Make Improvements to your Rental Property - on a Tight Budget

So you have a rental property but a very tight budget to make improvements on it.You know you need to add value to maximise returns on your rental, but what can you do?

The good news is 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?

New Paint:

The fastest way to make something look fresh, new and clean is paint. 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, rather than better. So if your painting skills aren't all the best, then call in the professionals.

Make sure you paint in a neutral color to maximize your tenant base. read more about that here. 

Landscaping:

Sometimes you don't even need to spend money on the landscaping, you just have to put the time in, so this is a good place to save money on a tight budget. Mow the lawns, give it a really good weed. You can even transplant some plants from one area of the house to another, to make it look fresh. Ask around to see if people are getting rid of plants and plant those - if appropriate. There are usually lots of plants for sale at your school fair and garage sales. You don't have to spend money at the nursery.

Inside:

A good bang for your buck here is changing out window treatments, cupboard doors, hardware and giving the floors a good clean. If the carpet is from the 70's, change it. You can't get around that one I'm afraid. So put in something hardy and neutral and you will reap the benefits.

Clean, Clean Clean:

Make the place sparkle. Windows, walls, ceilings, in every crease and crevice. Clean, clean clean! This is a good opportunity to find anything that needs fixing.

You do not need to spend thousands and thousands on your rental. Put what you can into the place without going over your budget, as time and money allows ,you can improve the property. A lot of landlords go out with guns blazing and have grand plans to 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 are you favorite initial upgrades you do to your rental properties?