If only your budget was as limitless as your imagination, you’ve surely thought of the many ways you could improve your rental property and the luxury amenities you’d provide your tenants if only you had the money — things like tennis courts, fitness centers, swimming pools, game rooms and high-end lounging areas.
Of course, you’d attract more attention with shiny communal amenities, but these are extras. They aren’t necessary for your bottom line. You can make small adjustments to your rental properties to enhance its value, and they don’t cost nearly as much as an in-house movie theater.
To help you make profitable investments in your property, we’ve compiled six minor apartment upgrades that will have a measurable impact on your success. Whether you opt for new cabinet handles or modern light fixtures, you’ll find the items on this list are all within reason.
1. New Cabinet Handles
You might find an inexpensive cosmetic change is exactly what you need to add flair to your rental units. They often show their age in old, outdated hardware, and by swapping your boring cabinet handles for a sleek alternative, you’ll make potential tenants look twice when touring your property.
Instead of the standard stainless steel that’s become a stereotype in today’s rentals, try something exciting and different. You can choose leather pulls, acrylic and metal combos, or stone if you think it suits your aesthetic. As long as you keep it stylish, new cabinet handles are a cheap investment with high returns.
2. Attractive Faucets
The quality of an apartment is often reflected in its fixtures. Too many landlords are content to leave their faucets dull and dingy, tarnished with hard white mineral deposits. It’s something tenants have almost come to expect, so why not surprise them with an attractive, modern upgrade?
First, determine your faucets’ mounting type, whether they’re single-hole, centerset or widespread. Take a trip to your local hardware store, browse the selection and find a model you like, then order it in bulk online. You’ll find additional instructions on how to complete the installation yourself if you don’t want to hire help.
3. Upgraded Flooring
Carpeting can turn off potential tenants and be a pain for landlords. While inexpensive, it needs maintenance to remain hygienic and isn’t the most durable option for a unit. Many landlords can’t see themselves shelling out for ever-popular hardwood floors, however. So what can you do to upgrade flooring without overspending on your properties?
Increasingly, a cheaper option with the most bang for its buck is laminate flooring. For tenants, it can recreate the style of hardwood floor and push a unit from so-so to stylish. For landlords, the material is invulnerable to most wear and tear and simple to install. The best budget property upgrades find the middle ground between tenant desires and landlord practicality.
4. Colorful Tile Stickers
Are you tired of tedious tiles? The bathrooms and kitchens in your apartment complex might have plain white tiling, and it’s a safe, practical choice, but you can experiment with different styles at virtually no risk to your existing layout with tile stickers. It’s a noncommittal way to play around with design.
These stickers come in a variety of shapes, sizes and colors, placed on your tiles in whatever sequence you find most appealing. If you think you’d prefer another combination, just heat the stickers with a hair dryer to peel them off. You can see how a renovation will look before you pay for the materials.
5. Modern Light Fixtures
You can replace most ceiling-mount light fixtures without rewiring, making this upgrade a simple DIY project you can usually complete within an hour per unit. Just browse online for modern fixtures until you find an option that agrees with the look and feel of your property. Stock up and check out.
Once you have your supplies, unscrew your old fixtures and replace them with the new ones. It’s a simple way to add color and intrigue to a living space, catching and keeping the attention of potential tenants who will remember how distinct your apartment complex was from others in the area.
6. Basic Security System
Regardless of whether a neighborhood is good or bad, security is a top priority for any landlord. They need to ensure the safety of tenants, protect against intruders and dispel criminal activity around the premises. It doesn’t have to cost a lot to appeal to prospective renters.
If you haven’t already, you should invest in a basic security system to monitor your property day and night. You can add deadbolt locks to your tenants’ doors, and for the outside of your building, install lighting to keep the area bright. Exchanging locks between occupants isn’t enough.
Amenities Can Be Effective Without the Cost
You need to provide comfortable accommodations that are sleek and modern, with attractive fixtures and beautiful flooring. You can separate your apartment complex from the competition by making a few minor upgrades, and it doesn’t have to cost you much.
Whether you choose to invest in new cabinet handles or laminate flooring, you’ll see a noticeable difference in tenant interest.