The Best Renovations for Your Rental Property
Although dealing with property vacancy is inevitable for landlords, there are many ways to avoid this situation. A strategic way to attract more tenants and keep them around for longer is to provide upgrades for the property.
Making consistent upgrades to your property will help it remain competitive in the market, as well as improving the rental experience for any current tenants. Continue reading here to more about the benefits and process of rental property renovation.
Where You Should Focus For Property Renovations
Spend On Essential Amenities
Cosmetic upgrades on property exteriors and interiors can indeed catch the eye, but make sure to focus on needed amenities first. While a large walk-in closet may be impressive, if crucial things like laundry machines and kitchen appliances need attention, those should be considered first.
Here are some things tenants tend to seek out in a rental unit:
- Storage shelves, cabinets, and closet space
- Dishwasher
- Air conditioning and heater
- Parking space or covered parking area
- Balconies, verandas, or a patio area
- More outdoor spaces
- In-house washer and dryer
Prioritize An Open Floor Plan
A lot of people prefer staying in a spacious unit, so it can be advantageous to design an open floor setup for your rental. It’s common to combine rooms and remove unneeded walls to create a larger space. Make sure to hire professionals and always be certain that these walls are indeed unnecessary to avoid compromising the structure of the property.
You can also open up the space by installing large windows to bring in more light. Natural light creates an inviting atmosphere in a home and can improve its looks substantially.
Have Your Unit Repainted And Replace Or Repair Fixtures
Wear and tear is bound to happen as a rental property ages, especially the common problem of faded paint. You can address this by hiring a professional painter. A newly-painted property can look refreshing. It is also one of the least costly ways to renovate your rental.
Many landlords opt for neutral shades for a broader appeal. However, you also have the option to allow your tenant to paint and choose the color, so long as they go through your approval process.
For other minor and affordable updates, you can change lighting fixtures to modernize the look of your rental. Alternatively, you can change the cabinet hardware, roll out a new carpet, or buy new blinds. Many small cosmetic upgrades add up to create a new, modern look for your property.
Replace Your Rental’s Flooring
When it comes to flooring, you’ll want to invest in durable material that won’t cause you issues for many years. Hardwood floors are top-of-the-line since they appear classy and are easy to maintain, as well as lasting a long time.
On the other hand, certain carpets can make a rental space stand out, but require more costly cleaning. Carpets that aren’t often cleaned by professionals can end up trapping odors.
It’s best to weigh these two options to decide which course of action is right for you. Or, you can also consider other common flooring materials for certain rooms, such as porcelain tiles and marble flooring.
Spare Time For Curb Appeal
The exterior look of your property should not always be neglected in favor of the interior. An attractive exterior will draw in more tenants when you’re looking to fill a vacancy.
Consider hiring a professional landscaper to improve the outside of your rental. You can also make your entrances appear fresh with new paint, trimming tree branches, removing weeds, and planting new grass.
Why Prioritize Property Renovations?
Standing Out From Competitors
Instead of offering the same updates with similar property units, make your rental appear unique. This also leads to adjusting the rate of your rentals, allowing you to earn better income.
Contributing To Energy Efficiency
With newer appliance models, you can reduce utility bills, which is a plus for renters. You can also install solar lighting to drive the housing costs even lower.
Assigning A Higher Resale Value
Properties with new renovations and modern additions will be able to demand a higher price. Whether you’re renting out your property or selling it, if you’re smart about your spending, you can easily make back your renovation costs.
Pleasing Renters
A great way to avoid vacancies is by keeping your renters happy to ensure they stay for the long term. With regular updates, tenants will be more likely to stay in your unit.
Bottom Line
To be a successful landlord, being open to property renovations is crucial. If you need a dedicated property manager to accompany you on your property investment journey, contact Superior West Property Management today!
