Are you looking to attract the right caliber of tenants and minimize the tenant turnover at your rental property? Would you be looking to maximize your rental income?
If you answered ‘yes’ to these questions, renovating your rental property is what you need to do. When done right, they will help improve the desirability of your rental property and that will help you achieve any goals you have as a property owner and investor.
Not all rental renovations are created equal, though. Some provide more value than others. The following are the renovations that have been proven to provide the highest return on investment.
1. Kitchen Updates
The look and feel of your kitchen have the potential to either attract or drive away a prospective tenant. After all, the kitchen is the heart of a home.
Generally, a savvy prospective tenant will want to see how functional it is, what appliances does it come with, and do they look new and efficient or are dated and in need of repair.
What about the décor? The vast majority of tenants want to see a contemporary kitchen, ideally with a stone or granite countertop. And remember to keep the décor as neutral and minimalist as you can so that it can appeal to a wider range of tenants.
You’ll also want to make sure that the kitchen is properly cleaned and looking refreshed. Therefore, it doesn't hurt to add a fresh coat of paint and do a deep cleaning on floors and walls.
2. Bathroom Updates
Besides the kitchen, this is another highly trafficked room in any house. As such, it’s a space that serious tenants will look closely at during a property showing.
The following are some of the things tenants want in a modern bathroom:
- Ample storage space
- A bath separate from the shower if possible
- Glass doors for showers
- A fresh coat of paint
- Updated fixtures
In addition, a prospective tenant will also want the assurance that you’ll respond to maintenance issues promptly.
3. Fresh Coat of Paint
Repainting your rental property is an easy and inexpensive way to upgrade the look and feel of the space. Matter of fact, paint can offer a great return on investment.
In your choice of colors, remember to go neutral. This will give your tenants a blank canvas to work with. You want to ensure that the colors you choose would go with most furniture so that clients can more easily make the space feel like their own.
Alternatively, consider allowing your tenants to paint the space a color of their choosing. By allowing them to personalize their rented space, they will feel more comfortable and happy and will be more likely to stay long-term.
4. New Floors
The majority of tenants love hardwood floors. They are not only easier to maintain, but they look classy as well. That said, many landlords choose to go with carpets due to their low cost. However, carpets are known to trap smells and require regular maintenance.
So, if you have the budget, go with engineered wood or even laminate. When looking to make a change to flooring don’t stop at the installation cost. Always consider the long-term upkeep costs.
5. Curb Appeal
The exterior of your property is what a prospective tenant will see first. You want it to look fresh and welcoming.
The following are some ideas to boost your property’s curb appeal:
- Landscape the front lawn
- Paint the entire exterior
- Trim overgrown shrubs and trees
- Install a new pavement
- Add a small garden
6. Open Floor Plan
If you have the budget for it, consider creating an open floor plan. Knockdown some walls to open up the space. An open floor plan is popular with tenants, as it makes a space feels bigger and brighter.
Knocking down some walls, however, isn’t a simple DIY project. So, don’t go in with a sledgehammer and start knocking down walls unless you have some experience in home renovation projects. Hiring a professional to do it on your behalf is the recommended course of action with this kind of property renovation.
7. Lighting
Good lighting and complementary decor help make a space look brighter, larger, and more beautiful.
There is a myriad of ways to do this. They are as follows:
- Go with light beige/gray curtains
- Deep clean the windows
- Paint walls a neutral, bright color
- Cover floors with a large, bright area rug
- If you provide furniture, pick those with lighter colors
- Place mirrors near light sources
8. Fence
Does your rental property have a fence? If not, consider adding one. Fences are especially desirable for rental properties targeting families, as a parent can let their kids play outside more safely.
And besides appealing to families, installing a fence on your property will also appeal to pet owners.
9. Eco-friendly Amenities
More and more people prefer to live sustainably. However, this often isn’t something that renters have control over.
So, if your home has dated amenities, consider replacing them with eco-friendly appliances. This will not only reduce the energy bill for your tenant but will also help your property stand out from the competition.
Summary
Making your rental property desirable is key to standing out. And when your property stands out, it may mean high occupancy rates and more rental income for you. Be sure to do a cost-benefit analysis before embarking on any renovations and think about the long-term effects of a property or appliance upgrade.
If you still got questions or would like help managing your rental properties, Pro X Property Management LLC can help! Contact us today to learn more about our services.
