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Renovations come in all shapes and sizes, and even the smallest changes can make a huge difference. In fact, renovations have been proven to be one of the fastest methods to increase the overall value of the property. So, let us take a look at 10 tips to help you renovate your rental property to generate more cashflow, and happier tenants – without breaking the bank.
Of course, before you renovate your rental property, there is always going to be the question of financing the projects. So, if you want to learn how to renovate your rental property using equity you have already earned, click the link below for a free strategy call today.
Fill in the Cracks
Normally whenever you renovate your rental property, there are going to be a few holes and cracks in the drywall – these things just happen. However, by taking the time to fill them in with some simple patchwork and drywall mud, you can have nice clean walls that look much better. Especially when combined with the next tip.
A Fresh Coat of Paint
There is nothing like a fresh coat of paint to liven up a room. Over time colours can fade and make a room feel dull and dirty. A new coat of paint makes the space feel cleaner and more vibrant. Additionally, it gives you the opportunity to hop on design trends that may not have been taken advantage of, such as painting an accent wall.
When it comes to something as simple as a new coat of paint, you may be tempted to do the work yourself, but you do not have to. There are plenty of affordable painters out there who would be willing to do the job for you.
Fresh paint is a simple and affordable way to renovate your rental property and express some personality in the property.
Update the Light Fixtures
You may not spend much time thinking about it, but light fixtures can change a room drastically. From brightening up a room by allowing lighter to shine, to creating a cooler atmosphere with a unique style, light fixtures can say a lot about a room. Additionally, a wide array of light fixtures can be found on sale online or in local hardware stores all the time. So, when you renovate your rental property, consider paying some attention to these features.
Then, once you have purchased them, you can install them yourself very easily. As well, if you are not comfortable with electrical work, you can hire a handyman to install them for a fraction of the cost of an electrician.
Get Creative with the Kitchen Cabinets
Updated cabinetry can give your kitchen a face lift and liven up the room. Freshly repainted or refinished cabinets can look amazing and there are plenty of affordable kits to make the job quick and easy – this makes cabinets a great choice when you renovate your rental property.
Additionally, if your cabinets are in need of some serious repair or replacement, there are tons of places you can go to find affordable kitchen packages to redo them at a fair price.
Count on New Countertops
While you renovate your rental property, take the time to consider new countertops. Old counters are often covered in water damage and scratches from regular use. However, by updating and replacing your old worn-out counters you can make the kitchen feel brand new in no time at all.
With the right equipment and skills, even granite countertops can be made at an affordable price. Instead of paying thousands to have someone else cut and install your counters, it is possible to build it yourself using a circular saw with a diamond blade and an extra set of hands to run cool water onto it, so the blade does not overheat.
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Install a Better Backsplash
While a backsplash is only required to protect your walls from any moisture, it has the potential to add a splash of personality into any kitchen. Unlike tiling an entire floor, a good backsplash will almost always be affordable due to the small surface area you need to cover. The tiles are often easy to install and take little time to complete but make a big difference.
Redo the Bathroom Vanity
Bathroom renovations and kitchen renovations go hand-in-hand whenever you renovate your rental property. From backsplashes to cabinets to countertops around the sink many of the previous tips apply in the bathroom as well, but there are a few things you can do to make the bathroom a little more special.
A well-designed vanity can be a serious way to increase value and with some creativity you can build one on a budget. By converting an old dresser into the base of your vanity, you can create a very rustic vanity that adds charm and value to the home. It is important to ensure you treat the wood to protect it from water damage, but that fix is hardly expensive.
Shop Around for Your Materials
The world is your toolshed if you have the right eye. While many supplies you would need to complete a renovation can be found in a standard hardware store, there is a surplus of places you can go that may have cheaper options that can be just as good. (And in some cases, even better!) For example, Ontario residents have the advantage of places such as Restore, a non-profit store run by Habitat for Humanity that is full of building supplies and furniture that is ready for the taking.
As well, if you are planning ahead for your reno, take advantage of a wide array of sales that may happen in the months before. Depending on what you are looking for and the time of year, you could find incredible deals on supplies you need that will not have access to by the time you start the renovation.
Renovate Your Rental Property and Use The Cash Flow to Pay The Bill
Many places such as Home Depot and Canadian Tire have programs that allow you to defer payments for 12-36 months on expensive purchases like furnaces and central air units. During this time, your renovation could increase your monthly cashflow enough to make the payments for you, cutting down the renovation costs you pay dramatically.
In Short – Renovate Your Rental Property
Renovations can feel like an expensive endeavor, but with the right planning and creativity, you can increase the value of your rental property dramatically. Both previously owned and newly purchased properties hold potential value for you to tap into with the correct approach.
Of course, before you purchase a new rental property, it is important to seek a pre-approval from an experienced lender who understands your needs. In order to get the process started today, visit LendCity.ca. Alternatively, click the link below to book a free strategy call today.