If you own rental property, you want to be the best landlord possible. That means providing maintenance and making repairs as quickly as possible. You also want to provide your tenants with a place they feel proud to call home. Whether you recently purchased a house or you’ve owned one for years, you might need to do some renovations. Then, after completing the renovations to your rental property, think about finding the best home warranty you can.
Although you want to make your rental property as beautiful and functional as you can, you also need to stick to a budget. While that might sound impossible, you have a myriad of options. Below are some helpful tips for renovations you can do but without spending a great deal of money.
Especially if the residence hails from the 1970s and hasn’t seen much change, it’s time to update the faucets. Today, you can find all kinds of amazing designs, materials, and finishes. There are even touchless faucets, which work great in kitchens for people who love to cook.
Something as simple as installing new faucets in the kitchen and bathroom will go a long way to improving the home’s appearance. Not only that, but they’ll also work better. You could even install a rain faucet in the shower and have no problem staying within your budget.
- New Paint
One of the easiest ways to renovate a rental property involves applying new paint on the walls and to a cold frame or greenhouse (if any). Several years ago, beige and cream were all the rage. Today, most property owners go with white in a satin finish. For one thing, white goes with any décor, making your rental property easier to lease. For another, it helps open up spaces, makes them appear brighter, and cleaning them is a breeze.
- Change the Flooring
Thanks to advances in tile and laminates, installing a new floor is an upgrade that most people can do. Of the two, most property owners like laminate floors because they’re affordable and easy to install. However, that doesn’t mean you have limited options. Since this remains a popular flooring solution, you’ll have no problem finding endless design and color options.
- Modifying the Kitchen Cabinets
This is another great renovation project for a rental property. Unfortunately, these cabinets often show signs of wear and tear following a tenant’s move out. To replace them, you’d spend a fortune. Instead, you can sand the surfaces and then apply new paint or stain. Immediately, this room will look and feel new.
Spending Less Without Compromising on Quality
Regardless of the type of renovation you want to do, there’s no reason you have to spend a significant amount of money. The first step is to establish a budget. Then, consider projects accordingly. Even if you don’t have a lot to go toward a project, there are still plenty of ways to make your rental property look great.
It’s also important to shop around for both supplies and materials. Depending on the project you have in mind, there’s a chance you could locate some of the items needed out in the country. For instance, if you want to put in a fire pit, you might find rocks rather than pay for them.
After the renovations, there’s one additional thing to consider: getting the best home warranty available. With this type of plan, you’d only pay a predetermined deductible to have items inside and outside of the home repaired or replaced.
Especially as a property owner, this will save you a lot of money long-term. For example, the best home warranty would cover the cost of the home’s furnace. That means rather than repair or replacement costs coming out of your pocket, you’d only pay the deductible, which typically runs between $50 and $125 per service call.