Keeping costs down while improving your property is a definite “must”, especially for a rental. Some of the more cost-effective ways to achieve the best return on your investment may be the following:
Paint: You can change the entire perception of a property with the right paint color choice. For example, paint can make a small room look larger or a dark space look brighter.
Hardware: Replacing hardware like doorknobs and hinges or cabinetry handles can make a considerable difference to a space.
Fans: These go a long way in giving a room an inexpensive facelift, especially if the existing fans are outdated.
Flooring: Ripping out carpet and replacing it with vinyl plank, laminate or a less expensive prefab wood, can be done for quite an affordable price today. Most renters would prefer an easy-to-clean floor covering.
Blinds: Replacing older “apartment like” blinds with newer, modern versions is cost effective and can make a room pop.
Appliances: Purchasing used appliances in nearly new condition can make any rental unit more appealing and possibly get you more rental income or increase home value.
Countertops/cabinetry: While this may be a more expensive upgrade, there are sources of countertop choices that are both economical and durable. Cabinetry can be updated with paint or door replacement.
Backsplash: Believe it or not, this is a game changer for many renters and can transform a kitchen for well under $500.
Bottom line is even when on a tight budget, homes and rental units can be upgraded and updated to realize a higher value.
