If you are a landlord who has to stick to a tight budget, there are still improvements that you can make to your rental properties to keep your tenants happy. Here are 10 improvements that you can make that are under $500 each.
10 Rental Property Improvements (For Less Than $500 Each) To Keep Tenants Happy
- Paint— It may be hard to paint an entire home for under $500, but you can easily brighten up rooms and living spaces with splashes of color by touching up a accent walls. The current trending colors include various greys, beige, and greens.
- New Flooring— The same with paint applies to flooring. For inexpensive rentals, you may want to use laminate or change the flooring in main areas. Putting in a flooring in an entryway or bathroom and replacing the vinyl in an ugly bathroom could make the difference between a property renting quickly or it lying vacant.
- Patch Up The Roof— When a roof leaks, that can cause major problems in a rental. A leaky roof will lesson the value of your asset and increase the cost of repairs. Think maintenance, trouble for the tenant, and damage to belongings. A new roof in its entirety will probably be unnecessary in many cases, but patching will do the trick.
- Make It A “Smart Home”— Adding some new and trendy tech devices to a rental property can bump it up to a new level and actually not cost you that much. Smart thermostats, Google technology, or better wifi. Your tenants will be happy. This will definitely be a good option if your property is located in an area where millennials are mostly rent.
- Resurface Cabinets— Completely replacing kitchen and bathroom cabinets can be pricey and a ton of work, so what you can look into instead is resurfacing options.
- Backsplash— Kitchen backsplashes make an incredible difference in the appeal of a home.
- Flex Office Space— Working from home is now the “norm”. The home “Digital Nomad” has figured out that working from the sofa isn’t very effective. Think about turning one of the bedrooms into an office. You can also create “flex space” by installing cabinets or a Murphy bed. This allows a tenant to quickly change a room into a functional office or other-type of space at a moment’s notice.
- Upgrade Hardware— Replacing front door cabinet hardware is one of the best options to add an inexpensive upgrade that will really make a difference.
- Stage The Home— When marketing a rental, staging has a powerful affect on how the property is perceived. For less than $500, you can bring in some extra furniture (or rent some) to add a little touch of personalized living.
- Replace Appliances— Appliances are a HUGE deal to renters. Change out the ovens and refrigerators, and think about adding a washer and dryer to the unit.