Top 5 Budget-Friendly Tips for DIY Landlords

January 18, 2022

Being a DIY landlord means doing most of the tasks yourself: maintaining, renovating, or remodeling your rental properties. Nowadays rental management software allows operating more effectively, maintaining properties better, increasing the profit potential, and keeping everything in one place for landlords.

As a landlord, you need to take specific precautions to preserve your investment. Repairs or renovations may be required promptly, regardless of the cost in some instances, especially if your rental is occupied.

Many repairs and modifications may be done on your own with research and some handyman skills. However, if you’re unsure or unable to complete some tasks on your own, hiring a professional is always an excellent alternative. Consider completing as many things as you can on your own time before enlisting the help of professionals for the bigger, more critical jobs, such as roof repairs, HVAC maintenance, or plumbing.

Test yourself with answering some basic questions regarding maintenance tasks:

  • Have you ever fixed leaky pipes?
  • Do you have experience unclogging drains?
  • Have you ever muffled slamming the door?
  • What about defrosting the freezer?

These are home repairs you can and should DIY as well as some money-saving strategies for projects you might decide to do on your own.

Rather than reacting, be proactive

In most cases, planning (to the best of your ability) saves you money in the long run. Make a list of all the house projects you want to do, sort them into needs and preferred enhancements, and set aside time to complete them. You may space tasks out throughout the year based on your availability, timetable, and money by creating a schedule.

However, even if you have a plan in place, problems will inevitably happen, and you’ll need to address them instantly. It’s always preferable to deal with maintenance problems as soon as you detect them rather than allowing them to grow out of control.

Time is on your side. Take one step at a time

The main concern of landlords is that they are trying to complete everything at once. The easiest way to stay within your budget is taking step-by-step on every renovation needed. Prioritize projects based on their priority and complete them one at a time. If you own or manage multiple properties, you’ll find that approaching them in this way is much less expensive than trying to upgrade all of them at once. If you’re simply renovating one property, again, try to do tasks one at a time rather than improving everything at once.

Deal with things on a vacant property only

It’s best to renovate or update while the property is unoccupied. It will provide you with the space and freedom you require to complete your task without having to worry about notifying tenants or infringing on their rights. Even if you don’t have any urgent or essential repairs to make, use the time when your property is not occupied to think about changes that could increase the value of your property. You may be able to ask for a higher rent at the start of your next lease term if you have the funds to complete a few smaller tasks on your wish list.

Think of energy-efficient appliances

Consider sustainability and energy efficiency while you make improvements and repairs to your home since these decisions can save you money for years to come. For example, replace appliances and light bulbs with green and energy-efficient alternatives whenever possible. You can save up to 30% on electricity expenses by installing energy-efficient appliances. Weatherproofing and appropriate insulations are two other simple and inexpensive ways to save money and energy.

Give preference to long-lasting materials

If you notice that routine maintenance doesn’t work correctly, or if you’re constantly correcting the same problem, it may be time to replace specific features with newer, higher-quality alternatives. High-quality materials that last longer and resist wear and tear are usually worth the extra money upfront. Durable materials are more manageable and less expensive to maintain. They will likely boost the desirability and marketability of your home.

Final words

Whether you want to upgrade a rental property, you should make wise, sensible, and practical renovation selections. Then, consider all your alternatives and look for simple and cost-effective ways to upgrade your house. 

Also, check out the tips on becoming a maintenance guru for DIY landlords. We hope that the information highlighted in the article will help you reduce renovation expenses and prevent severe home damages.

first time landlord guide

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