5 Affordable Upgrades for Your Rental Properties
The upkeep and maintenance of your rental properties can be among the most stressful tasks you need to deal with. Maintaining a good standard is extremely important since it can directly influence your ability collect proper rental income now and in the future. You can’t expect your renters to pay a lot of money if your property doesn’t look modern and well kept.
Yet, property maintenance doesn’t come cheap and you definitely don’t want the decorating to eat too much into your rental income. Can you upgrade the look of your properties without spending a lot of money? Here are five affordable upgrades you should consider in your rental properties.
1. A fresh coat of paint
The easiest and the most affordable upgrade for any property is a fresh coat of paint. You can enjoy a high return on investment by just buying paint in bulk and using it across your rental properties. So, instead of buying the pre-mixed cans of paint, negotiate a deal with the hardware or paint store for a large batch – it’ll most likely include a discount and the quality of the paint will be better.
When picking the paint colour, remember to opt for neutral shades. If you keep it light, you’ll create a more spacious feel to your rooms as well. Remember that if you want to save even more money, don’t hire a painter for the job – instead, do it yourself. Just make sure you aren’t painting for the first time.
2. Wood or laminate flooring
Most landlords go with a carpet flooring because it’s cheap and often the easiest option for apartments. Yet, you can add much more value to your property and ease the upkeep of the property with a wood or laminate flooring. The finish is not as expensive as people think and the replacing costs are much lower – whilst carpet has to be swapped almost every five to eight years, wood flooring can last a lifetime. Not to mention how laminate and wood flooring can be fixed without changing the whole area.
If your properties are apartments, you do need to check the leasing agreement. Nonetheless, most building blocks allow wood or laminate flooring as long as you make use of adequate soundproofing.
3. Add a backsplash to kitchen and bathroom
Backsplashes make cleaning the property a lot easier and they add a modern finish to your rental property. The tiles are also durable, meaning you won’t have to replace them very often. You can find stunning backsplash options from retailers like Topps Tiles. The retailer even offers vouchers at VoucherBin UK, which can help you save even more money.
When you choose the backlash opt for a classic design. Just like with paint, you don’t want to opt for bright, trendy colours, as these can soon look timeless. For kitchen, white and soft beige can look fantastic. For bathrooms, you can even opt for a black or dark grey finish.
4. Replacing cabinet doors
Don’t waste your pennies replacing the kitchen cabinets entirely. You can just focus on the cabinet doors or even add a new finishing touch with the hinges and the knobs. You can find affordable cabinet doors on Ikea or in other home ware stores.
As with painting, changing the cabinet doors is not a huge project. If you are able to do basic DIY you can consider replacing the doors on your own. But even if you need to hire a handyman for the job, new cabinet doors are an affordable way to spruce up the property. If your old cabinet doors don’t seem impaired or broken, another cheap upgrade solution is to re-paint them. A fresh coat of paint can add more years and give the property a more modern look.
5. Adding new blinds and other small fixtures
You can also give your rental property a quick makeover simply by changing your blinds. Professional looking blinds, such as Venetian blinds from retailers like Dunelm, are an inexpensive way to modernise the property. These are also generally easy to fit, so you can easily do it yourself and cut the costs further.
Quite a few other small fixturescan upgrade your properties without blowing up your budget. Doorknobs, for example, often wear out the quickest due to constant touching and replacements are cheap to buy. The same can apply to taps and showerheads – even changing the lighting bulbs and shades can add to the value of the home without putting pressure on your wallet.
The above upgrades are definitely worth executing in your rental properties. Each project on the list is relatively cheap and easy to achieve – you can do the work yourself or hire a handyman to help. What’s better is how the upgrades are also the ones that can modernise your properties the most and guarantee you attract a good rental income.
So, get started with these ideas and remember you can find more information about renting out properties at Landlord Referencing. With the right help and tips, being a landlord is not as stressful as it might sometimes seem!