I do my best to renovate the house under budget (<$2000-$3000) after purchasing each cabbage house. i only buy good cabbage house in relative good district (BaiYu house, you may say).
I spend budget money for 'luxury' stuff. Most landlords here are against for wasting money. However, there is a good return for that.
I automatically change (if existing ones are not acceptable):
0) change all blinds, regardless conditions ( ~$30 a piece).
1) all faucets to stainless steel ones (good looking, nice ones), especially kitchen.
2) change brand new carpet if needed ( $1500 for a 2400 sqft house, i have good deals)
3) change kitchen counter to granite and backsplash, with new sink ($1500 to $2000, again i have good deals)
4) touch up or repaint whole house ($1500, 2400 sqft, again good deals)
5) install good ceiling fans ($100 each) if not there
6) install new ceiling lights and chandliers (good ones but < $100 each)
Most of the time, for < $3000, your house is sparkling and can be rented within a week or 2. You saved money by renting it out fast and you have the luxury to 'select' the 'good' tenant.
We are in a competitive market anywhere and everywhere. For every house you are renting out, there are 10 or 20, 30 houses down the block. Why people choose yours? Think about it.
Don't save money in rennovating your house but you need to have a good tast and don't over spend!
