Maintaining and upgrading a rental property can be quite costly - even to the extent of eating into the profit you make from renting out. However, not all upgrades need to be necessarily so expensive that you stay without your rental income every month. Some budget-friendly upgrades can boost your rental and make it more appealing in no time. Keep reading to learn more about the best budget-friendly upgrades for your rental property.
First of all, what can really transform any property is a fresh coat of paint, so you should start with that. You should choose optimal colors and do it regularly as it gives new life to a room. Another inexpensive thing you can do is replace cabinet doors - a small upgrade that significantly benefits the overall appeal. What’s more, if your rental comes with a yard, you should ensure that it is neat and has some basic landscaping. Also, don’t forget the curb appeal, as it is the first thing potential tenants see. You should also give your lighting an upgrade in case it’s outdated. And lastly, you can consider adding a new backsplash and fixtures.
- Add a fresh coat of paint
Nothing like a fresh coat of paint makes a property look cleaner and more lively. Also, painting has the highest return on investment, considering all the upgrades. For an even higher return, experts suggest buying paint in bulk as it is cheaper that way. Local hardware stores are often open for negotiations over the price when buying in bulk. It is also a good idea to have some extra paint lying around in case you need some touchups. That way, you can be sure that you will match the colour. Of course, you can skip this step as a homeowner and leave it to the tenants. In this case, you should state some conditions and guidelines regarding the colours and the whole painting process.
- Replace cabinet doors
Over time, cabinet doors tend to look dingy, making the whole room look unappealing. Luckily, this is something easily fixable. If you have the budget, it is best to replace the worn-out cabinets altogether. However, if you are looking for a more budget-friendly alternative, then you should consider replacing the cabinet doors. It is much cheaper and quite effective. When searching for cabinet door replacements, search for quality wood cabinet doors. You can then paint them any color you like, although it is best to keep them looking neutral, perhaps. While you’re on it, you can also update the hinges and knobs. These small things will do wonders for your cabinets.
- Do some basic landscaping
If your rental property is located in the suburbs, it probably comes with a yard, which is another aspect you should keep in mind when upgrading it. For instance, the majority of people in Australia live in houses with yards. So, if people are looking to rent or find houses for sale in Narooma, Sydney or Perth, they are most likely looking for a house with a yard. The yard is often not too big, which means that there isn’t too much work on upgrading it. So, if your rental comes with a yard, make sure that it looks neat and trimmed. You should do some basic landscaping to make it more appealing. Also, you shouldn’t forget the curb appeal, as it is the first thing potential renters see.
- Upgrade lighting
Another indoor thing that can transform your rental is the lighting. If your rental possesses only outdated overhead lighting, you should definitely consider making some changes in this aspect. What characterizes the modern and efficient home is multiple choices when it comes to lighting. So, you could install some floor lamps and wall lights, and you can also add some pendant lighting as well as light strings. There are also LED strips that you can use as focus lighting. It would be great to add a dimmer as well. You should use sustainable lighting such as LED.
- Consider adding a new backsplash and fixtures
What makes a rental even more appealing is a new backsplash and fixtures. If they haven’t been replaced for a long time, it’s high time you updated them. The backsplash you choose should be quality, durable and somewhat neutral so that people can easily match it with some decor and different accessories. Nex fixtures, such as faucets, give a room an instant glow. These great yet affordable things can spruce up your kitchen and bathroom.
These are all quick and affordable things you can do to boost your rental property. You can search for more budget-friendly upgrade ideas online.