Affordable Renovations For Your Rental Property
If you own or manage a rental property, you want to make sure that it’s in great shape for your tenants at all times. This calls for you to work on various renovations that can help improve the value of your property. While most renovations are expensive and may cost you a tidy sum, there are a few that are generally affordable and yet impactful to do. Read on to see some of the best affordable renovations to work on so that you can get your money’s worth and probably be able to save for other major projects as time goes by.
HVAC Replacement or Repair
One of the affordable renovations you could make to your rental property is to give the HVAC a service session. This will typically involve calling a professional to have a look at the unit and ensure that it’s functioning as it should. If there’s anything that’s out of place, they can suggest the necessary improvements for you to make and more. Depending on the age and overall state of the unit, it may be necessary to get a new unit.
The professionals that you call can advise you on the best move to make, whether it’s HVAC repair or replacement. Follow this advice to make sure that the unit is in good shape and isn’t likely to fail at a crucial time. Remember that if it costs a lot of money to repair the unit or it needs frequent repairs, it’s best to avoid the inconvenience that results by simply getting a new unit. This will help make your rental property more comfortable for anyone living in it, so it’s an amazing upgrade to make because it’s fast, impactful, and affordable.
Basement Remodel
Another great idea to think about when making affordable renovations is to do a basement remodel. If your rental property has a basement, you could finish it or remodel it to make it more welcoming. Doing this is a sure way to make your home more valuable and ensure that you give your tenants an amazing space to call home. You can finish it to make it an additional lounge for the house, a play area for children, or even a home office from which people can work and get productive.
Remember to also check the basement drainage system and make sure that it’s in good form. This means that there should be no leaks or anything that makes the space prone to water damage. When thinking about affordable renovations to do, this may not be at the top of the list. This is because, depending on the state of the basement, it could be necessary to do a lot of work. Regardless of this, you could start with some basic projects and then make your way to more complex tasks, depending on the budget that you have.
Plumbing Renovations
An important item to add to your list of affordable renovations to do to your rental property is to have a look at the plumbing. Call a professional to inspect it and give you all the details about what they find. This is an especially important renovation project for older houses. That’s because these are more likely to have a number of things that are out of place and need some work done. If there are broken or rusted pipes and parts, it’s a good idea to replace them. This way, you’ll extend the lifespan of your rental property.
Doing a good plumbing leak detection job requires the expertise and patience of a professional who can help you find out if there’s anything that needs attention. They should also be in a position to let you know what to prioritize and what can wait to be dealt with in the future. Remember that you could also change things like the plumbing fixtures and other details like these so that the rental property is more aesthetically pleasant and functional.
Floor Replacement
A floor replacement is something else to think about. Depending on the floor that you get, this project can either be affordable or a little costly. That said, while hardwood floors are typically a bit more costly, they can look amazing and will add the most value to your rental property. Talk to professionals in your area and also do some research to see what other options are available to you.
From vinyl flooring to carpet, you have a variety to choose from. Make sure to pick a floor that will be friendly to the people renting your property. It should also be one that’s easy to maintain so that it can retain its value and appearance for a long time. When thinking about affordable renovations to do, it’s a great idea to start by doing research. Next, let the professionals that you find know exactly what you want so that they can help you get it.
Driveway Upgrade
Add calling your local asphalt paving services to the list of affordable renovations to do to your home. Doing this can ensure that you get the best outcome and have a more valuable and appealing property. If it’s been a while since you did a driveway update or something similar, it’s a good idea for you to have it repaired. This is especially the case if it has cracks and potholes, both of which are not just unsightly, but they’re also safety hazards.
Look for a local professional to work with in this case. This will make it a lot easier for you to maintain the new driveway that you get. They can help you figure out the right duration of time to let pass before you take maintenance steps as well as the steps to take themselves. These include sealing the driveway every few years, the exact number of which will depend on the climate of the area your rental property is in, and how much use it’s usually put under. Note that while you can do some of these services yourself, it’s best to leave them to a professional who has experience with them so that you get the best outcome.
