Renovating rental properties on a budget according to Eduard Shapshovich

Modern living room home interior

Many landlords would like to renovate their rental properties to provide better returns on their investment. When a tenant has lived in a space for many years, the apartment is typically unattractive and outdated when they move out. Tenants who move out leave an excellent opportunity for landlords to make a few budget-friendly upgrades that can help them charge more for the same space and recover their profits.

Eduard Shapshovich shares some of the best ways to renovate your rental property on a budget, explaining how each upgrade can increase the property’s value without breaking the bank.

Getting the Best Return for Your Investment

Rental property owners should remember that they should not put in as much money and time on a rental home’s finishing elements. Likely, the tenants will not take as good care of the property as you would, so it is acceptable to make only the most necessary upgrades.

Kitchen Renovations

Renovating the kitchen is one of the best ways to upgrade your rental without costing too much money. Instead of taking out the cabinets and installing all-new ones, sand and paint the ones there. Install new countertops that resist stains, heat, and scratches. You do not have to go as far as installing all stone countertops as you would in your own home, but avoid simple builder-grade finishes that will not wear well.

Replacing features like sink fixtures and hardware can also give a kitchen a fresh, updated look without too much outlay of cash. Adding a tile or glass backsplash makes the kitchen updated, attractive, and easier to keep clean and maintain than a standard coat of paint.

Remodeling the Bathroom

A bathroom renovation can make a big difference in an apartment’s rental value, even if relatively superficial upgrades are made. Small bathrooms need to have space maximized while adding storage. Simply adding some shelves to the bathroom can make the property more attractive. Replacing the tub with a walk-in shower can be helpful.

Replacing floors and adding durable tiles in place of linoleum and paint can add years to your rental property’s life. Upgrading fixtures like vanities, sinks, and toilets are more inexpensive than you might believe. Lighting is another area where an inexpensive upgrade can make a big difference. Finally, make sure that your bathroom has GFCI grounded outlets and a ventilation fan vented to the outside. This will save you a great deal of money regarding mold, mildew, and water damage to your property in the future.

You can buy an old dresser second hand for vanity and convert it yourself using a new stain or coat of paint and some fresh new hardware. This can showcase your creativity, give your renters a timeless and attractive bathroom, and save you money.

Open Floor Plans

Open floor plans are still trendy, and upgrading a rental property to include them does not have to be prohibitively expensive. Knocking down a wall or two may cost you more in the short term, but having an attractive living space can cause rents to go up.

New Floors

If a property hasn’t been updated in some time, you will likely need all-new floors. Hardwood may seem that it costs more initially, but it will pay off in greater rental prices and tenant satisfaction. Cheap carpets cost more when they need to be replaced every time a tenant moves out.

Having hardwood or wood-look laminate floors will attract renters and make their space easier to manage. You will need to encourage your renters to install area rugs to cut down on scratching and noise transmission, but most renters are willing to do this.

Tile is an attractive and fairly inexpensive option. Be sure that the grout is well-sealed and that any tile issues are taken care of immediately to prevent the floor from cracking or buckling.

Curb Appeal

Renters will be more likely to want to look at properties with attractive outside areas. Planting new grass, adding a small garden, painting the exterior, installing planters, trimming trees and shrubs, and pouring the concrete can make the home’s exterior more appealing.

Renters also like to know that they can safely use outdoor areas, especially if they have children at home. Making sure that the yard is clean and that there are any hazardous elements removed is a must.

Upgrades Mean Higher Rents

When you make these upgrades, you will be able to attract renters who can pay more. Refreshing an apartment between each tenant is necessary to keep up with the neighborhood and ensure that you can continue attracting quality tenants.

Eduard Shapshovich believes that all landlords can benefit from renovating their properties. If you pay attention to cosmetic upgrades and keep the building’s basic systems in good order, your tenants will be happy, and you will be able to charge higher rental prices.

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