There are many reasons why landlords try to avoid having vacant property. A common expense that rent payments can help cover is property repairs, maintenance, and upgrades. An updated rental property can keep renters happy and encourage them to consider staying long-term.
To ensure you have a habitable unit that attracts new tenants and retains existing ones, you want to offer excellent amenities. If you want to learn which property renovations will be beneficial to your real estate investment, keep on reading!
What to Focus On for Rental Property Renovations?
Avoid over-investing in improvements that don’t respond to the need of your target market. You want to concentrate on upgrades that renters will appreciate. Here are some renovations you should consider focusing on:
1. Save Up and Invest in Essential Amenities
Plan to improve your property amenities rather than doing surface-level updates. Tenants prioritize functional systems more than anything else. Consider performing the following amenity upgrades:
- Add storage shelves, cabinets, pantries, and more closet space
- Provide a dishwasher to offer convenience
- Offer an air conditioning unit if the property doesn’t have central cooling systems
- Build a parking lot, garage, driveway, or covered parking area to protect your residents’ vehicles
- Plan to construct balconies, verandas, rooftop space, patio, pergola, or a garden area to expand outdoor spaces
- Create a private yard with a fence to keep residents and, if you have a pet-friendly rental unit, their pets protected
2. Go for an Open Floor Plan for Your Rental
Wider, more open spaces tend to make residents feel more relaxed. You can achieve this by knocking down, non-load-bearing walls and combining rooms together to make it more spacious. You can also upgrade your windows and install large ones to welcome in more natural light.
But before launching a DIY project, it’s best to check the property’s blueprint to avoid damaging the structure’s foundation. There may be a reason why specific walls are positioned in certain areas of the property. It’s recommended to get advice from professional contractors to maintain the structural integrity of your rental home.
3. Plan a Painting Project
Over time, you’ll notice that the paint in your rental fades and appears dull. You can hire a paint professional to apply a new coat to make your unit’s interiors and exteriors more appealing. Compared to other types of renovation plans, this is a simpler and less costly renovation project.
Choose neutral shades so renters won’t worry about it clashing with their belongings or personal style. Some renters will request to change the paint colors and you choose can allow them an accent wall or approve it under some conditions like that they change it back to the original shade before the lease agreement term ends.
4. Improve Your Property Fixtures and Lighting
Another affordable property upgrade you can pick when renting out your property, is changing the light fixtures. With the available lighting designs in the market, it’s easy to find modern and attractive ones that fit in your rental space.
You can also consider are changing the hardware on the kitchen cabinet, bathroom or main door. It makes the unit appear more polished without necessarily spending a lot. Consider replacing blinds, curtains, appliances, and worn-out carpets, too. If some items can be repaired then fix them before purchasing a new one to help save money.
5. Replace the New Flooring of Your Rental
Replacing your floors can be a worthwhile plan. Budget for hardwood flooring since it’s attractive, durable, and easy to maintain. While carpets can make a room appear cozy, maintaining them requires regular steam cleaning. You might even have to hire a professional cleaner since they have the right equipment and skill to remove tough stains and allergens.
It may require a substantial investment to install hardwood flooring but they tend to withstand wear and tear exceptionally well. You can also choose porcelain tiles and marble flooring as great alternatives.
6. Focus on Improving Your Rental’s Curb Appeal
Potential tenants can form a decision based on how your rental property looks from the outside. You want to make your curb appeal enticing to increase interest and receive more property showing requests.
You can opt to hire a good landscaper that can make your front yard attractive, and repaint the entrance and garage doors. You can also pull out weeds, plant new grass, and trim branches.
What’s the Purpose of Property Renovations?
Property renovations can increase your opportunity to earn more rental income since you add more value to your property. It can also help limit tenant turnovers and motivate renters to sign a lease renewal. Here are other reasons why you need to upgrade your rental property:
It Differentiates Your Property from Others
If rentals appear similar around your neighborhood, you can start with a few renovations to make yours stand out. It can also give you the option to increase the rent rate since you offer additional amenities.
It Can Lead to Energy Efficiency
With old appliances, you may not enjoy energy-saving features which can reduce utility bill payments. Renters opt for rentals where they can save more from using energy-efficient items.
End Up with a Higher Resale Value
Should you plan to sell your property in the future, you can do so for a higher figure since it has modern fixtures and additional amenities which can increase its resale value.
It Delivers Renter Satisfaction
Tenants view property renovations positively. They like having access to top-notch amenities and modern fixtures and appliances. It can make your rental home more livable. It also results in making fewer maintenance requests.
Part of being a successful landlord is to renovate your rental home from time to time. It makes renters happy and results in their long-term loyalty. You can also opt to hire a property manager to oversee your rental operation and planned renovations. Are you seeking a trusted partner? If you are, contact Keyrenter Richmond today!