Need to upgrade a rental unit on budget? Here are 13 improvements landlords can make for under $500 each.
Download Your FREE copy of ‘How to Rent Your House!
Renting your house is a great way to enter the world of real estate investing, but most first-timers (understandably) have a lot of questions. Fortunately, the experts at BiggerPockets have put together a complimentary guide on ‘How to Rent Your House’. All the skills, tools, and confidence you need to successfully rent your house are just a mouse-click away.
12 Rental Property Improvements You Can Make for Under $500
You may not be able to paint a whole house for $500, but you can enhance key rooms and create accent walls. Trending colors this year may include grays, beiges, greens, and pinks.
2. Change Out Flooring
The same applies to flooring. In cheap rentals, you may be able to use vinyl or focus on small, key areas of flooring. Putting new flooring in small entry areas and bathrooms or replacing the carpet in that one ugly bedroom could make a big difference in renting quickly and for more money.
3. Patch the Roof
Roof leaks can cause major havoc with rentals. They can quickly deteriorate your asset, cause ballooning repair bills, add to the maintenance interaction burden with tenants, and can lead to damage of renter belongings, which you may be on the hook for. In many cases you don’t need a new roof, just patches.
4. Add Smart Home Tech
Add some trendy new tech to make renters feel great about their choice. That could be smart locks or smart thermostats, better wifi, or new Google Home devices.
5. Bring in a Bar
You may be able to expand countertops or bring in a standalone bar, which really adds to the excitement and emotional appeal of a place.
6. Resurface Cabinets
Replacing kitchen and bathroom cabinets can be expensive and a lot of work. Instead, look at options for resurfacing existing ones.
7. Add a Backsplash
Kitchen backsplashes can make a massive difference in the appeal and perceived value of a home.
8. Consider Flex Office Space
Working from home is fast becoming the new norm. Many remote workers soon find that working from the sofa isn’t as effective as they expected. You may not want to reduce bedroom counts by turning one into a home office. However, you may be able to create some flex space with a cabinet, pantry, or Murphy bed that enables quick changes between daily living space and the office.
9. Finish the Garage
Finished garage spaces add a big “wow” factor and more value. Even on a tight budget, you may be able to finish walls, add flooring, install storage, or put in office furniture.
10. Replace Hardware
Replacing front door and cabinet hardware can have one of the best returns of any home improvement.
11. Stage the Home
Staging can be powerful for marketing rentals. You can do this virtually for less than $500—or bring in some extra furniture or rented furniture temporarily.
12. Replace Appliances
Appliances are a big deal to renters. Replace microwaves or dishwashers that are broken, consider adding a washer-dryer, or lease new appliances as a staging move. You can choose whether or not to include the appliances for the duration of the lease.
[Editor’s Note: We are republishing this article to help out our newer readers.]
Which of these would you consider implementing on your rental? What would you add to this list?
Let us know your thoughts with a comment.