Money-Saving DIY Ideas for Property Owners

If you’re in the real estate business, or a landlord managing several properties, then you understand the importance of renovations. Your property might need improvements due to structural damage, or simply because they need an upgrade. Although most repairs require the expertise of an experienced contractor, some remodeling projects can be turned into DIYs.

You could save both time and money from handling the renovations yourself. Outlined below are a few tips and ideas on how to take on DIY home improvements successfully. It’s important to consider upgrading a property if you want to list your condo or apartment for rent, or even for yourself for the foreseeable future.

Use quality bathroom fittings and flooring materials

The bathroom is one of the most frequently used rooms in any property, hence it’s prone to wear and tear, among other forms of damage. Moisture levels may also contribute to the accelerated damage. For this reason, it’s advisable to invest in the highest quality faucets and fittings for the bathroom.

The floor too suffers wear and tear as time goes by. Invest in quality flooring materials as well, especially one that’s durable and easy to clean. Hardwood, linoleum and tile are great options. Although some of these might be costly, they last much longer (25+ years) and are a high return on investment (ROI).

Remodel the kitchen

A home remodeling project is a big and expensive undertaking. That’s why it’s important to spend money on the rooms that offer the highest ROI. The kitchen, next to the bathroom, is one of the most important areas to invest in. Even simple upgrades such as cabinets, light fixtures and hardware can boost the property’s value by up to 85%. Give the kitchen a fresh lick of paint will also do wonders to the value.

Invest in eco-friendly appliances and systems

Energy-efficient home appliances should be next on your to-do list. Consider replacing electric appliances with Energy Star rated ones. This applies to dishwashers, ovens, laundry machines, bulbs, refrigerators, and the HVAC system.

Switching to eco-friendly systems help you save money on utility bills, and they help save the environment. Install small items that make a big impact. Have a low-flush toilet installed to conserve water and save on energy bills. Next, install low-flow showerheads and instant water heaters to maximize savings.

While a bathtub uses up three times the water that an instant shower uses, you should refrain from removing a bathtub if you have one bathroom. Tubs help improve home value. Instead, you might want to have a low-flow showerhead installed in the bathroom above the tub.

Don’t forget about outdoor maintenance

Being mindful of the front yard, backyard, the fence, or driveway also increases a property’s value. Handling simple tasks like cleaning rain gutters, tending to walkways, repairing hinges and having the lawn nicely cut improves the property’s overall look and functionality. While tenants may be responsible for the property cleanliness, tending to some of these areas will motivate them to keep the compound clean. This also reduces the risk of being sued due to negligence should an accident happen.

Think outside the box

Think logically and creatively when it comes to upgrading your rental properties. Install appliances and hardware that complement the room or theme. Steel fixtures in the kitchen suit a more modern look, and it’s easier to find universal hardware to match.

Address improvements done by tenants in the lease agreement

Some tenants may want to make improvements to the property to suit them. Be sure to address such improvements in the tenancy agreement, and outline the required procedure to be taken should one wish to paint, remodel, or do anything else to the walls. Most landlords will need a written request for them to approve or disapprove.

The tenancy document should also outline which rental upgrades you can do without a landlord’s permission, and which need to be approved first. You may also allow tenants to take care of improvements, but at the cost of their security deposit.

Be proactive!

Take a proactive approach in how you manage and handle properties. Schedule maintenance and property improvements in advance in order to prevent problems from happening before they start. Don’t wait until the entire plumbing system in your home breaks down. Plan out specific times of the year to have water pipes inspected for leakage or damage. Install a carbon monoxide monitor and smoke detectors to prevent a disaster from happening.

In terms of renovations, start replacing old carpet, and DIY install new cabinets and wardrobes where necessary. Proper planning is mandatory to ensure these projects run smoothly. Don’t forget to come up with a budget for it all!

Not a DIYer? Installing hardware, painting cabinets and walls, and swapping out fixtures is simple and makes a big impact.

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