When renovating a property you need to remember that every penny spent has to be justified by the ROI. You want to do all you can to get the max ROI for your property.
How much value will each renovation/upgrade add to your property? How much more can you charge in rent with that renovation/upgrade?
Here are some ways to spend a renovation budget for max ROI:
If you are planning on being a landlord you will want to really think about investing in an invincible flooring.
For rentals I would avoid carpets and hardwood because they are very easily damaged. Stick to luxury vinyl tile, (this can even come in waterproof options) high end faux hardwood or bamboo flooring.
Remember as a landlord it will be extremely difficult to turn a profit if you have having to replace the carpet every few years as you get new tenants.
The kitchen is often called the heart of the home, so it deserves some extra special attention. However you do not need to spend a ton of money on the renovations.
Look into painting the existing cabinets and updating the hardware.
You can update the counter tops by replacing them with a butchers block. Have the butcher block cut to the dimensions of your counter top and make sure it is installed properly. Another great cost effective idea is to paint the counters. Use a nice glossy black paint and coat them with a shiny surfacing agent like shellac. It is a great cheap, easy update and if your cabinets are white it will contrast well.
The number one thing for bathrooms is CLEAN CLEAN CLEAN!!
The biggest turn off can be a dirty smelly bathroom. The entire bathroom should sparkle and shine with cleanliness.
If the vanity and sink are still in good condition, simply change out the faucet and add new hardware to the cabinets for a nice face lift. You could also add a little paint to the cabinets to update and brighten the space.
If necessary you could replace the vanity, lighting and toilet for a lost cost. This can give the whole bathroom an update look. Also by adding a nice bright shower curtain you can change the entire feel of the bathroom.
Many people don’t give curb appeal near enough credit.
The front yard should be immaculately mowed. The bushes and shrubs need to be trimmed perfectly. Edging the sidewalks can make a huge difference in how clean and crisp the walkways look.
A survey was conducted in 2016 by the National Association of Realtors and the National Association of Landscape Professionals to determine which outside projects offer the best value for homeowners. A landscape upgrade was at the top of the list with estimated 105% return on investment.
Potted plants can be a great inexpensive way to add more color and make the walkway more welcoming.
The interior of the property should be freshly painted in all the rooms. Using white can be universally appealing and does not look dated. White can also be easily dressed up with accent colors.
Be sure to take your time doing the prep work. Meticulously, precise taping can make an amateur paint job look professional.
If you are on a tight budget use your creativity to update your property, make it feel new and fresh and achieve your max ROI.