Between two tenants the flat is empty, so work is easy to get done. But what's actually worth it? Not every renovation pays for itself. Some pay back in higher rent, others only in finding a tenant faster.
First, look at the flat through a tenant's eyes
Walk through it as if you were seeing it for the first time. What's the first impression? The walls, the floors, the kitchen and the bathroom decide whether an applicant sees a home or a project. Tenants check exactly these things, as their viewing checklist shows.
Almost always worth it
- Painting. Light, neutral colours. It's the cheapest visible upgrade, and it makes a big difference in photos.
- Small repairs. A dripping tap, a loose handle, a window that won't shut. Little money, but this is how tenants judge how well the flat is cared for.
- Lighting. Good lamps instead of dim fittings.
- A deep clean. Windows, kitchen grease, limescale in the bathroom.
Often worth it
- New kitchen appliances, if the old ones are outdated or have a poor energy rating.
- Repairing or replacing the floor in the most worn room.
- A partial bathroom refresh: new mixer tap, shower screen, mirror.
These won't necessarily raise the rent, but they shorten the empty period and attract better tenants.
Rarely pays back
- Expensive designer furniture in an average district.
- A full kitchen replacement when the old one still works and is clean.
- Luxury extras that tenants won't pay for.
Here the point is the value of the property: useful if you sell or live there yourself, less so for the rent.
Do the maths
A simple formula: how much higher will the rent be, or how much shorter the empty period? If a HUF 400,000 renovation raises the rent by HUF 20,000 a month, it pays back in 20 months. If you also find a tenant a month sooner, even faster. This article works out what an empty month costs.
For tax, renovation costs may be deductible if you itemise your expenses. Our article on taxing rental income and your accountant can tell you more.
Timing
Schedule the work into the steps of a tenant changeover. Painting takes two or three days; replacing a floor can take a week. We wrote about tradespeople and budgets in our maintenance article.
FAQ
How often should I repaint?
Usually at every tenant change, or at least every two to three years. With fresh walls, the flat looks much better in photos too.
Furnished or unfurnished?
In Budapest, furnished flats are easier to let. Simple, good-quality furniture is enough.
Can I ask for higher rent after a renovation?
From a new tenant, yes, within market rates. For an existing tenant, the increase rule in the lease applies.
Rentkey
In Rentkey you can block the flat for the duration of the renovation, so it shows as unavailable in the calendar and on the portals. Suppliers, job costs and invoices are all stored with the flat.
