As a property owner, property maintenance and upkeep can have a significant impact on your revenue. But don’t worry; there are affordable ways to keep your property in good condition and increase your rental income simultaneously. In this article, we will explore eight cost-effective upgrades for rental properties.
1. Replace Cabinet Doors
Instead of replacing old and worn-out cabinets completely, a more budget-friendly solution is to replace only the cabinet doors. Updating the hinges and knobs will give your kitchen a revitalized appearance that will attract prospective renters. It is crucial to choose doors made of durable and high-quality solid wood. You can then paint them in any color you prefer, but neutral tones are recommended.
Estimated Cost: $1,000-$3,000
2. Add a Fresh Coat of Paint
Painting rental properties can yield the highest ROI of any upgrade, and buying paint in bulk can increase this even further. You may get a discount for large orders at a hardware store or let tenants paint in exchange for a selling point. Just include conditions in the lease. Cost: $100-$1,000.
3. Replace Interior and Exterior Doors
Installation is possible with help and without changing the frame. New doors can improve the visual appeal of rental properties and are an inexpensive alternative to covering up damage. They can be found at hardware stores for $100-$5,000 (depending on type).
4. Pressure Wash the Exterior
Pressure washing is a crucial and affordable way to maintain the exterior of rental properties like houses, apartments, townhouses, or condos. Pressure washing removes mold, mildew, and weathering, improving the property’s appearance. Hire someone or rent a pressure washer from a hardware store for $0-$300.
5. Add Landscaping
Low-cost Landscaping can boost the appeal of rental properties and show that it is well-maintained by the owner/manager. You can do it yourself by planting flowers for $50-$500. This gives the property a personal touch and makes a positive impression on potential tenants.
6. Install New Flooring
Avoid carpet in rental properties due to staining and wear easily. Instead, consider wood flooring as it is popular among tenants, durable, and can increase property value. You can market it as a luxury amenity and raise the rental rate. If it’s out of budget, try vinyl or engineered wood flooring. The Cost can range from $2,000-$10,000.
7. Add a Fresh Backsplash
A stylish backsplash can make a big impression on renters, especially when paired with updated fixtures. Installing a backsplash in your rental property adds value and a touch of sophistication. Choose a backsplash material that is both durable and easy to clean with a classic, timeless look to appeal to a wide range of tenants. Updating the fixtures in the kitchen and bathroom, such as with a modern faucet or new overhead lighting, can give your property a fresh and updated look without breaking the bank.
Potential Cost: $500-$2,000
8. Put a Washer/Dryer in the Unit
Adding a washer and dryer to your rental property is an affordable investment that can pay off in the long run. You can find great deals on used sets on online marketplaces or opt for a budget-friendly brand new set from popular retailers like Amazon or BrandsMart. Consider including a monthly surcharge in your rent to cover the cost of the in-unit appliances, which can range from $30-$80, depending on the age and quality of the washer and dryer.
Potential Cost: $150-$600
Maintaining the appearance of your property is crucial for attracting new tenants, but it’s also important to maintain your budget while making improvements. If you have the budget to continue the renovation process, consider these top upgrades for your rental property.