Planning a renovation can be a costly upgrade but it can feel like the only solution when renters are comparing your property to other newer and affordable options. Renovations can significantly upgrade the value of your property if done correctly, but when you’re not ready to take that big step for your wallet there are easy do-it-yourself upgrades to freshen the look of your property for less.
Renovating is replacing old installations/appliances with a better, newer model. Rejuvenating is improving the existing model by adding a coat of paint, replacing warn parts, or building on to the existing model to make it something new.
Before deciding which option is best, ask yourself what needs to be updated on your property to successful compete with the similar properties on the market. Generally, the bathroom and kitchen are the important rooms that will contribute to the value of the unit. It’s been seen that clients will often favor the property with a nicer, upgraded bathroom and kitchen, sacrificing more square footage or a great location at a property that needs work done.
Here are some tips of what to rejuvenate versus what to renovate.
- Painting wooden cabinets can change the entire look of a room when picking an appealing neutral like white, grey, dark mahogany, or navy.
- Replacing the nobs and handles on cabinets is a quick installation that can be done in less than an hour. With so many stainless steel and bronze options to choose from, the new fixtures will add a little bling to your kitchen making it look more expensive
- Add trim! So many rental properties save money during construction and never add trim around windows, wall AC units, custom cabinetry. The trim doesn’t have to be anything special but installing some framing (that matches the color of your door and floor trim) around your wall installations will give your property character and a look that says the details matter.
- Paint the walls! If your property needs a refreshing look then the walls are bound to have a few wear and tear scratches and scuffs. Cover those fading walls or add some life to boring white with a soft color or a soothing neutral. Light yellows, blues, and greens are okay but if you want to stick with the neutrals, light grey is the new beige for interior design.
- Furniture or porcelain polish! With the right cleaning tools, you can make almost anything look several years younger. Give your bathroom a great scrub down and look at re-doing the porcelain in dirty areas with stains. Grab some furniture polish and give your thirsty wooden installations a rejuvenating sheen.
- Replacing backsplash can be extremely more cost effective than replacing countertops. Kitchen or bathroom tiles come in any shape, size, or color imaginable. This is an appropriate area to add a little pizzazz with color and shape so get opinions from renters and interior design professionals to make the best selection for your properties.
- Replace your window blinds! These dust collectors are bound to be bent, have worn strings, and faded from years of use. Impress potential renters with sleek modern blinds that aren’t at risk of breaking or an eye sore.
- Consider installing new doors. The simple no detail, no paint, wooden rectangles were enough in the past but consider getting a door with some simple detailing and a complementary neutral color that can be used throughout the property. A dark door instantly looks more expensive and some framework on the doors add charm and sophistication.
- Finally review your appliances. You don’t have to replace all of them at once, but if we’re going for looks, a dated or damaged stove top, a rusty hood vent, or a leaning fridge are not pleasing sights to see. Maybe your appliances just need some repair instead of replacement but if you have the money, investing it here is always a great choice.
We all hope that money put into a property will pay off in increased property value. In the case of rental properties, if rent is increasing that is a great opportunity to put the extra income back into your units. With using a few of these suggestions there are some affordable upgrades that will keep your units competitive on the market and intriguing to future tenants.
Written by Kyle Graves – Property Meld Blog Editor