Renovating your rental property on a budget

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A lot of people these days have a property that they rent out. This is because it can be a great little earner for a bit of extra cash in the bank. It can be hard however to find the time – and the budget – to give a property the spruce up and refresh that it might need in order to attract some new tenants. Competition on the rental market is high and it’s important to keep up!

Before you start planning your renovation project, there’s a few things that are super important to think about. Do the maths – what’s your budget? How much value will your renovation add. And how much more could you perhaps charge in rent payments? Justify every penny by return on investment. The right changes can increase your property’s value and attract your ideal tenant.

Find your hook

Every property has something unique and special that can be turned into a selling point for you to maximise and if not, you can make one. If your property has a cellar, transform it and market it as a wine cellar by fitting some large, rustic wine racks to the wall. Suddenly, something seemingly basic and unexciting becomes unique and interesting.

If you can’t find a standout characteristic for you to maximise in your property then create one. Could you install a few features and transform your property into a ‘smart home’? Get your hands on a smart thermostat such as Nest, or smart door locks such as August to give your property that all important edge.

Kitchens are the money-maker

There are two rooms that are the ‘wow’ factors in any property, and these two rooms can also really let a property down – the kitchen and the bathroom. This is where it’s worth investing your money. In terms of your kitchen, there are a few easy and cheap wins with refreshing it’s look if your budget doesn’t allow for a complete refit.

If your property has wooden kitchen units, consider painting them. Contrasting dark cupboards against white worktops can look really contemporary, or maybe opt for a muted dark blue or sage green for an on-trend twist. You could also look at changing your cupboard door handles to something with a copper or gold finish.

Lighting is another thing to consider. Why not install a statement light fitting and make it the focus point within the room? Big dramatic industrial style lights with exposed filament bulbs look amazing and are sure to impress prospective tenants. With all these fancy furnishings though, make sure that you’re covered with landlord insurance just in case your tenants are less than careful with your investments.

Ditch the carpets

There’s a lot of reasons why flooring such as laminate easily trump carpets. Firstly, it’s super affordable compared to many other hard floorings and it’s very low maintenance. No need to worry about carpet odours, stains, burns, discolouration and worn threads. This means that you and your tenants will find it much easier to keep the property looking fresh for longer.

Laminate comes in so many different styles and always looks super contemporary. Go for a light grey wood effect laminate for a scandi vibe that will subtly hide marks and dirt. Lastly, laminate flooring is pretty easy to install, so you’ll save yourself the cost of professional fitters.

First impressions count

What’s the first thing a prospective tenant will see when viewing your rental? Your front door, of course. It’s somewhere that we often neglect to give a little TLC but elevating a property’s front door and the surrounding area can make a big difference to a property. It’s much more welcoming and inviting and will make your tenant smile and feel at home when they pull up at the end of a long day at work.

Consider painting the front door – but stay away from going too bold with your colours. Keep it neutral or dark or maybe even a pastel shade such as duckegg blue. Add in a unique door knocker for a premium touch – Pinterest will serve you all the font door inspiration you could need.

For a finishing touch, why not hang some artificial topiary balls either side of your fancy new front door? You’ll be able to boast the most stylish house in town.

When it comes to staying hot on the rental scene and maximising your property’s value, it’s about standing out and providing something with an interesting USP for prospective tenants that they just can’t resist.