You have purchased a new property but don’t have much of a budget to make improvements on it before renting it out. What can you do?
You can keep your rental in good condition and add value without breaking the bank. By making upgrades and renovations wisely, you will not eat into your maintenance budget and you can still come out on top. So where to start?
Spend the time and make it sparkle. Windows, walls, ceilings, every nook and cranny. Get your friends and family to help and shout them lunch. This is also a good opportunity to find anything that needs fixing.
It’s amazing the difference a lick of paint can make to a property. So look at the outside and see either a power wash or a paint is in order. If it’s been more than 5 years since it’s been painted, then paint may be the best option. On the inside, just paint it. Don’t bother about trying to clean it off, just put on a fresh coat of paint.
There is a catch with a new coat of paint – it has to look professional. A slap-dash approach to painting will make it look worse. If you don’t prepare the surfaces properly and then don’t clean up the spills and splashes, you make the place look worse.
You don’t even need to spend money on the outside area, just put some time in. Mow the lawns, do the edges and weed the garden. Plant some plants if need be, but your tenants might want to plant what they like and may just end up pulling everything out. Have all the garden beds neat and tidy and reading for sowing.
You do not need to spend thousands and thousands on your rental. Do what you can now to get it rental ready without going over budget. Then you can make other improvements later. A lot of landlords go all out and overhaul their properties, only to find out that they have overspent. Take your time, if you have chosen wisely the property can wait for the big bathroom and kitchen renovation.
What can you do today to get your property rental ready?