How far is too far? Huge, upscale renovations are not always necessary to improve the appearance of your rental property, and many investors make the mistake of “over-renovating” which ultimately eats into their profits. Here are a few key things you can do to maximize your profits by renovating a rental property on a budget.
Painting is almost always a good idea when renovating a rental property. New paint makes the building look cleaner, and the right color scheme can make the building feel more inviting and fresh. It’s an inexpensive way to make a building look new.
Changing up the flooring can actually end up saving you money in the long run. Carpet has an average lifespan of 11 years, so if it’s time to replace the flooring, it might be a good idea to replace carpet with a wood flooring or tile, which can often last a lifetime. Hardwood floors can also help justify higher rents, as they tend to be preferable to carpet floors.
Do you repair or replace? In many situations, people replace things that could be repaired. Resurfacing is usually much more economically feasible than replacing, and can make fixtures look practically new. Consider how old each fixture is and how much longer they could last before replacing them completely.
Cleaning is one of the easiest ways to make your property more attractive to potential renters. A clean, inviting home is much more likely to appeal to a wide variety of people and make living there a much more enticing concept.
Looking for more ways to save money and maximize your profits? Contact us at Keyrenter North Houston today!