Should You Renovate Your Rental Home?

If you’re a renter, you may think you’re stuck with what you have.

After all, if you renovated, you wouldn’t see a return on your investment. Right?

On the contrary. Though it flies in the face of general belief, there are indeed instances when renovating your rental home might make sense. Your return on investment just won’t be monetary – it will come in other forms.

When to Renovate Your Rental, and When to Live with It

Remodeling when you’re a renter may seem silly to you, but there are times when it’s a good idea.

You Plan on Staying for the Long Haul

If you’re renting with zero plans to move in the next few years, small renovations can improve your life. Better yet, you get an updated space without having to deal with the negatives of home ownership.

If you’re staying longer than two years, cosmetic changes can make all the difference between a place you like and a place you love. This can mean anything from painting the walls to re-tiling the kitchen backsplash.

The key word here is cosmetic. You’re not ripping out walls or overhauling anything, because big renovations will waste your time and your money.

Your Landlord is Open to Working with You

If the changes you want to make are a little more drastic (you want hardwood floors installed, or you just can’t live with that dingy, tiny shower anymore), you might be able to negotiate with the landlord.

After all, updates to your rental increase its value, and that’s good for the owner. Your landlord may even be willing to reimburse you for a partial amount of the renovation cost, or give you free rent for a month or two in exchange for updates.

Whatever you do, get permission first, and get it in writing – including how the landlord will (or will not) be contributing.

Small Changes with Big Impact for Renting and Remodeling

There are lots of small things you can do to improve your rental that don’t cost much money. These might be worth it to you if you want to make your home life better.

1. Paint the Walls

One of the smallest changes you can make for the biggest impact is painting the walls.

2. Change the Bathroom Fixtures

If you hate your dated faucet and shower head, replacing them isn’t as complicated as you may think.

3. Paint the Kitchen Cabinets

Brighten a kitchen instantly by painting dated cabinets white.

4. Install New Carpeting or Flooring

Vinyl wood-look flooring is surprisingly inexpensive and looks just like real hardwood.

5. Install a Closet Organization System

If your closets need an overhaul, installing an organization system is an easy way to get the storage space you need. You can even buy kits at home stores that have everything included.

There are times when it’s a good choice to renovate your rental home. Just make sure your landlord approves any changes, and don’t spend too much money or gut the place. If you’re still unsure about remodeling when you’re a renter, go with your gut. Your home will thank you.