To get the attention of prospective renters and maintain the loyalty of your current ones, performing property renovations is a sound strategy. It’s also important for landlords to continue fostering a habitable environment by making functional improvements to the property.
On the other hand, property owners must be careful and refrain from providing updates similar to what they’d do in their own homes. You want to ensure that your renovation aligns with the needs of your target tenant demographic while also protecting your property’s value.
Rental Renovations that Elevate Value
To continue to gain and increase your income, you should study the needs of their tenants before pursuing improvements. Doing this will help guide you on how much you need to invest in a project.
Not all updates need to break the bank. Before you begin, however, it’s vital to know what changes will move the needle, which improvements renters appreciate more, and what will increase a rental’s value. Here are some areas to concentrate your attention on:
1. The Kitchen
Investing in stainless steel finishes for kitchen appliances can give a uniform look instead of mismatched items. You don’t have to purchase everything in one go and can opt to replace one appliance at a time. You also don’t need to spend so much by picking luxurious products, mid-priced appliances are also satisfactory.
Other great ideas for a kitchen renovation can include:
- Sanding and painting the cabinets – When you replace the cabinet hardware and apply a new layer of paint, it can appear new.
- Choosing a durable countertop – Investing in a granite countertop can make your kitchen stylish. Apart from that, the material is durable. You can also opt for other durable, less expensive countertops depending on your budget.
- Affordable updates – Even just changing the faucets and adding tile backsplashes can improve the appearance of your kitchen. And it’s quick cleaning, thus gaining more approval from the tenants.
2. Bathroom Upgrades
Applying alterations in your bathroom can capture more interest from the prospects. This is a prime reason why landlords decide to make improvements in the bathroom area. Ideas for bathroom upgrades can include:
- Replacing the toilet/ toilet seat – A new toilet or toilet seat can make the bathroom appear tidier.
- Using pocket doors/ sliding doors – Maximizing the bathroom space can be achieved by installing pocket doors or barn doors. No additional room is taken since there’s no need to swing out the doors.
- Adding shelves – Extra storage is always needed and you can provide this by building shelves and installing hooks to keep towels and other bathroom products organized. If you can, strive to have a bathroom for each bedroom in your rental home as this can be a strong feature that attracts more prospects.
3. Enhance Your Curb Appeal
It’s natural to evaluate the appeal of a rental property based on how it looks from the outside. If you intend to evoke a great first impression then enhancing your curb appeal is a must. Improve the landscaping without making it a high-maintenance process. Ideas to elevate your curb appeal can include:
- Trimming shrubbery – Trimmed branches and shrubs can make the greenery outside your rental look well-maintained. It can improve the appearance of your exterior and make passersby admire the upkeep.
- Planting fresh grass – Even if your exterior is clean if the grass appears dying and there are lots of weeds, it can leave a negative first impression.
- Setting up planters in front – Beautifying your exteriors can elicit positive reactions. You can do this by displaying planters with refreshing flowers outside.
- Paint the front door – Adding a fresh coat of paint to the front door can freshen up the outside of the home.
4. Easy Update Alternatives
Changes to the property don’t have to mean spending a lot of money, you can create improvements even with a limited budget. Here are a few project ideas to keep in mind:
- Paint your rental – Go for neutral shades so it’s easy to touch up the paint. It will also be simple for the furnishings to match the basic paint colors. Some tenants may put in a request to change the paint shades. A landlord can decide to make a conditional agreement.
- Refresh the lighting – If you wish to modernize your rental home without spending a lot, install stylish lighting fixtures. This can brighten up your rental spaces.
5. Incorporate Top Amenities
With several rentals to choose from, prospective tenants can narrow down their choices to what amenities a specific unit can offer. Here are some amenities to invest in for your property:
- Air conditioning unit – When the summer heat becomes stifling, having a centralized A/C is more than welcome.
- More storage space – With large families, it can be challenging to store their possessions. See if there are sections of the property, like under the stairs or in the attic, that can be turned into additional storage space.
- Dishwasher and washer & dryer – For the tenants’ convenience, you want to equip your home with useful appliances that can cut downtime spent doing chores.
The Importance of Conducting Renovations
It can be an additional effort to plan and proceed with your renovation projects. However, the results can be very beneficial for your rental business and overall investment when done right.
Replacing appliances with newer ones that are energy-efficient and hiring a landscape specialist can amplify the best features of your rental. You could also be justified in raising your rental fee given the renovations you’ve done. In the long run, your returns are higher. Some of the best reasons to renovate are:
- To stand out from your competitors
- Raise the property’s value
- Meet or exceed the tenants’ expectations
All in all, landlords are encouraged to consider renovations. It reduces property vacancies and boosts tenant retention rates. This results in scoring consistent income every month. If you would like to manage your rental properties speak to the experts at Haas Properties. We offer full-service property management solutions and strive to provide property owners with peace of mind!