After renting out your property for a while, you may need to update its look in order to stay competitive in the market. And by making it more competitive, you may have an easier time renting it out to future tenants.
It goes without saying, however, that you should invest in the right upgrades. That is, those that promise a high return on investment. You may be able to accrue the following benefits with the right renovations:
- Lower energy consumption – Investing in energy-efficient features can help minimize the cost of utilities for tenants, which can be a great selling point.
- Improve renter satisfaction – Updating countertops, buying higher quality appliances, and making any other improvements will improve a renter’s quality of life. And this can help you retain great tenants.
- Tax deductibles – Allow you to make tax deductions from any repairs you’ve made to improve your rental property.
The following are the 9 best renovations to can do for your rental property.
1. Update the Kitchen
Being the heart of a home, a kitchen is an important focal point of any home. This is because people can spend several hours a day in their kitchen preparing and eating food.
With that much time, it only makes sense to ensure that it looks great for your tenant. One way of doing so is by matching the finishes of the appliances to give them a more cohesive look. Such appliances include the dishwasher, refrigerator, oven, and microwave.
You may also want to give the cabinets some updates. If the cabinets are still in good condition, simply consider sanding and repainting them and adding some new hardware. However, if they look like they have seen better days, then consider replacing them altogether.
Another area you can focus on is the kitchen countertops. If you have the budget, go for granite countertops. But at the very least, go for a countertop that can withstand heat, and is scratch-resistant.
2. Give the Bathroom a Remodel
Updating your property’s bathroom can also make your property stand out from the competition. If your property has a tired-looking bathroom with minimal storage, it may be the reason tenants are avoiding it.
The following are some tips to help you get started:
- Avoid fabric roller-blinds. The best blinds are wood or metal effect Venetian ones, as they can be wiped clean.
- Install splash-proof lighting
- Install basic fittings, such as a bathroom cabinet, mirror, towel ring, and toilet roll holder
- Go for vinyl flooring or other durable water-resistant materials
- Use proper bathroom paint on the walls
- Ensure that the space has proper ventilation as there can be an excess of moisture
3. Refresh the Curb Appeal
First impressions matter! If your property’s exterior looks dull and boring, prospective tenants won’t be inspired to look at what’s going on inside. The following are a couple of things you can do to reinvigorate your property’s exterior:
- Replace or repaint the front door
- Repaint the garage door
- Mow the lawn
- Trim back shrubs and trees
- Repaint the exterior walls
- Give the walkways and driveways a power wash
- Install easy-to-maintain greenery or flowers
4. Consider Replacing the Floors
While installing a carpet may be easy on your waller, it’s high maintenance. In addition, it traps smells and odors the cost of cleaning them can add up quickly. It’s no secret that most people prefer hardwood floors and for good reason. It not only looks great, but it’s also easy to clean.
If you can the look and convenience of wood floors but don’t have the budget for it, look for more cost-effective alternatives.
5. Repaint Walls
When choosing paint colors, remember to go neutral. Neutral paint colors will give renters a blank canvas to work with that will go with their furniture. Alternatively, offer your tenants the option to paint them a color of their choice. However, if you go with this option, make sure they follow certain guidelines to avoid issues.
For example, require them to pay a fee and require them to hire professional painting services for the job.
6. Reinvigorate the Lighting
Dark rooms can make a person feel cramped and unmotivated. On the other hand, a bright room brings life and energy back into space. The following are some tips to help you in this regard:
- Limit dark colors to accents
- Paint the ceiling white
- Commit to light furniture
- Choose pale-colored flooring
- Deep clean the windows
- Install new light fixtures
7. Make Easy Fixes
Go round your rental property and check whether everything is working as intended. Are there leaky faucets? Are the gutters and downspouts working as they should? Is the roof missing some shingles? Ensure that your home is rent-ready as these small changes can make a huge difference.
8. Consider an Open Floor Plan
Open floor plans are becoming more and more popular among savvy tenants. They basically make a home feel brighter and larger. Also, adding a couple more windows can achieve an almost similar effect. Please note, however, that this isn’t an easy project so it’s best to consult with and hire contractors.
9. Add Amenities Renters Want
Make your rental property stand out by adding popular amenities. Investing in the right amenities can improve the value of your rental investment, help you fill vacancies quickly, and give you a chance to increase rent.
The following are some of the popular amenities you can consider adding to your rental property:
- Dishwasher
- Fenced-in yard for pets
- Outdoor living areas
- Off-street parking
- Air conditioning
- Storage space
- Washer and dryer in-unit
Bottom Line
These are the 9 renovations you can make to the rental property that can help you attract and retain quality tenants, increase your property’s value, and improve your investment’s energy efficiency.
For expert help managing your rentals speak to the team at Young Management. We are one of the top property management companies in Kansas City, MO. We can help you screen prospective tenants, market your rental property, respond to maintenance issues, and provide you timely financial reporting. Get in touch to learn more!