Smart Budget-Friendly Renovations for Your Rental Property

Part of a good rental property investment is smart renovations and updates. Homes need constant updates to look new and inviting for residents. Each tenant turnover usually involves a fresh coat of paint an opportunistic appliance tune-up. Residences also need occasional updates to replace old components or meet modern standards. As a rental property owner, which renovations will provide the most long-term value for the lowest investment?

Often, these renovation decisions are done with a defined budget based on your set-aside fund or the renovation's ROI potential. The smart choice is to focus on budget-friendly renovations for both immediate results and long-term benefit to the property. There are many ways to renovate a rental property on a modest budget to keep your homes attractive and up-to-date for local residents.

Repaint and Refinish Anything

• Repaint the Walls and Trim
• Repaint or Refinish the Cabinets
• Stain and Seal the Deck
• Refinish Old Light Fixtures

The single best way to quickly and affordably update a house is a fresh coat of paint. But it doesn't stop at the walls. Paint, stain, finish, and sealant can be used on many of a home's surfaces to give them new vibrancy and performance. Repaint or refinish the cabinetry to give it a whole new look. Stain the wood floors to transform faded wood into a rich new shade of brown. Refinish the deck or the railing on the stairs to give the house new life. 

You can also repaint any built-in furnishings like doors, cabinets, and shelves for accent-splashes or to match the room's walls. You can even refinish light fixtures, faucets, door handles, and other metal objects to give the house a fresh and new metal palette.

Quick Fixture Refresh Projects

• Light Fixtures and Mirrors
• Faucets and Shower Heads
• Backsplash Redesign
• Drawer Pulls and Cabinet Handles
• Doorknobs and Locks

Want to subtly update the house? Replace the metal fixtures throughout. Fixtures are something we often overlook but they are strongly influenced by trend and style. Changing the drawer pulls, cabinet handles, and doorknobs in your house can very subtly change the entire impression of your interior design. Update the faucets, handles, and shower heads to change the personality of your bathrooms and kitchen. Update the light fixtures to give each room a new ceiling centerpiece without changing the floorplan at all.

Install New Floors

• Replace Worn Out Floors
• Install Laminate Board Wood Floors

After new finishes and fixtures, floors are an extremely popular update for rental properties. Why? It works out for both homeowners and tenants. Right now, wood floors and many rental home carpets aren't as beautiful as they used to be. Trends are focusing on pet-friendly, child-friendly, and handicap-friendly housing. As a plus, practical new floors are extremely low-cost in the range of home updates and renovations.

Landlords choose floors based on two criteria: Durability and tenant appeal. You need floors that don't often require repair and aren't too damaged from tenant to tenant. You also know that floors wear out over time.

The current favorite rental floor is laminate board. These are manufactured wood floor boards, layered with laminate and compressed board for a real-wood experience. Laminate board offers enhanced moisture and scratch resistance compared to natural wood boards. They are also very affordable, in the upper middle range of quality and the lower range in price. You can choose from a wide range of color, stain, and grain as these are part of the manufacturing process and the price variation is minimal.

Deep Cleaning Restores Past Beauty

• Pressure Wash the Outdoors
• Steam Clean the Carpets
• Oil Wood and Metal Finishes

Often, you don't need to replace or renovate where you can refresh. Clean and scrub deep into the corners (and crawl spaces and ducts) to remove all old dust, smells, etc. Then polish what you have. Use oils and specialty soaps on each exposed surface in the house. Wood and metal respond best to polishing and sometimes restaining and resealing. 

If you have carpets still in good condition but stubbornly imperfect-looking, try a steam cleaner. Rent one for the day or invest in one for multiple properties. Steam-cleaning takes several rounds but will leave a carpet looking fluffy and pristinely fresh.

For an exterior refresh, landscape your greenery for a new look and power-wash your pavement. Check your siding to make sure it's safe and if so, power wash this as well. You can brighten your whole exterior by removing a few years of dust from the outside.

Insulation and Energy-Efficiency

• New Weather Stripping
• Rehang or Replace Interior Doors
• Add to Attic and Crawlspace Insulation
• Clean and Air-Balance the Ducts

For a more function-focused renovation, turn your attention to energy efficiency. A few small updates can go a long way in terms of the power bill and comfort of the house. New weather stripping should become part of tenant-turnover every few years. Doors can also give the house a wonderful update for sound quality, appearance, and security.

Old Bathrooms Like New

• Bleach and Scrub the Porcelain
• Re-Caulk the Tub and Shower
• Update the Toilet
• Faucet and Mirror Update

You don't have to replace your bathroom features to make them like-new. Start with a bleaching scrub of the grout, porcelain, and corners. Remove all the old scuffs and stains from quality fixtures. If the caulk or grout is loose, remove it and re-apply your fixative instead of the fixture. If you do replace a large fixture, a toilet update with better flow and comfort is your best choice. You can also give a bathroom a powerful visual update by changing the faucet, the mirror, and the light fixture.

Property Management and Renovations

It's not always easy to decide the best renovations for your rental properties. Property managers often have the insight needed to determine the best updates for each individual house and the updates that make the most impact for local tenants and residents. Working with property management is a reliable way to increase the rent that tenants are willing to pay with smart updates and attentive maintenance. In addition, finding and marketing to tenants who will enjoy each space ensures you will have satisfied tenants in each renovated home.

Looking for property management or more rental home ideas and smart management tips? Our team specializes in exactly the kind of property management insights that rental homeowners need. Contact C21 American Property Management today!