8 Home Improvement Ideas Under $500

In This Article

In this post, I’m going to be going over improvements that you can do to your properties for less than a $500. Let’s jump right in.

Low-Cost Property Upgrades

1. Paint

Paint really pops, especially when you have a resident or a prospective resident walking through. They smell that fresh paint, and it really gives your unit that pop.

In the video above, the unit shown is just under 700 square feet. Its two-tone paint scheme with a gray base and white trim was just $375.

2. Hardware

Replacing hardware like doorknobs and cabinetry handles can make a big impact.

Related: Beyond Bathrooms & Kitchens: 7 Upgrades to Boost Property Values & Rents

3. Fans

Fans are another small thing that can go a long way, especially if the existing fan is really outdated.

4. Flooring

Is there carpet in a room that you can rip out and put vinyl plank or laminate throughout? You can get that at a very affordable price.

5. Blinds

Blinds are very cheap. Even if blinds are in place and in working condition, replacing them can give a unit a little pop.

6. Appliances

You may be able to get a discount on some stainless steel appliances at a used appliance store. Other times, it’ll be a little above that $500 range, maybe somewhere between $500 and $700.

Related: 4 HGTV-Level Upgrades to Make Your Flip Stand Out

7. Countertops/cabinetry

Resurfacing countertops and cabinetry can make a big difference. Rates on this range. In the unit in the video, we were able to get $160 per resurface. We do that through economies of scale. Since this property is 80 units, we’re able to get a more affordable price.

8. Backsplash

This is one thing prospective tenants really notice. And it was completed for just $125—materials and install!

The Bottom Line

So those are some improvements you can make for under $500. Even if you’re on a shoestring budget, these upgrades can really take your unit above and beyond.

Are there any cheap upgrades you’d add to this list? 

Share in a comment below!

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.