When renting out your property, maintaining your competitive advantage over other property owners is important. Performing renovations is required to keep your property competitive. All things are subjected to wear and tear, including your rental unit. A great way to address this is to plan rental home improvements.
Renters are more likely to be attracted to units that have been recently upgraded and are maintained in top condition. If you have current renters, they’re also motivated to stick around and renew their lease when they see property updates. Therefore, renovations are worthwhile investments that seasoned property owners make.
One of the best effects that renovations bring is keeping long-term tenants. This ensures that your returns are safeguarded. You’re more likely to reduce property vacancies and have excess funds to pay property maintenance costs.
When performing renovations, avoid overinvesting. Consider what your renters prioritize and focus your updates on that area. Here are some of the key areas to center your renovation projects around:
1. Maximize the space in your kitchen and bathroom.
Kitchens and bathrooms are the most frequently used areas by the occupants. So when conducting your renovation project, focus on how to make these areas appear spacious.
Provide storage space to limit the clutter, which tends to make a room look smaller than it is. With your items properly stored, the kitchen and bathroom appear more inviting and neat.
For your kitchen area, you can:
- Coordinate the appliances by choosing a stainless steel finish for a more elegant style.
- Sand and repaint the cabinets.
- Change the hardware fixtures for cabinets.
- Invest in a high-quality countertop that elevates the look of your kitchen.
- Add a tile backsplash.
For your bathroom area, you can:
- Put up some shelves to limit the clutter on the counter space.
- Upcycle an old vanity table as additional counter space.
- Change your faucets and shower heads with new hardware for a more modern look.
- Choose a walk-in shower over a bathtub since it occupies less space.
2. Continuously upgrade your curb appeal.
Since the external part of your rental tends to be exposed to harsh weather, wear and tear is faster in this area. It’s important to pay attention to your property’s curb appeal.
Impress potential tenants by providing a lot of improvements. You want to nudge the prospective renters to decide quickly when they see how your curb appeal looks. This way, it’s easy to get them to sign a rental agreement with you.
If you can invest in a landscaper or gardener’s services, hire one. With expert professionals attending to your curb appeal, it’s easy to make it attractive. But don’t forget to simplify the maintenance. A lot of renters don’t want to be overloaded with maintenance tasks, especially if they have little free time.
For your curb appeal, you can:
- Schedule a repaint session of the property exteriors to maintain its fresh appearance.
- Trim weeds and overgrown plants and trees.
- Add planters to brighten up the outdoor area.
- Design a walkway leading to the front of the unit.
- Replace a worn-out-looking door.
3. Decide on quick and easy updates.
You can hesitate and put off property renovations when you think about the additional costs. But making property improvements doesn’t have to break the bank. You can make small and easy changes that can make your rental home more comfortable for the tenants. It can lead to them staying long term when your place is well-maintained and kept habitable.
Little adjustments and tweaks can create attractive updates. The costs do not have to be high for landlords who wish to offer an upgraded rental.
For easy property updates, you can:
- Purchase and replace the light fixtures with more stylish ones that add to the appeal of your unit.
- Replace the blinds, wallpapers, and door hardware, especially if they begin to show dullness or appear aged due to normal wear and tear.
- Book a repainting session every few years to keep a fresh-looking rental home.
4. Decide which amenities to add.
Before going through with your renovation plans, you should study which specific amenities your tenants find essential. Do they need a parking spot for their vehicles? Do you allow pets which means adding facilities that are convenient for the tenants? Can you install in-suite laundry?
For a selection of amenities, you can consider the following:
- Dishwasher.
- Storage areas.
- Air conditioning units.
- Parking spaces.
- Granite countertop.
- Pet facilities.
- Hardwood flooring.
Bottom line
Property renovation projects set your unit apart from others and allow you to charge a higher rent rate over time. With newer amenities, renters are willing to pay extra, especially if they feel more comfortable.
If you need advice on what renovations will be most effective for your rental property, partner with Advantage Property Management. We can assess your property and make suggestions on how to make it as appealing as possible. Get in touch with us today to learn about the services we can provide for you!