Renovating a rental property is one way to increase your rental income. But this can cause you to overcapitalise, meaning there’s a possibility that you will overspend on the home renovation and you may not be able to recoup the money when you decide to sell the investment property.
A cosmetic renovation can be a better solution to improve your rental property at a cheaper price and you don’t even have to alter the structure of the house. So here are some cosmetic renovation options for each part of your rental property:
Updating the fixtures and fittings is one way to cosmetically change the bathroom. You can switch out the old faucets and showerheads to more water-efficient ones like low-flow water fittings. You can also install a storage space, or update the vanity mirror. To completely change the looks without having to completely change the structure of the bathroom, you can opt to change the tiles.
Similar to the bathroom, you can consider changing the faucets to more water-efficient ones. You can also replace the cabinet handles, or rebuild the entire cabinet for a more refreshed look that will attract more prospective tenants. Make sure to replace old and broken appliances. If the features of the kitchen are no longer useful, you can add an island that is good enough for eating or add more useful storage space.
Bedroom and living room
The bedroom and the living room are pretty easy to cosmetically renovate. You can put on a fresh coat of paint, update the windows or doors. Refreshing the flooring could also work. If your investment property currently has outdated carpets or linoleum, you can switch it out to hardwood floors since many people prefer hardwood floors over carpets.
First impressions are very important, so you should invest in the external appearance of the house. Make sure that the exteriors leave a good first impression for prospective renters. Tidy up the garden, get rid of dead plants or prune them. Doing a bit of landscaping can also help. Paint the property to make it look more contemporary and make sure that the fence is in good shape.
Cosmetically renovating a rental property can give you a good return on investment. This can be an alternative way to refresh the property without spending too much and without having to structurally alter the house.