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Renovation On A Budget: 10 Ideas To Boost Rental Income

Renovation On A Budget: 10 Ideas To Boost Rental Income

Did you know that some property renovations can return nearly 100% of your investment? There are ways to successfully do a renovation on a budget. All you need is a plan and some prioritizing of the trends tenants are looking for.

We have gathered 10 of the best renovation ideas you can do cheaply and effectively. There's a mix of function and form you have to balance when renovating. Here are a few examples to get you started.

1. Chalkboard Art

You want to add as much personality as you can while staying functional. Chalkboards open up a space for creativity. They can also provide a useful communication hub for the home. The kitchen and entrance to living spaces are perfect locations.

2. Room Beneath the Staircase

Maximize your square-footage while adding charm to a home by making use of the space under the stairs. Most of the time it's a small storage closet. Consider expanding it into a small office or zen space--it's a great opportunity to appeal to freelancers.

3. Vertical Storage Spaces

Placing shelves above door height and out of the way is a huge trend. This storage solution is a tiny home must-have, and also a cheap renovation idea for the modern home.

4. Outdoor Kitchen

Present your property to prospective buyers or tenants as a great place to host parties. Having an outdoor kitchen is a cheap, great way to upgrade a boring patio. 

5. Landscape Lighting

Well-lit walkways and driveways are more inviting. You can use this as an opportunity to highlight your well-maintained property and facades.

6. Garden Terraces

Plants bring a lot of energy into a home. Open up the available windowsills for mini-gardens, regardless of the size of your yard. 

7. Multi-purpose Rooms

Collapsing desks, foldaway chairs, and couch-beds are all great examples of ways to make a room multi-purpose. Having a guest room-slash-office is in high-demand these days.

8. Farmhouse Sinks

Big sinks are in, especially the wide farmhouse-style sinks. A nice, detachable faucet and good countertops can increase a kitchen's utility greatly.

9. Mini-Islands

You don't need to build a wraparound counter as an island. Instead, get creative and use things like wooden barrels. Having an isolated island that can seat two or three people is a great use of space and money.

10. Smart Outlets & Devices

If your apartment is feeling a little dated, make it smarter. Smart devices are cheap and turn your property into a wireless operation. Pairing smart outlets, a smart thermostat, and a digital assistant mean complete voice/app control.

Most property owners are missing the opportunity to market the luxury of a smart home ecosystem.

Renovation on a Budget

Executing a major renovation on a budget may seem daunting. But, it is possible. Plus, it can make a huge difference in a property's asking price. You shouldn't do it alone if you want to do more than slap a new coat of paint on your walls. 

Hiring an experienced property manager can help you set realistic goals with your renovation project. Contact us today to get the results you need without going over budget.


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