12 Rental Property Improvements You Can Make for Under $500
1. Paint
You may not be able
to paint a whole house for $500, but you can enhance key rooms and
create accent walls. Trending colors this year may include grays,
beiges, greens, and pinks.
2. Change Out Flooring
The same applies to flooring. In
cheap rentals, you may be able to use vinyl or focus on small, key areas
of flooring. Putting new flooring in small entry areas and bathrooms or
replacing the carpet in that one ugly bedroom could make a big
difference in renting quickly and for more money.
3. Patch the Roof
Roof leaks can cause major havoc with
rentals. They can quickly deteriorate your asset, cause ballooning
repair bills, add to the maintenance interaction burden with tenants,
and can lead to damage of renter belongings, which you may be on the
hook for. In many cases you don’t need a new roof, just patches.
4. Add Smart Home Tech
Add some trendy new tech to make
renters feel great about their choice. That could be smart locks or
smart thermostats, better wifi, or new Google Home devices.
5. Bring in a Bar
You may be able to expand countertops
or bring in a standalone bar, which really adds to the excitement and
emotional appeal of a place.
6. Resurface Cabinets
Replacing kitchen and bathroom
cabinets can be expensive and a lot of work. Instead, look at options
for resurfacing existing ones.
7. Add a Backsplash
Kitchen backsplashes can make a massive difference in the appeal and perceived value of a home.
8. Consider Flex Office Space
Working from home is fast becoming
the new norm. Many remote workers soon find that working from the sofa
isn’t as effective as they expected. You may not want to reduce bedroom
counts by turning one into a home office. However, you may be able to
create some flex space with a cabinet, pantry, or Murphy bed that
enables quick changes between daily living space and the office.
9. Finish the Garage
Finished garage spaces add a big
“wow” factor and more value. Even on a tight budget, you may be able to
finish walls, add flooring, install storage, or put in office furniture.
10. Replace Hardware
Replacing front door and cabinet hardware can have one of the best returns of any home improvement.
11. Stage the Home
Staging can be powerful for marketing
rentals. You can do this virtually for less than $500—or bring in some
extra furniture or rented furniture temporarily.
12. Replace Appliances
Appliances are a big deal to renters.
Replace microwaves or dishwashers that are broken, consider adding a
washer-dryer, or lease new appliances as a staging move. You can choose
whether or not to include the appliances for the duration of the lease.
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