We have a new blog!

Visit us at rentometer.com/blog to read our latest articles.

July 16, 2018

Renovating your rental and investing a ton of money into it is one of the best ways to attract new tenants and make the most out of your savings account, but it’s still something you need to pay close attention to. Coming up with a detailed plan and schedule in advance and making certain you’re absolutely sure what you’re doing is crucial, especially if you want to introduce a significant change to your rental.

No matter how big it is and what you’re trying to accomplish, you have to keep a close eye on your budget and find ways to stretch it as much as you can. If you’re looking forward to saving some money, but are still unsure how to do so, here are a couple of ideas that will surely help you keep your rental renovation project on budget.

Come up with a Realistic Amount

First, you have to know two things: how much money you have, and how much your renovation is going to cost. As long as the first number is higher than the second, you’re good to go! However, there are other things you have to keep in mind – your estimated budget has to be realistic, or it’s not going to work.

For instance, lots of people try to cut corners during their renovation process, and that’s quite all right, but don’t expect amazing results afterward. Purchasing second-hand materials and offering to do some of the work on your own are two effective ways to save some money here and there, but you should leave the majority of things to the professionals and stay out of it. Your job, on the other hand, is to create a detailed budget that includes everything you want to do, and then keep encouraging your contractors to stick to it until the end.

Know What You Want

Having a ton of cash is quite all right, but it’s sometimes not enough for everything you’re trying to accomplish with your renovation. You may start small and think that changing a few details in the kitchen will be enough, but once you notice how appealing all those changes seem, you’re going to want more and more, despite not having enough money for it all.

This is where planning comes into play – knowing how much everything costs and what you’ll be able to finance is of the utmost importance when planning a rental renovation. Instead of going all in, take things slow and go step by step, renovating one room at a time and continuing with it as long as you’re 100% sure you’ve got enough money for it. The more you do the better because every room you renovate is going to raise the value of your property, but you should still be careful.

Get Some Financial Help

Financing everything you’ve dreamed of is often impossible, so you need to get all the help you can get. Yes, talking about finances with your parents, friends, family, and colleagues might be one of the most embarrassing things you’ve ever done, but it’s sometimes the only option you have, so get political and talk to those people who can help you boost your budget.

Another way to solve financial problems when renovating is to get a loan that will help you turn your dreams into reality. While most people think applying for it is a complex and tiring process, it’s actually not that hard – all you need to do is come up with a proper renovation plan, find a great contractor and apply for an amazing PACE based home improvement loan today. This is ultimately the best and easiest way to introduce some eco-friendliness into your rental and make a sustainable change for the better.

Stick to What You Can Accomplish

Having big dreams and a long wish list is great, but not if you own a rental and are constructed with a tight budget. That’s why you need to pick easy-to-handle and cheap projects that go a long way and make a significant difference in your living space. This way might mean you’ll be playing it safe, but at least you’re going to improve your home and still not spend a fortune in the process.

There are lots of projects you can choose from, but some of the most popular include repainting your living room walls, replacing your kitchen cupboards, installing new bathroom fixtures and add a few new lighting options. This way, your entire home is going to get a makeover and you’ll be happy with the results and how much money you’ve saved.

Sticking to a certain budget is hard unless you have enough money to go around. That’s why planning in advance, thinking about every single detail and buying cheap materials is necessary if you want to renovate your rental, raise its value and start making more money on it in the future.

Author Bio: Emma B. Joyce is a blogger based in Australia. She is a true home decor and DIY fanatic. Emma is interested in music and also is a big reading enthusiast. Finding new designs and patterns is her daily task. She got hooked on home accessories and decorations during her traveling and now cannot stop searching for new inspiration.

If you liked this article, subscribe to Rentometer's email newsletter to stay up-to-date on the latest trends in rental housing.