There is a common misconception that home improvements are quite costly. In order to get the most out of your rental property, it needs to have curb appeal and a little something extra – let me explain! All it takes is to make a few tweaks to ensure the property is in good shape. These improvements will attract tenants and increase the home’s value, which in turn increases the rental value. You do not need to spend thousands of dollars to make these improvements. Some of them can be completed for less than $500. Let’s discuss eight rental property improvements you can make for under $500. From a real estate professional, property manager and real estate investor.
Paint
Paint jobs are one of the most common ways to improve your property. A new paint job enhances the overall appeal of the home. People are attracted to what they see, and a new paint job brightens the properties interior and exterior. It can make a small space look larger or the right color can bring a modern/cozy feel. The best thing about paint jobs is they can be completed for under $500. Just put a little work in. Invite friends or family over turn it into a painting party. (sorry thats just me?! I bring wine and pizza!! works everytime!) The average price for a complete paint job is $400 to $450. It will be worth every penny!
Smart Home Tech
When people hear of smart home tech, they think it is a costly home improvement. However, this home improvement is relatively cheap compared to its impact on your home’s value and rental value. The cost of smart techs, such as Alex (Amazon Echo), ranges between $100 and $170. This is an invaluable improvement that will definitely appeal to potential tenants.
Add a Backsplash
Backsplashes are some of the most underrated home improvements people tend to ignore. Not only do backsplashes improve the look of the kitchen or bath, but they also protect the walls. Backsplashes are very affordable and can be installed for under $500.
Resurface Cabinets
The surfaces of home cabinets play a significant role in the enhancement of the beauty of your property. Renters always look out for clean, shiny, and new cabinets when looking for a house to rent. No one wants to live in a home with worn-out cabinets. I’m guessing if you were in their shoes, you wouldn’t either. It would be best if you considered resurfacing the cabinets as they are very affordable. A simple restaining or paint can bring those cabinets back to life. To really go for a change try adding new knobs. You wont believe they are the same cabinets!
Replace Fixtures
Replacing the fixtures of your property is also an inexpensive yet effective home improvement to consider. Fixtures such as smoke and monoxide detectors, TV wall mounts, ceiling fans, curtain rods, etc. can be replaced for under $500. These improvements will undoubtedly appeal to potential tenants and increase home value.
Replace Hardware
Home hardware is not costly, and previously occupied homes usually have worn-out hardware. This can avoid future damages and save money long term. Some items can be found at your local hardware store and easily installed.
Landscaping – Curb Appeal
Landscaping is seriously underrated. Most property owners disregard this home improvement as needless. Little do they know that this is one of the most affordable yet very effective way of improving your property’s exterior. Everyone loves a clean surrounding flushed with greenery! The best part is, you can get this for under $500.
Upgrade Blinds Window Coverings
Blind window coverings improve the appeal of a home in ways you could never imagine. They are one of the few home improvements that are easily replaceable. Most rental apartments use stock vinyl and aluminum mini blinds that can cover 2-by-4-foot windows. These blinds cost as low as $5. Even though they are unimaginably cheap, they are very effective.
Outlined above are the eight selected home improvements that will undoubtedly improve the appeal and value of your rental property. Most of these improvements are within reach, and you can add a couple for just under $500. However, it would be best if you considered making several improvements. Multiple improvements will have a more significant impact on the value of your home or renatl property. Have fun with improvements. Send Us Before and After we will share on social media!!