A successful landlord knows that one of the most important aspects of getting your property rent-ready is ensuring your property full of quality tenants. This means cash is flowing and you have money to expand your property portfolio or complete needed renovations.
One of the best ways to continue attracting renters and keep vacancies minimized is to make improvements in your rental unit and these improvements can come in a variety of forms.
This is why we at Halcyon Real Estate Services have put together this article so that landlords can understand the term renovations, and what kind a renter will want without impacting their bottom line heavily.
When you are tenant-centered and consider the amenities they desire, you’re likely to attract more prospects to your property and your current tenants will also want to stick around longer.
Here are some ideas to get you started with your property renovations:
Improving your kitchen is a great way to attract high-quality, long-term renters. But to really get them excited about your property, work on matching kitchen appliances to each other and use stainless steel finishes for your refrigerator, oven, and toaster for a more elegant appearance.
You may think it requires a significant amount of money to spend on kitchen products. However, there are quality products at a variety of price points. Modern appliances also have more features and are more energy-efficient. This passes on plenty of savings to the renter.
Other kitchen renovations include:
Bathrooms are other areas of a rental home that are important to renters. So, when considering remodeling a bathroom you could change the toilet to present an immaculate bathroom space or replace the shower and faucet fixtures to brighten up the bathroom area.
Making the bathroom appear spacious is a great goal for property owners. Renters will prefer a bathroom where they can store their toiletries, towels, and bathroom accessories.
Other bathroom upgrades include:
It might seem like the exterior of your rental property matters less than the interiors. But the of your property is where first impressions are made. So, you want to create a powerful impact right at the start.
Maintenance outside property must also be infrequent and cost-effective. If you’re the outside of your property looks highly attractive but requires so much energy and money to maintain then renters may be turned off.
Here are some curb appeal ideas you can try to grab the attention of prospective renters:
You may be asking yourself, are these renovations really necessary?
Investing in kitchen updates, bathroom remodeling, and curb appeal improvements may feel like a lot of additional effort. But this effort leads to greater income as renovated homes are often more popular and vacancies are low since attractive units tend to be occupied faster.
Here are outstanding reasons to invest in rental property renovations:
If your rental appears similar to those found in your neighborhood, you should start updating it. Little details matter and having property features that make your unit stand out from others is crucial to attracting further interest especially if you’re marketing.
Investing in newer appliances that save energy can reduce the utility bills and maintenance costs of your tenants, which tenants will consider.
Great renovations will increase the value of your property meaning you can charge a higher rental rate. So, if you wish to sell your rental home, its resale value will also be higher due to the upgrades you’ve done.
Renovating and providing amenities to the rental property should be part of every property owner’s plan. It equates to maximizing the income from your investment property. So, if you apply these tips, you will watch the interest in your rental unit explode.
If you’re looking for a professional property management company to supervise your rental home, contact Halcyon Real Estate Services.