Nobody said it would be easy.
You invested in a rental property just a few years ago, and now it needs a makeover. Prospective tenants have stopped responding to your Craigslist posting and current tenants are leaving Dodge faster than Doc Holliday left Dodge City.
The time has come to give your rental property a makeover.
No, you do not have to take out a second mortgage to renovate your rental property. In fact, our friends at Utopia Management have a few ideas on renovating your rental property on a budget.
Benefits of Renovating Your Rental Property
One of the most compelling reasons why you should renovate your rental property is the rental market continues to grow at an impressive rate. For a variety of reasons, more Americans than ever are renting places to live, as the rental market accounts for nearly three percent of the nation’s Gross Domestic Product (GDP).
However, raw numbers only scratch the surface as to why renovating your property on a budget is a good idea.
Stand Out from the Competition
Differentiation is one of the fundamental business principles, and it has special relevance in the rental housing market. A remodel on a budget can make your rental property stand out in the community.
Increase in Property Value
The next time the county assessor’s team stops by your rental property, it should be impressed with the changes you have made to both the inside and the outside of each unit. A remodel can enhance your rental property’s amenities, which in turn attracts tenants that possess higher incomes.
Improved Energy Efficiency
A budget-friendly makeover can turn your rental property into a model for energy efficiency. Simply sealing leaky areas of each unit places less demand on the HVAC system that keeps your tenants comfortable throughout the year.
Attract Better Tenants
One of your primary objectives as a rental property owner is to attract good tenants, and then keep them for the long term. A renovation is the ticket to attracting better tenants to your rental property.
Let’s review a few tips for renovating your rental property on a budget.
Replace Closet and Cabinet Doors
Although it might not appear to be a significant change, replacing closet and cabinet doors goes a long way towards removing the tired look your rental property presents to potential tenants. You might be able to negotiate a bulk discount to replace every closet and cabinet door at your rental property.
Speaking of Doors
While we are on the subject of doors, maybe the exterior doors that welcome each tenant home every day could use a reset. Exterior doors bear the brunt of damage, but instead of applying paint to conceal the damage, you can find budget-friendly exterior doors offered by a company such as ETO Doors. Multi-unit apartment buildings have plenty of exterior doors that if changed out, can make a building stand out.
Power Wash, Then Paint
Renting a power washer to remove the dirt and grime that covers your rental property is just step one in the process of giving your rental property an affordable makeover. As our friends at Glidden know, applying a coat or two of paint can transform your rental property into the most attractive building on the block.
Landscape Like a Pro
Landscaping is a highly effective and budget-friendly way to enhance the curb appeal of your rental property. The best part is you can hire a pro to get the job done without busting the monthly maintenance budget. Planting window flower beds and removing unsightly tree branches are just two simple ways to enhance the curb appeal of your rental property.
Add New Flooring
Resist the temptation to cut corners by placing rugs over the beaten-up sections of flooring in each unit of your rental property. Adding new floor materials is a sound investment that can allow you to increase rent at a rate that matches your commitment to rental excellence. Check out the affordable flooring options at Home Depot.
Backsplash Like an Olympian
We are not talking about a new swimming stroke. Instead, backsplashes represent an inexpensive way to enhance the visual appeal of apartments. The key is to select backslashes that are durable, as well as easy to clean. You can boost the aesthetic appeal of backsplashes by adding new fixtures as well.
Install a Washer and Dryer
Maybe you should install multiple washers and dryers if you run a rental property that has several units. Your tenants would rather stay on-site to do laundry than sit at a dusty old laundromat located miles away from your rental property. Coin-operated washers and dryers can generate enough cash to bring you a healthy return on your investment. Best Buy offers a nice selection of budget-friendly washers and dryers.
Spend Money to Make Money
Far too many rental property owners waste time trying to figure out how to cut cost corners. If you follow the business philosophy that you need to spend money to make money, then renovating your rental property on a budget is the right direction for you to take. You will not only attract better tenants, but you will attract better tenants that call your rental property home for years to come.