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How to Update Your Rental Property on a Budget

August 17, 2020

To increase the value of your rental you don’t necessarily have to purchase expensive appliances, install a swimming pool, or order antique furniture. There are more budget-friendly options to upgrade rental properties and maximize your rental income. Most DIY upgrades won’t cost a lot, but you’ll need to think outside the box and apply all your creativity.

High-quality doesn’t always mean expensive

There’s a myth that it would cost hundreds, if not thousands, of dollars for a landlord to upgrade their rental properties. But the truth is, not all high-quality rental renovations are that expensive. Most DIY home renovation projects can be done with the minimum financial resources, like a fresh coat of paint on the kitchen cabinets, for example. Thus, the most convenient improvements that will definitely pay off in the future are the ones referred to the kitchen and bathroom areas. Strategic updates of these spaces are likely to add property value and attract more potential renters to your rental properties.

Take a look at the list of kitchen and bathrooms updates that will make your rental increase in value sooner than you expect: Property Upgrades that Put Money Back in Your Pockets 

Houseplants make the space more inviting 

Adding some extra greenery to your rentals is always a good idea. Indoor plants make the space look more cozy and inviting. But prior to purchasing potted plants, make sure they are easy to grow and take care of. Because some of them require certain conditions to stay alive, it’s unlikely that your renters would check the levels of humidity or water the plants regularly. It’s said that orchids, zebra plants, and guardians are difficult to keep alive. But you can always establish certain guidelines for the tenants to follow and include them in the lease agreement as a specific clause (not a common practice but why not?) 

Along with indoor plants, designing the landscape is another way to spruce up your rental. For vacant single-family homes, having an attractive outdoor design is essential when marketing the property as the tenants will first take a look at the exterior of the house.

Minimalistic decorations on a budget 

It looks like the times of luxury home decor are over. People now opt for simple and functional interior solutions. And your potential tenants are no exception. So when updating your rentals, consider functional furniture, light colors and wooden elements.

Check out some Pinterest ideas on how to upcycle old furniture. And remember that the main concept is to keep it simple and minimal. 

Resolving minor maintenance issues 

Procrastinating on minor home repairs can cost you a fortune in the long run. Even a squeaking door or flickering lights can become an expensive repair if it’s not resolved quickly. There are cases when tenants might even refuse to provide rent payments claiming that the landlord didn’t resolve maintenance requests.

Source

Landlords who don’t want to fall into the trap of high maintenance expenses often take advantage of property management systems with maintenance management features to keep track of the maintenance requests and resolve them in a timely manner.

To sum up, here are the results of a recent Twitter poll regarding the home improvements you think will increase the value of your rental properties.

TenantCloud Twitter Poll