Make The Most Of Your Rental Property Renovation Budget

Make The Most Of Your Rental Property Renovation Budget

Time and tenants both take their toll on rental properties, and if you want to attract the best new tenants in San Francisco it helps to keep your properties looking good and fashionable.  However, renovations cost money—a lot of money—and most property managers don’t have big lump sums sitting around that they can use to hire every contractor they want all at once.  That means you’re going to have to make decisions about what to improve and in what order, so be sure to prioritize well.

1. Paint

Exterior paint is another big curb-appeal draw, and it’s also just about the first thing potential tenants will see when you give them a tour of an empty unit.  Make sure to choose simple colors like white and pale brown:  while they aren’t the most interesting choices, these colors have the broadest appeal.  Also, applying some new paint to your San Francisco home is easy enough that you can usually have the in-house maintenance staff handle it.

2. Windows

Windows are obvious from the outside thanks to the way they break up the walls, so replacing or repairing the property’s windows can go a long way to enhancing the curb appeal.  Your tenants will also appreciate how newly caulked and weatherproofed windows can save them money on heating and air conditioning.

3. Flooring

This is a more difficult addition, but changing or repairing the flooring can make a big difference in how appealing your interior is to new tenants.  Hardwood floors continue to be a popular option, and tile floors in bathrooms and kitchens have more appeal than linoleum.  Making the upgrade can be expensive, but also worth the cost thanks to greater interest.

4. Bathrooms

You don’t have to spend too much to improve a bathroom’s look and design.  A new showerhead can add a lot, and so can a mat for the bathtub that gives it some traction.  You can swap in a fancy faucet without having to replace the sink itself.  The cabinets can also be a quick update if you replace the doors with a matching color but a more intricate design.  A low-flow toilet is a bigger purchase, but it can save money in the long run.

5. Kitchen

The main features of a kitchen are its appliances, so you can space out the renovation costs by replacing the microwave, oven, refrigerator, and washing machine one at a time.  You can also replace the cabinet doors and kitchen sink faucet the same as in the bathroom.  If you have a larger budget to spare, you can replace the countertops with marble, replace the floor with tiles, and add a backsplash.

Repairs and upgrades to rental properties can be expensive.  However, if you know how to prioritize and find solid equipment at good prices, you can keep your property attractive without spending more than your budget allows.  At J.S. Signature Properties, we help rental property owners find good tenants in San Francisco, but it’s up to you to put your property’s best foot forward.

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