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Landlords select low-cost and durable materials not only to save money, but because returns on high end renovations quickly diminish. If you spend $4,000 on new paint, carpeting, and appliances, you might be able to raise the rent from $750 to $900. On the other hand, if you spend tens of thousands upgrading your rental with granite countertops, porcelain tile, and wood floors, it probably won’t be possible to rent that $750 home for much more than $950. Obey the law of diminishing returns by keeping your renovation plans to the essentials only.

While you may select low cost materials, that doesn’t mean the workmanship should be of a low quality. Always bring in professionals to do the job. Tenants can tell when a renovation was done by a “weekend warrior.”