If you’re thinking about renovating your Fort Worth rental property, there are many good reasons to do it. The trick is not overspending and making sure that the renovations you complete are likely to deliver the ROI you expect. The best renovations are cost-effective upgrades and updates that help you earn more in rent and retain tenants for longer.
Unless your rental property is aging and deteriorating, a total renovation may not be necessary. However, these are some improvements that will likely be worth your money and time.
Establish Expectations and Budget
Before you begin upgrading and updating, make sure you understand the scope of work you’re willing to undertake for your rental property. This isn’t a home that you occupy. So, you don’t need all of the best finishes and the granite counters that you might desire in your own home. Rental upgrades are a bit different, and it can be easy to over-spend if you approach the project thinking about your own tastes and needs.
Decide how much you want to spend. In order to earn back the money you put into this project, you’ll want to calculate what it will mean in terms of rental value and tenant selection. Make sure your ROI drives all budgeting decisions.
Consider Floors and Walls
A fresh coat of paint is rarely expensive, and an easy way to make your rental property look brand new. Keep the walls a neutral color. You might love bright primary colors, but you never know what your potential tenants will prefer. Consider shades like eggshell and off-white. Cover up any small nail holes and pay attention to the trim and baseboards. Painting those will really make the room pop and give it the clean, modern look you’re hoping to get.
If you want to have carpet, consider neutral colors as well. Nothing too light should be used, however, because it can look a lot dirtier a lot faster. Replace any worn or stained carpet with mid-grade carpeting, or consider investing in hard surface flooring. Some types of vinyl look great and don’t cost a lot. Faux hardwoods are also popular. These are cleaner and easier for tenants to maintain. You’ll also have a longer lifespan, which means you won’t be cleaning and replacing carpet during every tenant turnover.
Look for Small Fixes and Finishes
Faucets, lighting, and hardware on drawers and cabinets are easy for tenants to notice.
They’re also inexpensive to replace.
Don’t hesitate to invest in new drawer pulls, sinks, and even bathroom mirrors. These things will give your rental property a modern feel, and you won’t have to spend a lot.
Save Money on Fort Worth Rental Home Renovations
Put the power of unit economics to work for you. Don’t just renovate one property or make updates one home at a time. Do what you’re doing for as many rental properties as you can. This will keep your costs down. Buying 10 appliances will cost a lot less than buying one appliance. You can negotiate better rates when you’re buying in bulk. If you’re going to re-paint the exterior of one property, do all your properties. You’ll save on paint costs and labor.
If you’d like some help deciding when and how to renovate your rental property, get in touch with Fort Worth property management experts. We can talk about some of the best practices we employ. Contact us at Assign Property Management.