It’s often difficult to determine a renovating budget for your rental property and landlords often tend to think about the amount of money they’ll spend more than anything else. The key point they forget is that they need to invest some money in order to earn more, and that can be a problem in certain situations. By investing in a property, you won’t just get a chance to raise the rent, but also boost the value of your home, which will come in handy if you ever want to put it on the market. Different landlords have different priorities and finding a compromise between cheap and beautiful items is sometimes a hard nut to crack. That is why landlords must follow a few simple rules in order to make everyone happy.
Keep it simple
First of all, you need to make a difference between your wishes and what you like on the one side, and what will attract potential tenants on the other. Although you think some of the newest interior trends will look nice in your property, keeping everything as blank as a canvas is always a better option, as this is the way to let your new tenants personalize the space.
For example, white walls can give a much cleaner look to any room and can help people visualize themselves living there more than imagining living in a room full of colors. Also, even though wall-to-wall carpets can cover flooring damage, think about repairing or replacing it completely, but be sure to find a cheap option. Investing in hardwood flooring will immediately boost the value of your home and it’s something most tenants want.
Don’t forget the bathroom
Potential tenants always go to the bathroom to see how well maintained and clean it is, and don’t think they won’t be looking closely at every part of your bathroom as well. You don’t have to replace everything, but investing in new vanities can make a significant difference and make your bathroom more usable.
Check the area for potential mold and limescale, and be sure to have it cleaned and removed because this is a major deal-breaker. Some of the most affordable upgrades you can easily do are installing new faucets and lighting, as well as finding a good shower screen. Having a rusted faucet, mold on shower screens or poorly installed lighting can make an immediate impact on a visitor and cross your property off from their wish list.
Focus on the kitchen
Tenants spend the majority of their time in the kitchen and inspect it closely, and, this may come as a surprise, have a tendency to open everything. This is why you need to make smart financial decisions when you start renovating your kitchen.
First, you need to focus on the kitchen cabinets, make enough storage space and use every part of the kitchen. However, you can save a lot of money if you focus on repairing the kitchen cabinets you already have, repainting them and then finishing the look by installing new handles. Don’t focus on a new kitchen island because it won’t be worth the investment, but simply clean the existing working area and make it look more appealing instead. Therefore, start investing only in things that will be useful to various tenants. Appliances such as trustworthy Frigidaire dishwashers will be a great addition for families, young couples or single people, and additions like these can really make your kitchen stand out.
Create a focal point in the living room
Think of the living room as the place where many tenants won’t spend much time when looking for a potential home so you don’t have to invest too much money in it. What you can spend it on is a big TV which will probably be the only thing people will demand. Although this may sound unreasonable, a big-screen TV is considered a must-have in any home, so don’t be surprised when your realtor asks about it. Apart from that, provide an additional seating area to make everyone comfortable.
You can spend a lot of money on your rental property, but be smart and target your investments only to areas that will increase your rental value. Create a budget before starting these projects, try not to go over it and be strict with your decisions.