Best Renovations for Your Rental Property

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.

How to Increase Your Rental Value

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:

Update the Kitchen

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:

• Cabinets: Your existing cabinets may be looking dull. So, instead of building new cabinets, you can sand them, put on varnish or repaint it.
• Countertops: Many materials are available to be used with kitchen countertops and the best countertops can resist stains and scratches. So, consider this if you are updating the kitchen.
• Accessories: Simple things like shiny faucets and tile backsplashes can be refreshing to the eyes. These are also affordable. Backsplashes provide ease in cleaning and renters love saving time.

Remodel the Bathroom

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:

• Sliding doors, barn doors, or pocket doors: installing this type of door can save more space instead of using regular ones.
• Walk-in showers: in lieu of a bathtub, which can make the bathroom appear smaller, walk-in showers can make it look spacious.
• Bathroom shelves: rather than installing closets, you can opt to set up shelves to conserve more space for storage.

Add Some Curb Appeal

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:

• Paint your rental’s exterior: new paint can make the rental unit attractive. Make sure to paint the front door to make it appear brighter.
• Add plants: Adding quality low-maintenance plants to a property really improves its appeal in a cost-effective way.
• Create a concrete pathway: this directs the eyes and makes the exterior appear neater.

Reasons to Conduct Renovations

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:

Create A Competitive Edge

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.

Provide Efficient Energy

Investing in newer appliances that save energy can reduce the utility bills and maintenance costs of your tenants, which tenants will consider.

Boost Property Value

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.

Bottom Line

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.