Landscaping
Don’t forget landscaping when thinking about affordable renovations to do to a rental property. This is because a beautiful landscape is attractive, functional, and can add value to your property. If you have mature trees around the property that are a safety hazard due to something like age or disease, it’s best to call a tree removal company to help you. It’s also a great idea to ask them to help you figure out the right way and position to plant other trees to replace any that you cut down.
A local hardscaping company can help you improve the state of your rental property’s hardscape. That’s because the professionals can ensure that the property is in great shape in terms of the hardscape. If it’s been a long time since you did anything to the hardscape around the property, you could change it to something that’s more modern. Check online to see some of the things that can work with the property in question so that you have a good idea of what to do.
Roof and Gutter Repair or Replacement
Gutter services are another item that should not be left out of the list of affordable renovations you can do to your rental property. This is because the gutters play an important role, which involves making sure that water on the roof is drained off properly and to the right place. Aged gutters that no longer work as they should, leave you dealing with expensive repairs such as driveway replacement or even foundation repair.
While looking at the gutters, it’s a good idea to also have a roofing professional take a good look at the roof itself. If there are issues such as leaks or missing shingles, these should be handled as soon as possible so that they’re in a good state. Remember too that if the roof on the rental property is old and worn, it’s best to replace it before it fails. Doing this can go a long way towards making sure that the roof doesn’t fail before you replace it, leaving the entire property at risk of serious damage.
Painting the Interior and Exterior
When looking for affordable renovations to make to a rental property, painting the property should be at the top of the list. This is because painting is an easy project that can be done quite fast and affordably. It’s also a project that can have a massive impact on the rental property. For this reason, it’s a great idea to call a professional painter in your area to give the property a fresh coat of paint. To have the best outcome, you could paint both the interior and the exterior. This will leave the property looking as good as new.
The best part about this project is the fact that you can do it yourself. You may need to get tools such as paint brushes and rollers, a tarpaulin to cover the property, and even a local scaffold rental. Keep in mind that there may be some risk involved in painting high levels of houses because of the fact that you have to deal with height. That said, the cost of paying a professional to do a good and safe job is lower than possible hospital bills that you may get. This means that if you have any doubts as to the nature of the job, it’s best to leave it to an expert.
Garage Door Upgrade
If your rental property has a garage door, you should think about giving it an update. This is a good idea if the garage door on the property is old and worn out. Age leaves the garage door unsafe to use, and it may also be quite inefficient to operate, all things considered. A faulty garage door presents another risk to the people in the property based on the fact that it’s a possible point of entry into the house. As such, it should be secure enough that a criminal is sure to have a hard time getting through it.
Call your local garage door repair experts and find out from them whether the door can be repaired, or whether you’re better off replacing it. Remember that a new and modern garage door is also going to provide better insulation for the property. This can keep energy bills manageable for the tenants, something that you can be sure they’ll appreciate a lot. Last but not least, a new garage door will improve the curb appeal of the property and ensure that it’s attractive and modern.
Kitchen and Bathroom Updates
The final items to add to this list of affordable renovations to do to a rental property are kitchen and bathroom updates. While these may be quite expensive when remodeled or worked on extensively, they can be more cost-effective to work on one item at a time. Both of these spaces have many elements in them, and these elements can be upgraded or replaced one at a time and not necessarily call for more to be done. They’re also two spaces in any given property that see the most traffic in the entire house. As such, it’s possible to make an improvement that’s going to make a statement without necessarily breaking the bank.
Pick one item to deal with before you work on another one if your budget doesn’t permit working on the whole space at a go. This could be improving storage, upgrading efficiency, or even improving aesthetics. Whatever you decide to do, make sure that it’s well done so that it can compliment the rest of the house. This way, you can pick off from one point when you get the funds to work on more updates.
These are some of the best renovations to think about making to a rental property. This is because they’re affordable and will improve the value of the property. That said, make sure that they’re done well so that they give you the full value of your money’s worth.
