Budget friendly home improvements for rental properties

Budget-Friendly Home Improvements for Rental Properties

Whether you’re sprucing up a rental between tenants or renovating a newly acquired rental property, finding the most cost-effective ways to update it can attract more tenant applicants and keep them comfortable as they rent. If you’re searching for ways to make tenants happy with your service as a landlord but don’t have the sort of money to spend on large-scale renovations, consider these budget-friendly home improvements for rental properties. Keep your rentals updated to improve the property’s value and your tenants’ quality of life.

Refresh the Cabinetry

It’s not uncommon for rental property cabinetry to take a beating from past tenants; rental-quality cabinetry is often flimsier than what people may put in their own homes. Sometimes, updated cabinets are just what a kitchen needs to look appealing to future applicants—whether they see the rental in person or online. The price range of new cabinetry depends on how much you update them; if you simply replace the doors and hardware, you’ll save yourself some money.

Install New Flooring

Old flooring is often one of the make-or-break characteristics that drive people away from renting a property. If your rental or rentals have shoddy flooring due to old age or abuse, consider replacing them—especially if it’s old carpet. Carpets in pet-friendly or smoke-friendly rentals holds onto smells and never lets them go.

Carpet is an excellent choice for budget-friendly flooring, but if your rental allows pets or indoor smoking, consider an alternative. Laminate flooring is inexpensive, smooth, and fits well into any room of the house—you could even seamlessly replace both the kitchen and living areas’ floors with laminate to enhance the feeling of an open floorplan.

Update Appliances or Add New Appliances

Appliances are easy and budget-friendly home improvements for rental properties if you make frugal decisions. By upgrading or adding appliances, you’ll also keep the property safe from outdated appliance malfunctions and you can raise the price of rent with a new feature, such as in-unit laundry. Alternatively, you can install a coin- or card-operated washer and dryer; the convenience of in-unit laundry makes tenants happy, even if they must pay for it. A dishwasher may also improve the quality of your unit.

For the safety of your tenants, keep an eye on the health of the rental’s stove, microwave, laundry machines, and refrigerator. To keep the price down, search for gently used or slightly old appliances.

Remember, when updating your rental property, focus on urgent issues first—such as a broken toilet or damaged walls. While the previous tenant’s security deposit should cover anything that was their fault, some repairs may come out of your pocket, especially if you’re fixing a property up to be a rental. If you’re searching for the perfect cabinetry or sturdy laminate flooring in Portland, OR, browse through the online showrooms at Floors 55 today. We’ll help you find the perfect match for your property.