5 Best Renovations for Your Rental Property
The best way to eliminate property vacancies when turning your home into a rental property, is to keep performing property improvements. You win by attracting new tenants and encouraging current tenants to renew their leases. Providing a refreshed look ensures that potential renters will always seek your property out.
Remember to focus on tenants and their property desires. That said, be careful of overinvesting in renovations. Decide on the essentials and forget the inconsequential. No matter how aesthetically pleasing your property is, renters will always prioritize the property amenities and features that give them the maximum benefits.
Areas to Concentrate On for Rental Property Renovations
1. Add Some Essential Amenities
Your exterior and interior might be pleasing to the eye, but renters zoom in on the amenities showcased in your property. Even if a rental is physically attractive, it should remain functional. Among others, tenants look for the following in a rental unit:
- Storage shelves, cabinets, pantries, closet space
- Dishwasher for easy convenience
- Air conditioning for the summer months
- Parking lot, garage, driveway, covered parking area
- Balconies, verandas, rooftop space, patio, garden area
- Washer and dryer units
2. Design an Open Floor Plan in Your Rental
Spacious layouts are more attractive since it allows for easy movement throughout the unit. If you want your rental to look bigger, then you can start by combining some rooms. Tear down some walls to brighten up and enlarge the areas. Install huge windows to let the light in. An open floor plan can make the living space feel refreshing rather than closed-in.
Before doing a DIY project, however, you need to see the blueprint of the property. Some walls are created to solidify the structure of the unit. It’s best to consult professional contractors to ensure that the rental home will remain intact and sturdy.
3. Perform a Repaint Session and Improve Other Fixtures
Due to normal wear and tear, the paint covering the walls of your rental will eventually fade and lose its luster. You can hire a paint specialist to repaint your rental unit. This is an inexpensive renovation. Remember to use neutral hues to make it easy for the renters to do some color coordination.
Depending on your lease agreement, you can also permit your tenants to paint an accent wall or use their preferred paint color which could boost their happiness.
Other property updates could also touch on light fixtures to make the rental appear contemporary. There are several affordable and attractive light designs to pick from. Other items could also be fixtures such as updating the kitchen cabinet hardware, buying a carpet, or replacing blinds.
Note that repairing an item is preferable to replacing it if it still looks new and is functional.
4. Replace the Flooring of Your Rental Property
Renters prioritize good-quality flooring. The common preference is hardwood floors because it appears classic and is durable and maintenance-friendly.
On the other hand, carpets can cushion skid marks and contribute to less friction contact, but they’re hard to maintain. You need to allow time for proper carpet steam cleaning or pay a professional to do it for you.
Hardwood floors may be initially costly, but you don’t need to replace them because of natural wear and tear. Other more enduring floor types are porcelain tiles and marble flooring, though these can be quite pricy.
5. Dedicate Time to Improving Your Rental’s Curb Appeal
The way your rental looks from the outside is a huge determinant of a renter’s final decision to sign a leasing agreement. For this reason, it’s helpful for landlords to concentrate their attention on developing curb appeal. They can hire a good landscaper that can transform the front area of the rental.
Other ways of renovating the curb appeal would be refreshing the look of your entrance door and garage door. Coat them with new paint. It’s bound to revive the look, capturing more interest from people looking to rent.
You can also put the effort into planting new grass, creating a garden, adding some planters at the front of the property, and trimming overgrown branches and shrubbery.
Purpose of Property Renovations
Renovating your rental can present you with more opportunities to elevate the value of your real estate investment. You reduce your property vacancies, inspire the current roster of tenants to renew their leases, and continue to find plenty of potential tenants.
Here are more reasons that can justify why property renovations ought to be performed by landlords:
Property Differentiation
You can now stand out from similar rentals around your neighborhood. Small but important updates can create a big difference in the decision of prospective tenants. You can also increase the rent rate a bit given the renovations you’ve done.
Contribution to Energy Efficiency
If you invest in newer appliances and energy-saving features around the home, then this leads to lower utility bills.
Renters like to stay in a place that saves them money. For example, you can make use of solar panels to reduce the electricity bill.
Higher Resale Value
When you decide to sell off your property, you can be confident in pricing it above the market price. The value heightens with the amenities and features you’ve added to your real estate property.
Achievement of Renter Satisfaction
Tenants appreciate it when the landlord makes rental home improvements. They like having access to more modern and quality appliances, durable kitchen countertops, and other vital property updates.
The tenant experience will be greatly enhanced with your renovation projects. At the same time, fewer repair requests will be made, leading to higher tenant satisfaction and lower maintenance costs for you.
Bottom Line
To create a successful rental investment, it’s advisable to make rental property renovations. After screening to find the ideal tenant for your property, renovations will earn you long-term tenants and ultimately benefit your finances more than leaving things as-is.
If you need help with your rental property, contact McKenna & Vane Property Management! We have all the tools you need to reach your financial goals.
