How to Renovate Rental Property

Even though occupation rates are high in a number of communities, it is still important to renovate a rental property every once and awhile so that it offers modern amenities for renters to use. Sometimes that might mean replacing a carpet or upgrading your kitchen faucets, while other times it might mean a new coat of interior paint or better exterior landscaping. If you know how to renovate a rental property on a budget, however, it won't cost you a lot to get a large return on your investment.

6 Ways to Build Property Value

1. Put in appliances that people need for convenience. If you've got a dishwasher and a garbage disposal in your rental, then you're giving people some basic tools that will help them save some time every day. A family with four children generates a lot of dirty dishes that would take up to 90 minutes to clean every day. Providing them with the tools to save this time is of value to that family and you'll get a lease signed much more quickly.

2. Use high quality carpet. If you're using carpet in your home, then use a high quality carpet that will have a long durability to it. Cheaper carpets generally have a maximum lifespan of just 5 years and once it's done, then it's done and you can't really rent out the home again until you get it replaced. Install the best carpet and you're investment will pay off in the long-term.

3. Use paint that stands up to scrubbing. Even if your tenants don't have kids, accidents can happen along a wall, like bumping a vacuum handle into it. With paint that is designed to be scrubbed clean, you can maintain your investment in a cost-effective way because marks can be cleaned off instead of painted over. You'll also get fewer chips in your paint that requires coverage later on as well.

4. How user friendly is your landscaping? The first impression that people get of a property is the view leading up to the front door. Making that area as attractive as possible in a low maintenance way will go a long way for renovation value and provide that good first impression that will have people wanting to rent your property.

5. Installing blinds is simple and affordable. You don't need to install expensive hardwood blinds to increase the value of your rental. Renovate the look by installing basic paper or fabric blinds and you'll give people the added security they may want. Good fabric blinds also add a level of energy efficiency to homes that will help tenants save on their energy bills over time as well.

6. Consider hardwood floors if you're not accepting pets on your property. Although the cost of renovating a floor with hardwood can be a bit high on some properties, you'll prevent the wear and tear that carpet brings to the equation. Real hardwood floors can be sanded and refinished a number of times for about the same cost as a deep carpet cleaning, but pets can really do a number on a floor. Carpet is better for rentals with pets. Hardwood floors are better for rentals without pets.
Posted on Jun 17, 2014


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