Are you planning on renovating your rental property? If so, you’re not alone. Many owners are planning on investing money into their rental properties right now and are wondering what are the most cost-effective renovations that they can make.
In this article, we will share with you some cost-effective renovations that you should consider making to your rental property.
#1: Replace Windows
Realtors consistently emphasize the importance of curb appeal when you’re trying to market a property. Upgraded windows are a smart way to make a good impression on prospective renters while packing a powerful punch for long-term energy savings thanks to increased insulation efficiency.
Remodeling Magazine reports 74 percent cost recuperation for vinyl replacement windows and approximately 70 percent for wood. Can’t find money in your budget for either one? Consider adding storm inserts and re-caulking existing windows.
#2: Freshen Paint
One of the most cost-effective remodeling projects for any investment property is to touch up walls and trim with a fresh coat of paint. Choose neutral colors, which resonate with a wider range of prospective residents. Consider using in-house staff to do the job–you’ll still have control over the quality of the work without the need for a professional contractor. This is one project that you can DIY to keep operations simple and costs low.
#3: Switch Out Flooring
Hardwood flooring continues to grow in popularity. Durable and easy to clean with a classic look, renters tend to prefer wood or engineered wood planking to linoleum, tile, and carpet.
Engineered wood is naturally resistant to changes in humidity and temperature. Unlike genuine hardwood, planks don’t buckle, shrink, or expand. Thanks to its waterproof qualities, engineered wood flooring is even appropriate for moisture-prone areas such as a front entrance, mud area, or bathroom.
Planks can be glued, stapled, or floated over a pre-existing floor. Some even come in interlocking segments that snap together to form a tight seal. Seek different suppliers and see if you qualify for bulk pricing to replace current flooring. If your property already boasts natural hardwood floors, consider refinishing them to enhance their appearance and longevity.
#4: Update Bathrooms
A noteworthy distinction exists between mid-range and upscale bathroom remodels. According to Remodeling Magazine, you get more bang for your buck when you limit bathroom renovations to a “mid-range” budget–but what does this mean in actuality?
New faucets, shower heads, and fixtures. Look for low-flow versions that cut water consumption by as much as 30 percent.
Ceramic floor tiling. Consider a geometric or playful pattern (but not so bold as to drive renters away!). Doing so draws the eye downward and makes the room more inviting.
A new tub and toilet. Go with standard porcelain for the tub. Keep in mind that federal standards mandate that all new toilets use 1.6 gallons of water per flush.
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