Renovations are an essential aspect of owning a rental investment property. Apartments, condos, detached homes, and all other property types need constant updates to attract new tenants and retain old ones. The only benefit of tenant turnover is that it allows investors to take advantage of the vacancy and invest in improvements.

From new paint jobs to appliance upgrades, you can do many renovations to provide long-term value at little investment. In this post, we’ll share five budget-friendly ways to renovate your rental property.

How to Renovate Your Rental Investment Property on a Budget – 5 Tips

1. A New Paint and Finishing Job

The cheapest and easiest way to renovate your rental property is to give it a fresh coat of paint. You can repaint the walls, kitchen cabinets, deck, and other surfaces. You can also refinish light fixtures and stain wood floors to add more vibrance to the living space. Another way to improve the living space is to tweak the color palette of doors, kitchen furniture, and metal objects to add contrast.

2. Improve Curb Appeal

If you’re looking to renovate a rental detached home on a budget, the best strategy is to start by boosting the property’s curb appeal. In the real estate industry, first impression matters. So, you need to ensure that the first thing prospects see raises their interest.

Pressure washing has become quite popular in the modern age. It lets you spruce up the exterior space (floors, bricks, sidings, stones, etc.) with a simple wash and removes stubborn dirt and algae from the area.

Another option is to hire a professional landscaper and have them trim your yard and improve the exterior. Doing so will show that you care about your investment and are looking to attract the best tenants.

3. Add New Fixtures and Lighting

Another affordable way to tweak your investment property’s interior design on a budget is to add new fixtures, lighting, and kitchen backsplash. With these moderate changes, you can transform and update the look of any space. You can also switch to fancy energy-efficient LED  bulbs, replace kitchen hardware, and change the kitchen/bathroom faucets.

4. Invest in Home Security

Home security might be the last thing that comes to an investor’s mind regarding renovations. However, one of the biggest improvements you can make to any space is to make it safer for tenants.

To do that, you can invest in surveillance cameras and an alarm system to deter thieves and vandalizers. Modern security features can also serve as a huge selling point for tenants, especially in dodgy areas.

5. Update the Bathrooms

Bathrooms are among the most important things tenants check when inspecting apartments or houses. So, if you’re looking for a budget-friendly renovation, perhaps, all you need to do is make your old bathrooms look like new ones. You can simply update the toilet, faucet, and cabinets to do that. You can also bleach and scrub the porcelain. You can redo the tiles or floors if you have a moderate budget.

Wrapping Up

Learning how to renovate your rental investment property takes time and effort. As an investor, you must ensure your investment continues to appreciate and generate consistent rental income.

You can improve your rental space at little cost by option for our five budget-friendly renovation ideas. Many of our ideas are DIY, so you don’t need to hire professionals for the job if you have basic handyman skills.

For more interesting reads related to real estate investing, visit CHRE right away. You can also explore our vast options of recently renovated multifamily investment buildings in Rio Grande Valley to add to your portfolio.