Wouldn’t it be nice if we all had unlimited funds to repair and renovate our investment properties like they do in those home and garden TV shows? Imagine being able to spend an extraordinary amount of money to update every aspect of the home, dramatically improve the home value, and walk about with a substantial profit.
We can dream, right?
In reality, most property inventors are working with a limited budget. They need to find creative ways to improve the value of the home while not spending a fortune. So how can you renovate a rental property on a budget? It starts with these 5 things:
Kitchens and Bathrooms
It’s no surprise or secret that renovated kitchens and bathrooms add the most value to a property. It’s also no secret that they can be the most expensive renovation for an investor on a budget. There’s a lot you can do to upgrade a kitchen or a bathroom that doesn’t involve completely gutting it and starting over. A few things you can do to update your kitchen and save some money include:
- Keeping the plumbing where it is. You can upgrade your kitchen and bathroom without moving around the sinks and plumbing systems. Moving appliances like dishwashers, bathtubs, and sink can really eat up the renovation budget.
- Consider refinishing the existing floors instead of installing brand new floors.
- Tile for the bathroom can be expensive. Consider more affordable alternatives such as reclaimed wood panels or beadboard.
- Use granite for the countertops in the bathroom. This luxury material will add a wow factor to the bathroom, but the limited space means you won’t have to use a lot of it.
Focus On Curb Appeal
One or two weekends working on a property’s curb appeal can dramatically improve the value without costing a lot. It’s amazing what mowing the grass, pulling the weeds, planting a few new flowers, and sweeping off the front walk can do for the exterior of a home. An upgrade to the front entranceway or front door can also dramatically improve the look of the home. Try a bright color for the front door, or adding flowers or decorations to the front walkway. Other affordable curb appeal projects to try include:
- Wash the windows and front door
- Paint the outside. In the UK, the national average for painting the outside of your home ranges from £425- £1500.
- Upgrade exterior lighting
- Trim trees and bushes
- Plant flowers
Focus On Easy Updates
Sometimes, a fresh coat of paint or updated light fixtures can dramatically improve the look and feel. Not every renovation needs to be a multi-stage process that costs a lot of money. Some easy and inexpensive quick fixes that can change the look of your home include:
- Updating fixtures and finishes on cabinets
- Install new blinds
- Install new door knobs
- Replace cabinet doors
- Pressure wash the front walkways
- Add a backsplash to the kitchen
- Upgrade the front door (and interior doors)
Consider Affordable Alternative To Expensive Materials
You can improve the look of your rental (and the value of the property) without using expensive materials. Quartz and marble are popular countertop options, but they can also be the most expensive. Consider affordable alternatives to traditional more expensive materials such as:
When it comes to flooring throughout the home, you can save money by using budget materials that are still durable and look great, such as:
- Stained concrete
Part of renovating a rental on a budget is figuring out how to cut long-term costs. One way to do this is by investing in eco-friendly appliances. Toilets, showers, and sinks that reduce water usage can lower utility bills and are better for the environment. Checking to make sure your home is well-insulated, installing energy-efficient windows, and installing a smart home thermostat can help you stay on top of energy usage in the home and keep long term costs down. Other small changes you can make to make your rental more eco-friendly and reduce long-term costs include:
- Use recycled materials like reclaimed wood throughout the home. It looks great and is better for the environment.
- Consider buying pre-owned appliances that are still in good condition.
- Try repairing things before replacing them.
- Use low VOC paints.
- Harness the power of natural light.
Renovating a home on a budget is possible, and can be fun! The less money you spend on renovations, the more profit you walk away with. It is important not to cut corners to cut costs, but there are many ways to improve the value of your rental without breaking the bank.
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