Updated: Dec 28, 2022
The rental property market is highly competitive. As a landlord, you need to keep your property updated to attract more renters and earn additional passive income. Although you need to make upgrades on your rental property, it would be best to choose affordable and quick ones.
Most landlords are into the rental business to make profits. Indulging in costly upgrades may prevent you from achieving this goal. Performing expensive upgrades are not always guaranteed to attract renters.
Sometimes, the renovations may take a long time to complete. In the process, you lose rental income. That is because tenants will not be residing in the property during a major remodeling. The longer your rental property stays vacant due to upgrades, the more you lose your income.
However, we have some good news for you. You can make some affordable upgrades within a short period to attract more tenants, boost your property's value, and earn more income. Below are top five upgrades that are affordable and quick to perform on your rental property:
1) Install a New Backsplash or Modern Fixtures
Tenants will appreciate new fixtures in rental properties. Most of these fixtures do not take long to install. Sometimes, you can install these in a few hours. We recommend that you consider these upgrades for your kitchens and bathrooms.
The kitchen is the heart of the home. Go for an easy to clean and durable backsplash. That is because they have a timeless and classic appearance that blends effortlessly with the renter's kitchen appliances and decor. You can also consider eco-friendly faucets and modern overhead lighting.
2) Replace the Siding
Give your property a facelift by replacing the sidingto attract renters.It would be best to replace your old siding with vinyl or composite siding. There are numerous benefits of replacing the siding of your rental property.
New siding will improve the aesthetics of your home's exterior as well as enhance the durability of your home's exterior. Vinyl or fiber cement siding can withstand extreme weather conditions. Doing so will allow you to spend less on maintenance.
With all these, replacing the siding on your rental property is a cost-effective project because all the benefits you can get outweighs to cost. The cost of replacing your siding will depend on the size of your home and the type of siding material. Hire professionals for this project if you want long-lasting results.
3) Reface your Cabinets
Over time, the cabinets in your rental property will become worn out. Most landlords consider replacing the entire cabinets. But that may be more costly. However, you can perform affordable upgrades on your cabinets to make them appear new again.
Instead of replacing the entire set, you can change the cabinet doors to high-quality solid wood. In addition to this, replace the knob and hinges, then paint the cabinets in neutral colors. Doing these will give your kitchen a new look, add more value to your rental, and attract new tenants.
4) Add a Fresh Coat of Paint
Repainting your property is one of the most cost-effective ways to upgrade your rental property. It is even less expensive if you buy the paint in bulk. Bulk purchases offer you the opportunity to negotiate a better discount.
Buying in bulk will not be a waste as you can use the paint in the future to touch up your walls. In addition, you will not encounter the difficulty of getting colors that will match the previous one. This upgrade will give you more return on your investment.
5) Pressure wash the exterior
Your property's exterior is the first aspect that renters will notice. Any impression they have here will be long-lasting. For that reason, it is important to have a clean exterior appearance. We advise that you pressure wash your entryway, front porch, and back porch. Ensure that you remove weathered materials, mold, and mildew. Pressure washing the exterior is quick and affordable.
The Bottom Line
Whether you are trying to attract new tenants or retain the existing ones, it is essential that you choose quick and affordable upgrades. The renovations you choose for your rental property should offer adequate returns on investment. Also, it should be a project you can complete soon so that you can rent out the space. Consult professionals like A.C.T. Home Services who can assist you with recommendations that renters in your neighborhood prefer. You can also check your options for financing rental property renovations.