There are plenty of ways you can renovate your rental property before actually renting it out to tenants. Curious as to why this is an important step? When you’re renovating the apartment or house, you’ll find that you increase the overall value of the property so you can charge more for rent. For example, if you’re adding a laundry room or another bedroom, that can be an additional $500 you’re receiving in rent each month from that new addition.
In addition to getting a bigger return on investment (ROI), you’ll also attract tenants who are more likely to treat the house better.
Ready to jump into your own DIY improvement projects? Below, we’ve gathered some tips to make the most of your rental property and attract amazing, responsible tenants.
Before you get started on your DIY journey:
After you’ve completed all of your fun renovation projects, make sure that you write a rental inspection checklist. This should cover the condition of the property, a list of appliances, and other assets included in the property. You should perform a rental inspection before new tenants move in so any issues can be documented in writing before they permanently live in the home or apartment. In addition, you should also perform a second rental inspection when the tenants move out to check for damage other than regular “wear and tear” caused by normal, day-to-day living.
Rental property projects
1. Kitchen ideas
One of the biggest areas you can improve that will have a huge impact on the overall property is redoing the kitchen. You don’t have to gut the entire area to change the look and feel of the kitchen, either. Here are some projects you can take on that will make your kitchen feel new and updated:
- Cabinets: If your property features dark wood cabinets, change them up for something clean and fresh. A layer of white paint on those dark cabinets can do wonders!
- Countertops: Vinyl countertops are a relic of the 90s, and that’s where they should stay… permanently. Trade out those dated countertops with beautiful stone, granite countertops or a unique, eco-friendly material like pennies.
- Backsplash: Looking to add a little fun to your kitchen? Well, a backsplash might be the answer. A beautiful tile backsplash adds color and polish to any kitchen area.
2. Living room ideas
- Textiles: Curtains, throw blankets, pillows – these small additions can add color and whimsy to an otherwise boring space. If your rental property is going to include furniture, consider adding homey touches like these!
3. Bathroom ideas
- Tub: If you can spring for a new tub, it can make a huge difference in your bathroom. A clean, clawfoot tub can be the central focus of a bathroom that makes tenants feel like they’re at a fancy, European spa.
- Flooring: New tile floor is a doable weekend project that will help update an old bathroom. If you’re feeling creative, you can even make a mosaic or pattern with the flooring.
4. Painting
- One of the cheapest projects you can do that can change the entire feel of your rental property is adding a fresh layer of paint to every room. Not only does this make the rooms in the property feel and look cleaner, but it can also help to visually open the space – a boon for smaller studios and darker areas.
5. Crown molding
- Crown molding can make a regular ol’ property feel like a luxury accommodation. You might have trouble doing a DIY crown molding installation but it’s worth the investment if you pay someone else to do it. For a 20 x 20 foot room, the cost of installation of crown molding will be about $360. Relatively cheap!
6. Light fixtures
- If you have older lights throughout your house, it’s time for a major overhaul. Old lights cast an antique, yellow glow and that’s not always a flattering light or great for your eyes. Make sure to install modern light fixtures throughout the house. Consider adding fairy lights to outside areas for ambiance and focus on bright, clean lights with dimmer switches on the interior.
DIY projects can make a huge difference
If you’re looking to rent out a property, it can be an overwhelming experience. But with a little elbow grease and the right renovation projects, you’ll be on your way to attracting amazing tenants and getting an amazing ROI percentage. Happy renting!
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