Hey all, new investor currently renovating my first SFH home rental. While shopping for renovation supplies and ideas I've come across many smart reno hacks that balance quality, and price well. I'd love to hear for you all about the greatest bang for your buck and straight up smart renovations you all love doing to save some money that still makes your tenants (and appraisers) happy!
Can't wait to hear from you!
@Micah Haworth I think a lot of people will say new paint, as I think that's a pretty obvious one. BUT, to take it a step further, depending on how the unit looks I'd say:
1. sand and paint the cabinets
2. Update counters or backsplash if budget allows. You can take a builder grade small kitchen and make it 10/10 for under 5K.
3. Flooring, replacing old carpet with engineered hardwood or laminate, or refinishing hardwood.
4. Hardware on cabinets, little things go a long way.
Bathrooms and kitchens are where I would focus. Adding a bathroom to a 3/1 is a no-brainer. Upgrading counter tops can cost very little and immediately bring higher quality buyers and renters.
@Micah Haworth The key is to buy a property with good bones and a good layout. Then you really should need:
3. previously mentioned upgrades to the kitchen and bath (coordinate them if you can)
4. updated light fixtures (I like brush nickel)
5. ceiling fans in the bedrooms (get ones that you can get extra parts for)
6. clean up the yard
7. simple mulch and landscape that is tenant resistant
This will go a very long way!
@Whitney Hutten love the suggestions! Thanks!
@Tony Angelos would you recommend painting some wooden stained cabinets that are in solid condition? Or is the value add still there for that?
I recently completed a renovation on a house that had 16’x16’ sun porch. It had pine tongue and groove on the inside and nothing but storm window and a concrete floor. The siding needed to be replaced on the outside along with some of the sheathing. While I had it open I took photos of the insulation in the walls for proof that the room was insulated. I ran a heat duct into the room through the crawl space. The appraiser used it as square footage to run my comps for my appraisal. That little hack added around 250 sq ft. I also added a bedroom in an unfinished walkout portion of the basement. These two things substantially helped up my value.
@Micah Haworth It's hard to say without seeing pictures. You can't paint over stain so you'll need to strip the stain then sand and paint to get it looking nice. This is a non issue though; we did this in my condo when I bought it and it took 2 days start to finish with all the drying time.
If the stain is dark and outdated, I would suggest it. Lighter colors not only make the space look larger, but also catch more attention in pictures when you put it up online to attract people. Outside of that, if you're updating backsplash and counters, I would encourage a lighter palette anyways. It's what people want right now. Appeal to the masses.
@Tony Angelos love it, thanks Tony for the insight!
@Micah Haworth you got it, good luck!