Property upkeep and maintenance can cause stress and drain your bank account. Because of this, you might often wish you did not own a rental property. Fortunately for you, there are cheap and easy ways to increase your cash flow and keep up your property at the same time!
Here are some affordable upgrades you can do for your rental property:
Installing a backsplash will add value to a property. They are simple to clean and durable. However, you’ve got to be wary with the type of backslash you pick since a few types of backsplashes date a property.
You should avoid trendy colors and always pick a standard look that’s everlasting. For instance, frosted turquoise isn’t the ideal option. However, white subway tiles make the best option.
Install Wood Flooring
One huge mistake is to choose a carpet for a rental property. Carpet isn’t an ideal choice. It looks dingy and gets stains after minimal wear. This is particularly true if it’s a cheap carpet. According to several landlords, you will have to replace the carpet in rental properties every 5 years.
Wood flooring is more cost-effective compared to carpet. You might be able to purchase affordable wood flooring if you shop around. Wood flooring is perfect for a rental property since:
- It rarely needs to be replaced.
This is a major benefit for you when it comes to costs. Also, wood flooring is quite simple to repair if required.
- Tenants like wood flooring.
If you’ve got wood flooring, it will help your property stand out in the competition. Thus, tenants will prefer yours over the others.
Landscaping can lower your rate of vacancy directly. Landscaping materials can be affordable if you are willing to do a bit of work yourself. You can easily place several flowers outside your property whenever you’ve got a hard time renting it out.
Landlords will spend a lot of money on renovations. However, they will not pay to clean properly the exterior side of the property. If you want to make a huge difference in how your property looks, pressure washing can help a lot.
At rental properties, doors have a tendency to get damaged. Almost every landlord either covers the damage with some paint or simply ignores it. But, new doors greatly improve the visual appeal of your rental property. Also, they are affordable.
You could install a new door without changing the frame with a little help from handyman services.
Add a Fresh Paint Coat
For any renovation budget, painting has the biggest ROI (Return on Investment). But, by purchasing paint in bulk, you can enjoy an even bigger ROI.
A lot of landlords purchase paint that’s badly mixed that hardware shops and paint shops sell at a very cheap price. However, the issue with purchasing this type of paint is that you’ll have a hard time matching paint if you’ve got to do any touch-up work. This is particularly true whenever you are working on a large-scale project.