As a landlord, you likely want to minimize property vacancies. Vacancies are bad for your investment as they mean you won’t be gaining a consistent income.
In order to attract many prospective tenants, you should try to create a comfortable and habitable environment. The more your rentals match and exceed tenants’ expectations, the more renters you’ll attract and the longer they will stay.
A good strategy is to continually renovate your rental units to meet the needs of your renters. Investing in upgrades creates long-term advantages, such as increasing property values, earning loyal tenants and improving the habitable condition of a rental.
You might be wondering: What creates more value for tenants? What makes them decide to stay in a rental home given its amenities? Which renovations are the best?
In this article, we are going over the 3 best renovations for your rental properties. These renovations will add more value to your real estate properties.
1. Kitchen Renovation Project
As an often-used area of the home, kitchen modifications are highly recommended.
Check the appliances and their normal wear-and-tear. Focus on investing and replacing old or outdated appliances with newer ones that are energy efficient. Renters will appreciate this.
You’ll also have less maintenance and repair requests as all the appliances will be new.
Here are some other specific kitchen improvements you can do to make your rental more appealing to your target renters:
- Pay a premium for countertops. High end countertops are known to be durable pieces and make it easy for occupants to maintain cleanliness. It also keeps scratches and stains at a minimal level.
- Improve your cabinets without paying a stiff price. You can add another coat of paint to the cabinets for a more updated look. You can also change the cabinet handles.
- Change the faucets and add neat backsplashes to make your kitchen can look tidier. Maintenance will be easy which means your tenants can save vast amounts of time.
2. Bathroom Renovation Project
Another area of the home that’s frequently used is the bathroom, so offering an attractive bathroom should go without saying. Prospects usually inspect bathrooms during property showings, so it’s important to improve your bathroom’s appearance.
It can be as easy as replacing your toilet or even just the toilet seat. Shower heads and faucets can also be changed as they play a part in making your bathroom look aesthetically pleasing to the eyes of potential tenants.
Also, space and storage are often highly coveted so it’s best to concentrate on these elements.
Keep these tips in mind when conducting bathroom remodeling projects:
- Pocket doors or sliding door types are favorable as they save bathroom space
- Walk-in showers are better than bathtubs as they also save space
- Shelf space and extra storage is appreciated as it will make the bathroom less cluttered
3. Curb Appeal Improvements
Oftentimes, property owners forget about renovating the exterior of their rental. But the truth is, the exterior matters a lot. When prospects pass by your home, they don’t immediately enter the rental unit to admire the interiors. The exterior is the first thing they see – you want your rental to make a good first impression!
If you want to build the interest of future tenants, take care of your curb appeal. Perform good landscaping, ensure that the front doors are looking bright and sturdy, make sure the paint looks fresh and be sure the plants are looking alive and well.
Here are some other suggestions on how you can improve your property’s curb appeal:
- Plant grass
- Have a garden space
- Repaint the exterior for a fresh look
- Trim the shrubs and cut away dead branches
- Create a lovely walkway at the front of the home
Reasons to Conduct Rental Property Renovations
While renovating your rentals can be costly, it’s worth it long-term.
With a renovated property, you will have an easier time attracting quality tenants quickly, and you’ll be able to charge more for rent.
Also, if you have a renovated rental unit, it’ll stand out from other similar rentals in your neighborhood.
Your renovated property will increase its value, as well. This means the resale value of your property will be higher when you decide to sell it.
Finally, most importantly, you will be able to increase your renters’ satisfaction level when you offer them an upgraded rental. A tenant who lives in a property with top appliances and high-quality items will be happy. This means that your tenant retention rate will likely be high.
Bottom Line
As you can see, conducting property renovations is a great idea for both you and your tenants. Although it might be costly right away, it’ll pay off long-term.
Some of the best property renovations to consider are kitchen upgrades, bathroom remodeling projects and curb appeal improvements.
For more information, contact Realevate Specialists today!