As a real estate investor and a landlord, you will not only have to maintain your property regularly, but there may come a time for you to remodel or renovate the property. In some cases these renovations will be absolutely necessary, despite the expensive price tag attached to the property update.
Thankfully, you can take care of the majority of property remodels on your own, especially if you are good at following DIY tutorials. That being said, here are some money-saving remodeling tips that will allow you to show off your DIY skills, while also saving some bucks on the side.
Renovate and remodel between tenants
If you need to remodel or renovate anything in your real estate property, it would be best to do so while the property is not occupied. There are a few reasons why this is the best course of action.
First, you will need enough free space to move around no matter if your renovating or remodeling. So, it would be best to do so while the property is not occupied to avoid unnecessary crowding or potentially damaging your tenants’ personal property.
Next, it will allow you to work whenever you have the time to do so, without having to worry about notifying your tenants, or disturbing your tenants’ right to quiet enjoyment of the property.
Finally, if you have the property renovated and ready before your new tenants move in, you have the potential to ask for a higher monthly rental price at the beginning or a lease term.
Be proactive
Another useful tip is to be proactive with your remodeling and repairs rather than retroactive. What this means is that you should plan all of your remodeling projects in advance and create a schedule according to which you will take care of them. However, even if you have a strict schedule in place, yet you notice that something might need to be taken care of beforehand, do it. It’s always better to take care of things as soon as you notice a problem developing instead of letting it get out of hand and only then trying to take care of it.
Choose high-quality materials
If you notice that the usual maintenance is no longer suitable for some parts of your interior that means that it’s high time you replace it with a newer alternative. For instance, if your bathtub has definitely seen some better days even though you refinished it not so long ago, it might be the right time to consider throwing it out. Instead, you can install a high-quality walk-in shower that is much more durable than any bathtub and it’s significantly easier to clean and maintain. Not only that, but a walk-in shower will work as a luxurious addition to your property, which can improve the marketability of your property to future tenants.
As with any renovation, choosing high quality materials that last longer and can withstand rental wear-and-tear, can be worth the higher investment cost over a more affordable option that won’t last as long.
Remodel one step at a time
When remodeling and renovating, instead of getting yourself too deep and tackling all of your units or your entire property at the same time, do it gradually. Simply put, not only will it be more rewarding every time you manage to finish the piece of your property you are currently working on, but it will be significantly cheaper as well. Just look at it this way – if you were to tackle all of your properties at the same time, it would require you to hire some extra help because you simply can’t be in more than one place at the same time. So, take things slowly, work gradually and enjoy your final product.
Make green and energy efficient upgrades
If you need to repair any appliances in your property or you need to replace some light bulbs, consider replacing them with green and energy efficient alternatives. Not only will these last much longer, but they are also energy efficient, which means that they will actually save you and your renters money in the long run. Therefore, wherever possible, replace your old appliances with Energy Star-rated ones and switch all of your incandescent light bulbs for more energy efficient LED ones.
Be smart, savvy and practical with your upgrades
Just because you are not remodeling your own home doesn’t mean that you should treat your rental any differently. Sure, you might want to refrain from going too crazy with interior décor, but all other upgrades you decide to implement should be smart, savvy and practical. What this means is that you should look for easy ways you can upgrade your property for maximum results without having to break the bank to do so.
For instance, if your rental property needs more storage solutions, consider utilizing the space under the stairs and find a way to implement more built-in solutions rather than stand-alone units. Furthermore, when decorating the space, go with a clean neutral look and allow your tenants to personalize it as they see fit.
Final Thoughts
As you can see, if you maintain your rental property regularly and invest a bit in energy efficiency, you will significantly cut the remodeling costs. It’s important to keep in mind that you simply can’t renovate your entire property at once on your own, so it’s always better to do it gradually. And finally, work smart – not hard, and implement solutions that don’t require you to spend a fortune but that the tenants will find to be useful and even beautiful.