Owning a rental property is a great way to make a passive income, but because you want to make money, you might not want to waste it by doing renovations. This can be a problem because you also want your rental property to be nice enough to bring in potential tenants that are willing to pay the maximum price. Listed below are several inexpensive, DIY upgrade options that will elevate the aesthetic appeal of your property, without breaking the bank.
The kitchen is the heart of the home, and it is often the first room that potential renters will look at. Here are a few inexpensive ways to update the kitchen:
1. Fresh Paint
A fresh coat of paint can breathe new life into your kitchen. If you are planning to repaint, you want to go with a light, neutral color. If you choose something like blue or red, it will make the kitchen look darker and smaller than it actually is. You want to choose a color that will brighten up the room, making it appear larger and more open.
2. Repaint the Cabinets and Replace the Hardware
You don’t need to spend hundreds or thousands of dollars on new cabinets in your rental property. If the structure of the cabinets is sound, you just need to fix the cabinets cosmetically. First, you can repaint or re-stain the cabinets, making them look brand new. You can also replace the hardware, such as cabinet handles, drawer handles, and doorknobs. New hardware can completely change the look of a room, so you don’t have to stop at the kitchen. Replace all the doorknobs and handles around your home to keep things consistent and looking fresh.
3. Replace the Faucet
If the faucet in the kitchen of your rental property is old, the kitchen will look dated. You can buy a modern faucet for under $100, and if you are handy, you can install it yourself.
Another room that potential renters focus on is the bathroom. This room is used several times a day, and so needs to feel comfortable and modern. Here are a few upgrades you can make to breathe new life into a dated bathroom.
1. Install a New Vanity
Installing a new vanity in the bathroom can give the room an entirely different look. You can find modern vanities for a relatively low price, and if you are handy, you should have no problem installing it yourself. In most cases, the simpler it is, the better. Choose a vanity that has room for storage but isn’t too bulky. Also, try to make sure that the color isn’t too loud, and blends nicely with the rest of the décor.
2. Re-grout the Tile
Nothing makes a bathroom look old and dingy like dirty tile grout. If you re-grout the tile in the bathroom, it will improve the floor’s appearance, and it will also brighten up the entire bathroom.
3. Replace the Light Fixtures
Potential renters are going to be looking for bathrooms with plenty of light. Most people get ready for the day in front of the bathroom mirror, so they need a good amount of more natural lighting. If the light in the bathroom is low or the light fixtures are dated, you can easily replace them without breaking the bank. If you check for sales, you can find a modern light fixture for under $50. Light fixtures generally aren’t very difficult to replace; just make sure that your turn off the power before you begin.
Owning a rental property doesn’t mean that you have to spend all of your profits to renovate the property. Small changes can be made that will make a huge difference in the appearance of the rental property. However, the idea of upgrading and updating your properties can be overwhelming, so let us help! Contact Specialized Property Management in Fort Worth, TX for more info on how to get the most bang for your buck! Contact Us Online, or Call Today 817.886.9220