The desire to bring in some extra income is one of the reasons people get involved in being a landlord. Though you want your property to turn a profit, you also need to make sure your rental unit is up to date and desirable so you'll always have renters clamoring for your property. You want to remodel apartments when they start become dated or simply start looking worn out. You can trim your remodeling budget by using some of the life lessons and skills you've developed over the years.
Walk through the entire apartment and take good quality digital pictures. Have friends review the pictures and gather input in regards to remodeling work that needs to be done to make the apartment look newer. Take notes so you weigh all ideas and options.
Paint the entire apartment, including all trim, throughout. The low cost of painting yourself will add curb appeal to the apartment and give the place a new look. Doing the work yourself will be much cheaper than hiring professional painters.
Deep-clean all carpets by using a steam cleaner. Opt to clean rugs yourself rather than having them cleaned by a service firm. Clean and wax linoleum floors and apply wood polish to wood floors. These simple flooring care steps will give the apartment the appearance of having remodeled floors for the low cost of properly cleaning them on your own.
Change all hardware and fixtures throughout the apartment yourself. Purchase coordinating knobs, hinges and other face plates for light switches to install throughout the apartment. You can simply install all items on your own by using a screwdriver. New pull handles and knobs along with a fresh coat of paint to kitchen cabinets is far less costly compared to having new cabinets installed.
Use professionals for electrical and plumbing work. Save money on such projects by making sure to receive at least three written quotes for each project to ensure you get the best, most competitive price. Ask if the price can be cut down if you do some of the work, such as removing wallpaper, sanding or applying the base coat of paint. Check all their references; a low-cost electrician or plumber who does shoddy work will cost you money -- and headaches -- in the long run.
- Adding brighter light bulbs can get you more light much more cheaply than adding windows. Install shelves to create the look of having more space. Wait for sales to purchase fixtures, appliances and other costly items.
- Do not attempt to tackle a remodeling project that you are physically and financially unable to complete, as this would render your rental property unlivable and thus you would lose rental income.