While your property may increase in value over time, the rental building on it will deteriorate. To be able to keep your tenants satisfied and increase the value of your property, you should perform renovations regularly. Equally important, as a property owner or property manager you need to know the responsibilities of the real estate manager and some cost-effective home improvement projects that won't drain your wallet.
7 Home Improvement Renovation Tips
You shouldn't get carried away by property improvement projects for your rental home because you will only be able to recover some of the expenses. You can use the following tips to get started:
1. Invest in a Durable Carpet
Rooms that have high traffic require regular cleanings and a durable carpet. You don't have to purchase the most expensive carpet on the market, but you should consider things like stain resistance, carpet fiber, carpet pad thickness, and color. It's also advisable to have the carpets cleaned every once in a while to remove odors and dirt.
2. Replace the Floor
One surefire way to boost the value of your rental property is by adding a concrete floor to part or the whole property. Replacing standard grade linoleum and carpet with higher end material like concrete will not only boost the value of your property. Getting concrete floor also makes it much easier to clean, care and repair concrete cracks with no difficulty.
3. Add Updated Hardware
Another cost effective project that you can undertake to increase the value of your rental property is to update hardware throughout your house. From locks and handles to light fixtures and kitchen cabinet knobs, you can improve your entire rental property for a small cost.
4. Add a Kitchen Backsplash
Any prospective tenant will always look at the kitchen first, so you should consider improving it as well. Fortunately, there are cost-effective kitchen renovation projects that can make a good first impression such as installing a backsplash around and under cabinets.
5. Invest in Lighting
Bathroom, kitchen, and living room lighting are in most cases overlooked, but are very important. That’s why you should include this in your DIY home checklist and take into account that in the kitchen, you can invest in track lighting underneath the cabinets to make a statement. Recessed living room lighting will also add a new ambiance. You can also make the bathroom more appealing by adding a nice lighting fixture with a dimmer switch.
6. Remove Constricting Walls
One of the major complaints raised by tenants concerns space. In most rental properties, the layout feels crowded, or the closet storage isn't enough. Removing the constricting walls will open up the floor plan in the central parts of the house, and make your rental property more appealing.
7. Add New Countertops
Another renovation project that you can consider is replacing the old counter tops. Counter tops cost anywhere from $10 to $80 per square foot depending on the material you choose. More expensive high-end cover tops out of this range won't return your investment. A nice granite counter top that costs less than $30 per square foot will make the kitchen more appealing.
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