Hello, property and potential property owners! Welcome to the RPM Distinguished Care blog, where we provide practical advice about property management! If you’re a return visitor, welcome back. We sincerely appreciate your support! RPM Distinguished Care specializes in managing successful rental properties in and around the Charleston area. We’re here to make your lives easier by giving you the resources you need to maximize profitability and have a successful rental property. We provide comprehensive property management services at every possible level. From advertising and marketing, to responding to applications, to inspecting and maintaining properties–there’s nothing we do not do. Further, we ensure tenant compliance, handle necessary evictions, and report directly back to you about revenue and profit potentials. We aim to make owning rental property as easy for you as possible, for as little money as possible. Check out the rest of our site to meet our team and discover what makes RPM Distinguished Care the best property management company in Charleston!
In our last post, we discussed how to create a rental portfolio. A rental or real estate portfolio is very similar to a resume. It is essentially a collection of real estate investment assets, or a comprehensive document detailing your past and present investments. It is the perfect way to summarize your accomplishments and show that you know a good deal when you see one. If you are interested in learning how to build a rental portfolio, check out our last post!
Today, we’ll be talking about how to renovate your rental property on a budget. When you own a property, there will inevitably be a time when renovations or repairs are needed. However, sometimes you may be on a strict budget, or renovations may seem impossible with the costs of materials on the rise. Luckily, there are ways that you can give your property an upgrade without breaking the bank. If you are interested in learning more about budget-friendly renovations, you’re in the right place. Let’s get started!
As a property owner, one of the first things you should do is determine whether something needs to be repaired or replaced. It is important to understand that you do not need to renovate everything. For example, not everything needs a complete replacement– Some appliances might work sufficiently with some maintenance or a small repair. A good way to go about this is to keep your goals in mind. Do you want to boost renter satisfaction, or do you want to maintain your property’s long-term value? If you are solely concerned about renter satisfaction, you may consider small upgrades, such as a new appliance. But if you are more concerned with property value or return on investment (ROI), you may want to consider a bigger renovation. If you are on a budget, take a look at your property as a whole and determine what really needs an upgrade. With that being said, here are some budget-friendly ways to renovate your rental property.
Give The Walls An Upgrade
Perhaps one of the easiest ways to renovate your property on a budget is to repaint the interior walls. If you have tenants moving in and out of your rental property, it is inevitable that the walls will see wear and tear, such as scuff marks. A coat of fresh paint can mask this, while giving the walls a fresh, new look. You’d be surprised at how much of a difference paint can make! Plus, it is a relatively quick and easy project. When it comes to painting the interior of your rental property, most people tend to stick to neutral colors that appeal to a wide range of tenants. This includes shades of white, tan, or gray. Plus, fresh paint can improve ROI!
Upgrade The Lighting
A dark space typically doesn’t make a good first impression. Lighting has the ability to change the overall mood and appearance of a rental property. Replacing or adding light fixtures is a simple, low-cost way to upgrade the look of any space. Remember that you want to appeal to a wide range of tenants, so try not to let your personal taste show, and try to stay away from bold styling. Instead, opt for simple light fixtures. Additionally, if you want to get away from dim, yellow lighting, try replacing lights with LED bulbs for brighter and more energy efficient lighting. Another option is to try focusing on natural lighting as much as possible. Remove obstacles that inhibit light, such as trimming a tree branch outside of the window, or giving the windows a good wash to allow more light to shine through.
Replace Handles And Knobs
One of the easiest and cheapest upgrades you can make to your rental property is replacing handles and knobs on doors or cabinets. Kitchen updates, whether big or small, can significantly increase the value of your property. Doorknobs and cabinet handles can cost as little as $2, but can make a big difference to the look and feel of the room. Replacing handles and knobs with more modern ones can be the key to sprucing up the kitchen, rather than jumping into a bigger and more expensive project like upgrading countertops. Plus, these are temporary renovations that can be changed at any time– You may even allow tenants to change the handles and knobs to suit their taste, since it is not permanent. (Just advise them to keep the original ones to replace them when they move out.)
Boost Curb Appeal
Curb appeal may be one of the more overlooked upgrades, but it can make a huge difference. The exterior of your rental property is generally the first thing that people, including prospective tenants, see, so you want to make a good impression. Maintaining the yard and keeping the landscaping up to par are great ways to make sure the exterior of your rental property looks great. This can be as simple as mowing the lawn, trimming the hedges, or freshening up the area with some plants. Clipping branches or adding some easy-to-care-for potted plants to frame the entryway are great and easy ways to boost curb appeal. Additionally, you may consider adding solar powered lights to illuminate the walkway or exterior spotlights that highlight some of your rental property’s best features. If the exterior of your property is a little extra messy, you could always pressure wash it! This is especially helpful for exteriors made of brick or stone, which can be prone to mildew growth. Keeping the outside of your property looking clean is a good indicator of what tenants can expect from the inside of the property.
As you can see, these are just a few of the ways you can renovate or give your rental property an upgrade while on a budget. These renovations are great ways to keep your property up to date while boosting tenant satisfaction, improving your rental’s long-term value, and even increasing your monthly rental income in some cases. We hope you found this article helpful. If you are a rental property owner looking for assistance in managing your property, feel free to reach out to us! RPM Distinguished Care specializes in residential property management and offers a range of services including communication, marketing, and advertising, thorough tenant screening and selection, full-service leasing, timely rent collection, regular evaluations, cost-effective and reliable maintenance, strict and compliant evictions, and comprehensive accounting. We utilize an online portal for owners to keep track of their property, including access to reports and financial statements. With over 30 years of experience, we know how to keep your property at its best. We believe in full-service and comprehensive property management. That’s why we take the time to understand each of our clients and help identify their most closely-held goals. Let us give you peace of mind that your property is in good hands. Use our website to request your free assessment and meet with our expert team! Thank you for taking the time to read this article and we hope to hear from you soon! See you next time!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
