As a landlord, you will want to earn regular and passive income from your investment. So, you should do your best to avoid vacancies. You must learn the skills to keep your tenants happy, for the long term.
When considering rental renovations, you should hold yourself back from over-investing. Renovating your personal home and rental home are two different things. Tenants are unlikely to care for your unit the way you will treat your home.
So, focusing on performing upgrades on the essential amenities that provide the most value to the renters.
Rental Property Renovation Recommendations
To maximize your returns, you should aim to learn the interests of your renters. This way, you can enhance your property to make it more attractive in the eyes of the occupants. This will inspire them to stay longer and contribute to your goal of earning consistent revenue.
Here are some areas to concentrate your attention on:
Renovate the Kitchen
A coordinated appearance in your kitchen makes it far more appealing. Stainless steel finishes for kitchen appliances usually land in the top ten amenities among tenants. So, having similar finishes for the refrigerator, oven and dishwasher will gives the kitchen a unified look.
Landlords don’t have to upgrade to the most expensive product items. There are many available appliances at mid-range prices. You can also renovate your kitchen by focusing on the following updates:
Improve your cabinets by repainting it for a more refreshing look. Sanding also leads to a smoother finish. Change the hardware for a trendier style.
Install a countertop with a durable material. Good countertops such as one made of granite can easily resist scratches and stains.
Remodel the Bathroom
Typically, during a property viewing, prospects examine the bathroom area as closely as they would the kitchen. So, making improvements then is critical if you want to present a more attractive rental home.
Some affordable improvements you can start with are replacing the shower head or adding a shower head. You can also change the cabinet hardware for a sleek look. To enlarge the space, you can install the following:
- Walk-in showers instead of sticking with a bathtub that takes sizable room
- Sliding doors to save up space
- Extra shelves for storage of bathroom essentials
Address Your Curb Appeal
Even before potential tenants have entered your rental home, they have formed their first impressions based on your curb appeal. To ensure that they form a great opinion, make sure the outside of your property shines as bright as the inside.
Proper landscaping is usually needed so the exterior looks cared for. This doesn’t necessarily require intensive or costly maintenance. In fact, it’s better to keep the improvements affordable and time-efficient so renters can easily keep up with the maintenance. Here are more improvement tips to apply to elevate your curb appeal:
- Showcase a garden no matter how tiny it is.
- Replace dying plants with new ones.
- Apply a fresh coat of paint to the rental exterior.
- Pull out weeds and trim foliage.
Update the Floors
Renters generally favor amenities like hardwood flooring. So, if your rental home has a different flooring, you may choose to invest in a replacement. What makes hardwood the best choice is its easy maintenance and classic style.
Carpets are often used by property owners to cover the floors since they’re less costly. But carpets require more maintenance, and you have to schedule steam cleaning now and then. They also don’t last long and can absorb odors or stains easily.
Open Floor Planning
Another way to make alterations in your rental is to create more space by choosing to knock down some walls. Aiming for more open spaces can instantly make the unit brighter. You can also add more windows that can welcome lighter to the interiors of the home.
Before proceeding with your plan, it’s important to consult a professional builder which walls to take down. Some walls are designed to be a foundation support and can harm to your rental place if you touch them.
Reasons to Renovate your Rental
Investing in property renovations from kitchen upgrades to bathroom remodeling creates more opportunity for the landlord to earn more. Rental properties with modern upgrades are seldom vacant in contrast to older units. So, investing in renovations pay off in the long run.
There are a number of reasons why renovating the property is wise. Here are some of them:
Separating Yourself in the Market
If there are similar rental properties in your market, you can stand out from your competitors by performing renovations. This leads to your rental home attracting more prospects and you can also charge a higher rent, given the amenities you provide.
Designing a rental home that includes energy-efficient appliances and smart technology can reduce utility bills, which draws more attention to renters who want to save while staying in a rental space.
Increase the Property Value
Presenting excellent property features along with inspections, naturally heightens your property’s value. If you decide to sell it in the future, you’ll be able to fetch a better price for it.
Renovations benefit landlords by helping them keep around tenants for the longer term. So if you plan your renovations well and create a reasonable budget, you’re bound to have happier tenants, more prospects, and better income.
If you need a property management company to oversee your rental renovations on top of other services, contact ourselves at Rent Easy today.