Budget-Friendly Home Improvement Hacks for Lease Properties
Explore budget-friendly home improvement hacks for lease properties. Discover creative and cost-effective ideas to enhance your rental space without breaking the bank.
With time, every property needs some alterations and renovations to maintain its physical durability and appearance; including leasehold properties.
Some improvements may be carried out by leaseholders; the ones the landlord decides to make are called leasehold improvements. While there may be specific considerations related to these changes for the tenants and landlords, fixing up a space usually has a positive impact.
Whether your goal is to attract tenants or retain existing ones living on the leasehold property, this article will address ten crucial home improvement hacks you should consider.
Leasehold Property and Improvement
A leasehold property is one where the owner or landlord (freeholder) creates a legal agreement with the renter (leaseholder), allowing them to own the property for a fixed period of time; the lowest being 40 years but usually ranging around 90 or 120 years, and can go up to 999 years.
Long-term leaseholders will appreciate having home upgrades during their time on the property. When the freeholder initiates such changes in the leaseholder’s interest, only interior modifications in a specific tenant’s space are considered to be a leasehold improvement.
Such improvements benefit both parties because they increase the value of the property. Plus, the promise of upgrades will encourage tenants to sign a long-term lease, relieving the stress of finding another tenant. The property’s value also primarily determines the ground rent, costs, etc., during the valuation to extend leases.
10 Home Improvement Hacks For Leasholds
Apart from adding value to the leasehold, at the end of the day, the landlord still owns any improvements they made during a tenant’s stay; it’s a win-win.
Now, let’s explore ten practical home improvement hacks that will help brighten up your leasehold without breaking the bank!
Lighting Fixtures
Light fixtures tend to collect rust or stain over time and dim the appeal of your home, especially in the bathroom and kitchen. You don’t even need an electrician, which makes updating the lighting an easy, pain-free, and low-cost improvement project. You can swap old bulbs for LEDs to save energy and attract eco-conscious renters.
If you don’t want to spend money on new fixtures, you can simply dismantle the existing ones and spray-paint them in any neutral or metallic shade for an aesthetic touch. You can also creatively cover bulbs by adding adding fabric shades.
Modern Plumbing
Sinks, faucets, toilets, and showerheads can become water-stained, crusty, and look simply disgusting over time, so it’s important to either deep clean them during regular maintenance or invest in new, more modern fixtures made from brushed copper, bronze, or nickel.
These sleek fixtures will automatically elevate the bathroom’s overall look and appeal to renters because who doesn’t love a clean and cozy bathroom to have a relaxing shower? Ensure that you maintain consistency with the patterns and colors for a cohesive design.
Floor Upgrades
If you’re thinking about boosting value and durability, the first step is to change carpeted flooring to a more upscale material like stone, laminate, tile, or hardwood. As a rule of thumb, remember that hickory, maple, and oak floors are the most sturdy options.
Carpets also easily display wear and tear and stubborn stains that don’t go away, so upgrading this will only make the space look neat and fresh. Plus, it’s also easier for both landlords and tenants to clean and maintain hardwood, laminate, or tiled floors over carpets.
Door And Windows
In highly trafficked areas or places with fluctuating weather conditions, doors, and windows are susceptible to and usually undergo the most weathering compared to other house components, making it crucial to change them promptly or when required.
One of the telltale signs that the doors and windows need an upgrade is when moisture starts to build between panes, decaying frames, or air seeping through cracks and crevices. For windows, double-hung ones are best because they’re light and help with temperature control.
Fresh Paint
Nothing compares to the refreshed feel of a home than a fresh coat of paint. As a matter of fact, painting is one of the small-budget investments that reap the highest returns just because it makes a space look “newer.” Note that zero or low VOC paint ensures there is no negative impact on indoor air quality.
A cost-friendly approach to buying paint is to buy it in bulk; this way, you have enough to upgrade more than one unit on your property and get it for a lower wholesale price. When selecting the paint, opt for versatile colors and neutral shades like white, beige, or tan.
Modular Kitchen
The kitchen is not only a space where people spend a lot of time cooking and sharing meals but also one of the first rooms they look at to determine whether or not they like a house. Impress potential renters by renovating the kitchen.
Upgrade to high-quality countertops made from materials such as marble, granite, slate, or quartz that are not prone to staining or damage. Choose modular stove tops, cabinets, sinks, and other appliances to polish the kitchen up instantly.
Storage Solutions
Adding custom storage solutions like shelving, drawers, or rolling storage cabinets is not only effective in making use of underutilized spaces under staircases or above cupboards but also creates storage space to keep everything organized and clutter-free.
You can also install hanging racks on walls and maximize closet space with hooks or hanging organizers. Similarly, invest in multi-purpose furniture like beds with built-in drawers, storage ottomans, or tables with hidden compartments for extra storage.
Sustainability Is Key
Energy Efficiency Standards are undergoing updates and policy changes regularly. While you must stay on top of these, you can also respond to eco-friendly demands from renters to cut energy costs and reap the benefits of government incentives by creating a sustainable home.
Weatherstrip your home to ensure it’s well-insulated and install energy-efficient heating, cooling, and Energy Star-certified appliances. You can install low-flow fixtures for water conservation and programmable thermostats to optimize energy usage.
Smart Tech
Technology is limitless and has extended its advancement to homes. It allows you to upgrade your rental properties with smart devices that make life easier and provide a great return on investment by attracting potential renters.
Smart door locks and keyless entry systems are among the most common smart devices among mental rental or leasehold properties. Similarly, smart smoke and carbon monoxide detectors are another upgrade to increase safety and avoid any false alarms.
Landscaping
Curb appeal is one of the primary factors that make or break the first impression of a property. While this may not technically be part of leasehold improvements, you’ll be surprised by how much of an impression basic landscaping can leave on the property.
Trim and mulch outgrown shrubs or bushes, remove overgrown weeds, add some flower beds, and mow the lawn. Consider pressure washing any paved or concrete surfaces for a good deep clean.
Bottom Line
When done correctly, home improvements for leaseholds can be affordable, reduce maintenance costs, attract high-quality tenants, and give you an edge over other competing rental properties in your region. So, let our ten hacks guide you through the process while leaving a hole in your pockets.