Attracting new occupants as well as keeping the current occupants are some of the benefits of renovating your rental property. That sounds easy, right? But, not so much when you have to decide on what quality of upgrades you want, the kind of materials needed, and other little details. It’s almost like having to choose between six and half a dozen. The options really do look very similar at first, which makes it more difficult to decide but, sooner or later the difference becomes glaring.
At Reedy and Company, we’ve got you covered! We have an on-site maintenance warehouse and a fully-staffed maintenance team to help maintain and renovate our managed properties. We have over 5,000 square feet of warehouse space that includes everything from floor tile to paint supplies and electrical to heating and air supplies. We carry everything needed to rehab a home in-house, helping to cut costs for our investors.
Below are just a few pocket-friendly tips we’ve learned along the way to remodel a home.
5 Tips for Economical Rental Makeovers
Tip 1: Refresh the Paint
Touching up the walls with a fresh coat of paint is another cost-effective way of giving your property a facelift. Go for colors that are neutral, most prospective occupants tend to find that more appealing. At Reedy and Company, we’re equipped to handle this daunting task for you. You still get to be in control of the work quality without researching contractors and it will save you money in the end.
Tip 2: Replace Flooring
When it comes to flooring, durable vinyl plank flooring that looks like hardwood remains the most popular and continually so. The floors are long-lasting, easy to clean and they also have a classic appearance. Tenants usually have preference for engineered wood planking or wood compared to carpet, tile and linoleum.
Naturally, engineered woods are resistant to humidity and temperature variations. Because it has water-resistant ability, this type of floor is appropriate for areas that are prone to water, such as the bathroom, the front entrance, kitchen etc.
It’s possible to glue, staple or float on an already existing floor. In fact, some of them have segments that are interlocked which snap together to create a tight seal.
Tip 3: Modernize the Bathrooms
There’s a huge difference between mid-range and upscale bathroom renovations. As Remodeling Magazine stated, you may profit more from carrying out just mid-range remodeling in your bathroom however, what does that really mean?
- A new bathtub and toilet. For the bathtub, we suggest you stick to porcelain. Remember that there’s a mandate according to federal standards that all new toilets should make use of 1.6 gallons of water for every flush.
- Ceramic floor tiling. A playful or geometric pattern would be ideal. It’s very attractive, inviting and bold but not in a repulsive kind of way. Renters are likely to find it more appealing.
- New fixtures, shower heads and faucets. Go for the low-flow types as they reduce water consumption by up to 30%.
Tip 4: Renovate the Kitchen
Just like the bathroom, making minor changes in the kitchen will significantly boost the ROI on your property than a major remodeling job, and we’re here to help! For instance, rather than replace the cabinets entirely, just give the doors a fresh coat of paint and upgrade the hardware for a more modern hardware. Switch out existing appliances with the energy-saving versions and install an average priced sink and faucet set.
Tip 5: Curb Appeal and Landscape
If your property has an outdoor living space, it’ll attract prospective renters faster and it’s even a huge plus for the current occupants. So, if it’s possible to add an exterior square footage on your property, look into dependable wood composite sources. They are more environmentally friendly and more affordable than natural wood.
Do you have some extra money left in your budget for some more material? Build large containers for seasonal plants or create an arbor or pergola with seating. Whatever you can do within your power and resources to improve the living conditions of renters, both inside and outside, are immensely beneficial to your property, both in the short and the long term.
There’s a lot to consider when remodeling a rental property. When you factor in your time, money and calculating ROI it can become a headache. At Reedy and Company we’re here to help ease the stress of investing in a rental home. Having an on-site warehouse and maintenance staff we’re able to cut out the middleman and give our investors quality service at a reduced cost.
Reedy and Company is a property management company located in Memphis TN. We manage rental properties owned by local and foreign investors, and offer more services to property investors than most; everything from private financing, property management, and sales.