Best Renovations for Your Rental Property

Even if your interiors look fantastic, people can often make passing judgments on how your unit looks from the outside since this is the first thing they see. That’s why you need to create a good impression by improving your curb appeal. 

As much as possible, ensure that your front yard appears immaculate with no clutter or trash scattered around. You may want to engage the services of a gardener or landscaper to make your exteriors appear vibrant and welcoming.

Here are ways to make your curb appeal captivating:

• Plant the right kind of plants
• Fill the front space with beautiful blooms
• Start a garden
• Apply a fresh layer of paint to the property’s exterior
• Remove overgrown branches from trees
• Update the night lights 

Remodel the Kitchen

Many prospective renters include kitchens as a deciding factor when considering signing a lease. They assess the available appliances and may even check if these are new models that are energy efficient. Utility bills tend to be lower when you offer the latest appliances.

You can also add stainless steel appliances and granite countertops since they elevate the look of the kitchen and can withstand scratches.

Investing in solid material can slow down normal wear and tear and limit damage, which can save you more money and reduce maintenance requests from tenants. 

Other recommended tips for kitchen improvement:

● Additional storage compartments: Kitchens house food items and cooking equipment so it is vital to have more storage areas, such as cabinets, pantry spaces, and drawers to store a variety of items. 

● Paint, varnish, or sand cabinets: If you already have existing cabinets, you need to update their look to make them appear refreshing to the eyes. You can also replace the hardware with new ones for a polished look.

● Replacing fixtures: Not all kitchen upgrades have to be costly. Even little updates can contribute a lot, such as placing tile backsplashes, installing modern lighting, and replacing faucets with new ones. A wide range of affordable options are available.

Upgrade Bathrooms

It is easy for landlords to spend less on bathroom renovations. They can just update the bathroom fixtures, add more storage cabinets, or replace the toilet (or toilet seat). 

Just like kitchen fixtures, there’s a full suite of inexpensive bathroom fixture options that are stylish and durable.

Consider maximizing your bathroom space when considering a large renovation project. Many residents prefer to have a more spacious bathroom.

Some recommended tips for bathroom renovations:

• Use sliding or pocket doors
• Opt for a walk-in shower than a bathtub
• Incorporate more shelves for added storage of bathroom items
  

When renovating your rental, it is best to dedicate one bathroom per bedroom since most residents prefer this arrangement. 

This can be a great feature and would engage more interest, especially if different tenants will occupy the rental unit, or you allow subletting.

Consider Investing in More Amenities

Before adding new amenities, review what residents want based on demographics. 

There are common sought-after amenities in rentals and you need to pay attention to what they are so you can create a livable space for your tenants.

Some of the most desirable amenities are:

• Dedicated parking space
• In-unit laundry facilities
• Dishwasher
• Storage space
• Outdoor areas
• Pet-friendly spaces like washing stations

Why Should You Consider Renovating Your Rental Unit?

You may ask yourself why you need to spend more by upgrading your rental when you want to keep the rental proceeds. 

However, renovations can be considered an investment, espeacially if there is unexpected damage ike peeling paint from water damage, or broken floor tiles, since you can increase your rental rate and reduce property vacancy rates by adding more value to your rental space.

Tenants can feel happy living in a comfortable space with upgrades. Some are also willing to sign lease renewals when they see that improvements have been added. 

It is nice to use new appliances, save on electricity bills, and reduce your cleaning time when you have easy-to-clean furnishings in your unit.

What Are the Other Benefits of Renovating Your Property?

By renovating and maintaining your rental, you can

• Stand out from other similar property types in your neighborhood
• Promote energy efficiency around your rental property 
• Bring satisfaction to your renters by offering solid furniture and appliances that won’t get damaged easily and lower electricity costs
• Increase the resale value of your property in case you plan to sell it later

Bottom Line

Renovations are crucial in attracting and keeping your renters for the long term. They also don’t need to be costly if you know the needs of your target residents.

If you need a reliable property manager to oversee your rental renovations, contact Keller n’ Jadd Realty and Management today!