Friday, July 24, 2020

The Most Cost-Effective Options When You’re Renovating a Rental Property

Remodeling your rental property has numerous benefits, including attracting new renters and keeping current residents in place. Here are the best and most cost-effective ways to renovate your rental property in a dramatic and powerful way. 


`1. Replace Windows

Replacing windows brings intense curb appeal to your unit, while also improving the appearance of the inside of your property. Upgraded windows are a smart way to make a good impression on prospective renters, while offering long-term energy savings due to increased insulation efficiency. 

2. Freshen Paint

One of the most cost-effective remodeling projects for any investment property is to touch up walls and trim with a fresh coat of paint. Choose neutral colors, which resonate with a wider range of prospective residents. 

3. Switch Out Flooring 

Hardwood flooring continues to grow in popularity. Durable and easy to clean with a classic look, renters tend to prefer wood or engineered wood planking to linoleum, tile, and carpet.

Engineered wood is naturally resistant to changes in humidity and temperature. Unlike genuine hardwood, planks don't buckle, shrink, or expand. Thanks to its waterproof qualities, engineered wood flooring is even appropriate for moisture-prone areas such as a front entrance, mud area, or bathroom. 

4. Update Bathrooms

Remodeling bathrooms makes a dramatic and beautiful statement. Consider installing new faucets, shower heads, and fixtures. Look for low-flow versions that cut water consumption by as much as 30 percent. Also consider ceramic floor tiling, and a new tub and toilet. Go with standard porcelain for the tub. Keep in mind that federal standards mandate that all new toilets use 1.6 gallons of water per flush.

5. Remodel Kitchen 

As with the bathroom, a minor kitchen overhaul boasts a significantly more substantial return on investment than a major remodeling project. For example, instead of replacing cabinets in their entirety, simply switch out the doors and update them with new hardware. 

Replace appliances with energy-efficient models and shop around for a new mid-priced sink and faucet set.

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