In order to keep increasing the value of your rental property, you may want to consider starting a renovation plan. Renovations can attract more prospects and can encourage tenants to rent long-term.
That said, executing a renovation project requires preparation. Your goal should be to make great renovations while spending the least amount of money possible.
In this post, we will offer some tips on how to save money when renovating your rental unit.
1. Painting your Rental Property
One of the most practical ways to save costs when painting your walls is using a neutral shade, preferably off-white. This is because neutral shades won’t clash with other colors. Regardless of what furnishings your renter brings in, it will look decent. Neutral shades are also easy to maintain.
We also recommend using a single paint color on the walls and ceilings. This makes touch ups easy and cheap to do.
2. Replacing Old Toilets
Another good money-saving tip for housing renovations is installing toilets that are “low-flush.” Although these toilets may be more expensive to purchase upfront, your water bill cost will decrease!
Also, consider buying a toilet that won't cause a hassle if the toilet seat needs to be changed. Avoid those with metal fasteners. Instead, choose the nylon style for a DIY approach.
Finally, it's best to choose a neutral color scheme for your toilet and bathroom. This makes buying replacement seats easier.
3. Picking the Right Doors and Windows
If your goal is to save money, then opt for simple doors and windows.
Avoid French doors and sliding doors as these are likely to eventually break down and show damage. Also, they cost more money upfront and require fancy, costly locks.
Simple doors and windows won’t require specialists. You’ll avoid paying extra for repair if they need slight fixing.
4. Renovating your Rental's Kitchen
Similar to the reasoning behind off-white walls and toilets, picking a white color theme for your kitchen is practical. Choose a classic kitchen style so you won’t have to keep updating the look of your kitchen.
When selecting the kitchen cabinets and countertops, consider the quality. You want to chose furnishings with durable materials that will last for a long time. For example, choose real wood for your storage cabinets and granite for countertops.
Although they may be more expensive, you'll be saving money in the long-term as you won't have to pay for repairs.
Additionally, another kitchen money-saving tip is installing simple plumbing. This way, replacing single faucets will be fuss-free.
5. Dealing with Exterior Renovations
An easy way to save when conducting exterior renovations is using white vinyl siding. Painted surfaces tend to require constant repainting, especially since they're more exposed to rain and sun.
Choosing white is also a good idea as it's easy to replicate compared to other tones. Color updates may occur from time to time and the original color you have may no longer be available. Mismatched paint can affect the rental home’s appearance. To avoid this problem, just use white!
6. Choosing the Right Flooring
Different floorings have their own advantages. Consider the two following:
- They're durable
- The cost is reasonable
- Cleaning is easy
- They last for a long time
- They look attractive
However, the disadvantage of laminate floors is the difficult repair. If damage occurs, it can be hard to repair. It’s best to limit laminate flooring in the kitchen and bathroom areas.
- They are high quality
- They last a long time
- There's a lot of variety
- They're easy to clean
- They are easy to install
The disadvantage is that they are quite costly!
A great way to minimize expenses when it comes to flooring is to simply put carpets. Carpets are cheaper than other type of flooring.
7. Handling Water Heaters
Water heaters don’t generally last a lifetime. Depending on the maintenance, a gas water heater can function well from 8 to 12 years, and an electric water heater can last 10 to 15 years. Water heaters cause damage to flooring, especially on their last stage. They’re prone to leaking rusty water, leaving your living spaces vulnerable.
It’s best to regularly inspect your water heater. Be aware of when replacement is necessary. This will ensure you avoid paying heavy repair costs for the damages it can leave on your flooring.
Rental renovations are essential if you want to compete with newer properties in your neighborhood. You want your existing rental home to look fresh, well-maintained and inviting to both tenants and prospects alike.
Renovating your rental property can be done in an affordable way. By opting for simple designs, choosing neutral color bases for furnishings and paint and selecting quality materials, you will be able to save money when renovating your rental property.
We hope this article was helpful. For further questions, feel free to contact Pinnacle Property Management today.