Best Renovations for Your Rental Property
Owning a rental property is a great way to earn passive income, but there’s nothing passive about managing it. In this competitive industry, you need to be on your toes. One way to stand out from other rental properties is to be on the lookout for renovations.
You may be asking, why focus on performing renovations when your property is well maintained? Great question! Renovation is one of the top methods to increase your property value. It’s also a foolproof way to keep your rental property occupied so marketing is a breeze. It’s known that renovated rental units are often quickly snatched up by renters. This is because people love upgrades and improved amenities.
With this understanding, Leenan Properties have put together this article and the below video to help landlords understand what renovations have the most impact on a property.
Here are some of the other benefits that renovations bring:
Easy for your property to stand out
If your neighborhood offers older rental units, yours will differ from the rest of it looks more contemporary. Having updated facilities also means less broken pipes and interior issues to contend with.
Maximizes energy efficiency
Replacing old appliances will lower the utility bills, which tenants can appreciate. Newer models are designed with energy efficiency in mind.
Renters obtain satisfaction
Living in a recently renovated home means property issues and defective appliances will be the least of the renter’s worries. This makes staying in the property convenient since it’s absent of frequent maintenance calls. Plus, you don’t have to keep hiring someone to fix a malfunctioning oven toaster if it keeps breaking down.
Areas to Focus on for Renovations
Before immersing yourself in property improvement projects, assess what kind of renovations you have in mind. Make sure that this type of upgrade is a priority for your target market. Otherwise, you’ll be wasting your finances. Focus on the functional areas, not simply for aesthetic purposes.
Here are some recommendations for where to concentrate:
People spend significant time in kitchens since it’s where we prepare meals and often eat. So it’s not a surprise when prospective tenants make their way to the kitchen area of a rental unit during a property viewing. They scan the type of appliances available and the amenities.
These amenities include the following:
Is there a backsplash for easy cleaning? This is a low-cost way to make your kitchen area tidier. It improves the appearance of the kitchen and makes it convenient for renters to maintain it.
Does it have scratches and stains? Countertops give a luxurious look to a kitchen. It’s also very functional since it’s a durable feature.
Is there enough space for storage? Install cabinets for adequate storage. To refresh old ones, you can repaint and attach new handles to reduce your costs.
2. Bathroom Upgrade
Prospective renters also check the bathroom area of the house since people spend a lot of time in this room. It’s best to maximize the space of your bathroom, especially if the square footage is small. Avoid bulky items and furnishing. The bathroom is one of the easiest areas to remodel since one can add shelves and change faucets for a more tasteful look.
Here are ideas to try in improving your bathroom:
Are the bathroom accessories looking too old? It’s relatively inexpensive to buy new faucets and showerheads that looked fitting in the bathroom.
Is your toilet looking old? It’s best to replace it with a newer one to make the bathroom look brighter and cleaner.
Extra space is always a blessing. Be sure to have enough to store bath products and towels. You can find many of these products at shops like Ikea. = You can also transform an old dresser for a vintage chic look.
3. Improve Curb Appeal
One of the most influential aspects of a rental home is its curb appeal. To create a great impression to prospective renters, make sure it’s appealing. People often notice good landscaping or a fresh coat of paint.
Here are tips to improve the look of your curb appeal:
New paint coating
Painting the exteriors of your rental home contributes to its attractiveness. A fresh coat can do wonders and doesn’t cost much. Even if your home is an older model, it can make it look newer and well-maintained.
It’s nice to have a green space to enhance the look of a rental property. Some tenants love to garden and designating even a tiny area for it can be conducive to this hobby.
Grow some shrubs and grass. This will make the environment aesthetically appealing and refreshes the eyes. Make sure that the plants are well-trimmed. Otherwise, the property can look disheveled. Check that the trees are not blocking electrical lines.
4. Add More Amenities
Renters evaluate properties based on amenities. If properties are similar to one another, the amenities can be a huge factor in their decision-making. This is because more amenities make life more convenient, and who wouldn’t want that?
Here are popular amenities you can consider bringing in your rental unit:
If your tenants own vehicles, having a parking space will have an impact since it will be more convenient and secure for them.
If your property is designed for multiple occupants, it helps when there are plenty of cabinets, closets and shelves. You can also consider furnishing that doubles as additional storage space.
Washer and dryer
Aside from the convenience, having both can make laundry easy, especially in the winter when drying clothes takes a long time.
Humidity can be uncomfortable, so air conditioning is always welcome. This alleviates the heat, especially during rainy days when humidity is at its peak.
If you have extra cash, investing in a dishwasher can benefit renters and save them needed time. This is particularly beneficial to families.
To keep up the value of your rental property, periodic upgrades are required. This is to stimulate interest and also retain your current tenants. They’ll appreciate a well-maintained rental space.