Income property remodeling is a delicate balance of cost vs. return. You want the highest rent possible without over-spending on renovations. Whether you have one rental property or a fleet of houses in your portfolio, there are budget-friendly remodeling options to consider. Check out these affordable rental property renovations to boost your monthly income.
Clean Every Surface Imaginable
Cleaning is an obvious move, but the fact is that many property owners overlook it. You may be able to bypass painting the walls or replacing the carpet just by cleaning them. After a tenant moves out, clean every surface you can think of on the property. Then evaluate what needs to be replaced or redone. You might be surprised by how far elbow grease goes with investment property!
Modernize the Color Scheme
Changing the color scheme could drastically improve the rent value for your property. At minimum, try to streamline the color scheme to something simple and neutral. If every bedroom is a different color, you may limit your tenant pool and thus lower your achievable rent amount. Grey tones, light browns, and shades of white are always ideal for income properties.
Install Durable Laminate Flooring (If You Need New Floors)
If your flooring is in good shape, you don’t have to replace it just yet. The only exception to this rule might be outdated flooring that is making your home look old and unappealing. If you need to replace the floors, consider a high-quality, durable laminate. Low-end laminate swells with moisture and scratches easily, making it prone to damage. Upgrade to a slightly higher grade of material, and you’ll have a floor that will stand up to heavy foot traffic, kids, pets, and more. Laminate is much easier to clean than carpet, so you won’t have to replace it as often. It’s a winning solution all around.
Repair before You Replace Anything
Before you replace every light fixture in the building, prioritize function over aesthetics. If something is in good working order, try making the most of it. For example, you may have slightly older appliances in the kitchen, but if they all work, they’re fine! Put the money you would have spent on new appliances toward new flooring in the living room or a vital repair in the house. Tenants appreciate a clean, well-maintained place over a remodeled one that’s falling apart.
Refinish Tile, Countertops and Bathtubs (Save Thousands on Kitchen and Bathroom Remodeling!)
Instead of replacing tile in the bathroom or countertops in the kitchen, have them refinished. Turn your dated laminate countertops into faux granite without any demolition. You can also make your tile look like faux stone or make everything crisp white. Maryland Tub and Tile offers countertop refinishing, bathtub refinishing, tile refinishing, and other reglazing services. Our refinishing solutions cost thousands less than countertop and tile replacement, and they still allow you to revitalize your income property. Best of all, we can complete the work between tenants without any interruption to your leasing schedule. To learn more about kitchen and bathroom refinishing, contact Maryland Tub and Tile at 877-717-8827.
Use Low-Maintenance Landscaping
If you plan to upgrade or clean up the landscaping on the property, choose low-maintenance landscaping features. There’s nothing wrong with adding curb appeal, but consider how much of a hassle the yard will be to maintain. Renters will factor that into their decisions. Clean up garden beds, keep the yard mowed, and trim excess tree limbs. The simpler the landscaping, the more you can invest in other parts of the home.
Fence the Backyard
Adding a fence to your backyard could significantly boost your income property earnings. A simple chain-link fence is sufficient in many neighborhoods, but a privacy fence is even better. Families and pet owners appreciate having a private yard, and they’ll pay a premium for that luxury. In fact, you may have the only rental property in the area with a privacy fence. The money you spend now will come back to you ten-fold.
Look at the Competition When Planning Your Rental Property Renovations
As you decide how you want to spend your money, compare your rental property to others in the area. This will show you which investments to make and which ones to avoid. For instance, if all the other rentals in the area have laminate countertops, there is no sense in installing granite in your kitchen. You won’t get your money back out of that investment. If you’re the only house on the block with ratty carpet, it may be time to upgrade the flooring. Try to stay slightly ahead of the competition without over-investing in your property. That’s the best way to maximize your monthly rental income.