are usually quite simple to install.
Final Thoughts
Hopefully, this list will give you some inspiration for upgrading your rental property and achieving a higher rental return.
Do you have any favourite ways to update your home or investment property? We’d love to hear from you!
