Rental Property Remodel for under $1000 Taking the time to renovate a rental property, a landlord can increase both the property’s overall value and their rental income. An upgraded rental has the ability to have an increased rent, and is proven to have a lower vacancy rate.

Unfortunately it is not always easy to know where to begin with renovations on a rental property and not many have the funds to dump into a rental. You want to make income with a rental, and not lose it. Luckily there are some things you can do to have your property looking good in no time at all. If you are a landlord looking to spruce up a rental property, the following tips can help.

1. Start with the exterior, making sure the curb appeal is there is very important as it’s the first impression for potential tenants. Use native plants to the area to give the rental property yard a more eye catching look. If you want something that won’t call for watering, have gravel or river rocks poured in a decorative fashion. This will save your tenants water and maintenance.

2. Update the small stuff. Fresh paint is always a must have, look into the trending interior colors and go with something that can look good with any possible furniture. Baseboards and ceiling molding also add that wow factor most rentals are missing.  Outdated light fixtures and lack of ceiling fans can be killers so don’t forget to upgrade or paint them.  The small details do matter, start looking around at the little things first.

3. Most of your budget should go toward the kitchen and the bathroom renovation. Imagine that all the other rental houses have white appliances and plastic tub surrounds. You offer black appliances and 4×6 faux marble ceramic tile around the tub with a glass door enclosure. The added cost is there, but it allows you to charge an extra $25 per month on rent.

Flooring: Update the flooring to something that will last and that looks better. A lot of rentals have cheap laminate flooring in the kitchen and bathroom – get rid of it and install laminate wood planks or peel and stick tiles. A new floor will change the whole look of the property without a huge hassle. Laminate flooring will run you around 59 cents – 1.29/sq ft and can be installed by any one with handy skills.

Countertops: I have seen some of the worst counter tops in rentals, if the rental property is old enough to have that ghastly yellow counter tops – hurry and fix that eye sore right away. If you can’t replace them with stone or concrete, simple faux marble or granite contact paper does the trick and looks amazing. Contact paper will run you around $30-60 depending on the quality, anything less than that will lose its luster and the color will be wiped off within a few months.

These are just a few simple tips to remodel your rental property for under $1000. For this and other remodel tips, follow us on social media.