How to renovate on a budget to increase rental income?

How to renovate on a budget to increase rental income?

Renovating a rental suite while still trying to save money can seem like a daunting task. How do you spend money to save money? With the help of By Design Construction Inc. in Vancouver, a professional home renovation contractor company, it can be done.

They share some cost-effective renovation tips that’ll still increase rental income:

Reface or repaint kitchen cabinets

Kitchen renovations go a long way for a high return on investment and boosting long-term value. In your rental suite, however, you don’t have to spend thousands like you would in your own kitchen. You still need to attract quality tenants and a renovated kitchen can help with that. Plus, with a stunning, modern kitchen, you can charge a little more for rent.

Instead of splurging on a major remodel, focus on a few key changes. Refacing or replacing kitchen cabinets, for example, is cost-effective and completely updates the look and feel. As long as your cabinet boxes are in good shape, you can have this home improvement done at a fraction of the cost of a full replacement. To help appeal to potential renters, keep the colours bright and neutral.

Update old fixtures and hardware

Dated fixtures and hardware can drastically change the look of a space. Despite being a small change, updating old light fixtures, faucets, and interior door knobs can go a long way in making a space more appealing. For lighting, choose LED bulbs and ENERGY STAR certified fixtures to increase energy efficiency. ENERGY STAR fixtures use 90% less energy, so your renters get attractive lighting and also save on monthly bills.

Uniform hardware will help create more of a consistent style in the space, which helps make it feel homier. These can range from doorknobs, drawer pulls, bathroom fixtures, or even handrails. One step further, with the right budget, is to get matching appliances and energy-efficient ones at that. A matching space will be more welcoming to renters, who will more likely become long-term renters. An eco-friendly and energy-saving home will always appeal even more to renters, especially if they’re responsible for paying for their own utilities.

New paint inside and out

Painting is one of the best and most cost-effective renovations you can do. A fresh coat of paint can completely change the look of a space and will help protect the walls from dings, dents, and stains. In any rental suite, basement or laneway home, stick to light and neutral colours. These will help enhance a room and make it feel spacious and more welcoming. They also appeal to the greatest number of people, which will help you fill the suite with tenants quickly and help you keep your rent prices competitive.

If your rental home is a laneway or garden suite, then paint the exterior for extra rental curb appeal. A brightly coloured front door, new coloured siding or window trim will be noticed by potential renters and make a good first impression.

Don’t rush to replace before upgrading what you have

A great tip in rental suites is to avoid constantly spending money to replace things before you consider repairing. Carpets, for example, can look brand new again with a professional or DIY carpet cleaning. If you have a popcorn ceiling, scrape off the dated look and paint it a bright white for both a clean slate and the illusion of height. If you have dated tiles in the bathroom or kitchen, a new layer or colour of the grout can go a long way to boost appearances. If you’re not sure what you can do to improve your rental suite, contact By Design Construction for a consultation. They can give you some upgrade ideas that can boost your suite’s appeal while keeping your budget.

Major Renovations and Home Additions in Vancouver

By Design Construction Inc. has been transforming homes for over 40 years. Each of their contractors has a keen eye for detail, with the professional skills and expertise to match. They can help with home renovations, custom home builds, or laneway homes to transform and add value to your property.

Contact By Design Construction Inc. today!

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