6 ways to cost-effectively renovate your rental property

Renovating your rental property is important to make it safe and homely for your tenants. Renovation can also help you attract new tenants and make your property more competitive within the rental market. 

However, whether you are renovating a newly purchased buy-to-let or updating a current rental property, the costs of renovating can be daunting. 

Below then are 6 helpful ways for you to renovate your property without breaking the bank.

1. Plan it out

Firstly, its important to make a realistic plan for your renovations before you start. Taking this extra step will allow you to budget properly, and make sure nothing is forgotten. It will also allow you to book labourers and contractors in advance, saving you extra hassle later on. 

2. Focus on flooring

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Picking the right kind of flooring is important. Floors see a lot of wear and tear, but are also one of the most expensive parts of renovation. 

Laminate flooring is a good idea where possible, as its easier to maintain than carpet and more affordable than other alternatives like hardwood. It can also be quite easy to install yourself, saving you the cost of paying for contractors. 

3. Choose colours wisely 

Giving the entire house a new coat of paint is a cheap and easy way to make a house look sparkling clean. However, it’s important to pick the right paint!

Lighter colours might look clean and bright, but they age more quickly and will require new coats more frequently. Instead, you should opt for darker colours that are easier to keep clean. 

4. Revamp your kitchen units

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If the units in your kitchen still function fine but look a bit dated, then there’s no need to replace them. Giving them a lick of paint and changing the handles can be a cheap alternative way to freshen them up.

Upcycling other furniture in the house too can be a cost-effective way to renovate. Buying a new sofa can be expensive. So instead just buy new cushions and covers, and ta-dah- good as new!

5. Mould-proof the house

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Although this might seem unnecessarily costly and time-consuming at the time, it saves you a lot of money and hassle in the future. With mould, prevention is a lot easier than finding a cure! Mould is common in properties and costly to remove, with the potential it can pose a health risk. Making sure to mould-proof before the start of a tenancy therefore saves you hugely in the long run.

6. Keep the tenants in mind

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Finally, its crucial to always budget your property renovation with your target tenants in mind. If the rent for your property is relatively cheap, its likely prospective tenants won’t expect high end furniture and fantastic decor, and so you should renovate to those standards.

Its also important that you don’t add too many personal touches when decorating. You won’t be living in the property, and so making the decor too personal is unnecessary and might put tenants off. Neutral tones widen the property’s appeal, making it easier to let. 

To conclude…

Renovating a rental property often seems like an expensive and daunting task. However, by following the advice above, it’s possible to renovate your property to a high standard, while still on a budget.

For more ways to maximise your rental property’s potential, click here.

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