Renovating your rental property is one of the best ways to increase your return on investment. The right upgrades will make your rental home more appealing to tenants while also lowering turnover rates.
To appeal to potential tenants, rental buildings should be comfortable and aesthetically pleasing, but they should also be a blank canvas for tenants to personalize. There are numerous ways to prepare a rental property for tenants, ranging from basic fixes like changing hardware to major projects like tearing down walls.
So, what renovations bring the most value to a rental property? The team from TruHome Property Solutions has all the answers in this article!
Repaint the Home
If you want quick changes to your property without spending a lot of money, painting is the way to go. A decent paint job can deliver one of the best returns on investment.
It's best to use neutral colors when painting your rental property. This is because neutral colors make it easier for tenants to have their furniture/belongings suit the surroundings. Gray, white, black, tans, and browns are examples of neutral hues.
Painting may appear simple, but mastering it requires talent and expertise. If your DIY skills have yet to be tested, consider hiring a professional to do it for you.
Restore the Floors
Should I put in a carpet or invest in hardwood flooring? It's an age-old question. Both options have advantages and disadvantages, but poorly kept or outdated flooring is not appealing.
As an alternative to carpets, tenants often prefer tile, laminate, or wood floors. This is because carpets require a lot of upkeep. They can accumulate dirt and stains, necessitating regular cleaning and vacuuming. On the other hand, carpets are inexpensive to install.
Landlords must make a significant investment in hardwood floors if they chose this option. However, if you have the funds, the benefits of laying a hardwood floor much outweigh the disadvantages. Hardwood floors are beautiful, long-lasting, and simple to maintain.
Since the kitchen is the heart of every home, it has the power to either attract or repel potential tenants. When it comes to modernizing the kitchen, the main goal should be to make it more functional.
Does it look like the appliances have seen better days? If this is the case, try replacing them with newer, preferably stainless steel units. Modern appliances are not only attractive, but they also try to save energy and water.
Here are recommended kitchen renovations that will best improve your rental property’s look:
- Consider giving the cabinets more attention. Before you go out and buy all new cabinets, sand down and paint the ones you already have. Finish them up with new cabinet knobs for a fresh look
- Invest in some new countertops. One of the most popular upgrades to any kitchen remodeling project is granite countertops. They're tough, long-lasting, and low-maintenance
- Finish off the new look by replacing the faucet and adding a backsplash, both of which are reasonably modest upgrades. Glass tile backsplashes are stylish and easy to maintain. Low-maintenance upgrades are popular with tenants, and they also mean minimal cleaning for you when it's time to pass the property on to a new tenant
Because almost all potential tenants search for a modern bathroom, upgrading this part of your rental property is essential.
Some of the most straightforward changes are replacing the toilet seat (or if necessary, the whole toilet), installing a new showerhead, and updating the cabinet and faucet hardware.
If you have a small bathroom, do everything you can to utilize the space and add storage. This will provide tenants with a functional space, which is desirable yet difficult to come by. Here are a few things to consider:
- Use a barn door or a pocket door
- Make a walk-in shower out of the bathtub
- Shelves should be installed. This will offer greater storage while taking up less space
Upgrade the bathroom's aesthetic by installing a new vanity and, if available, more counter space. If the money allows, add a full bathroom to each property's bedroom. For those with roommates, having a one-to-one bedroom-to-bathroom ratio is a huge plus.
If you believe the bathroom is too dated and you must begin from the ground up, renovate it from top to bottom to save money on constant repairs and singular upgrades.
Improve the Curb Appeal of Your Home
The first thing your potential tenants will notice about your building is its exterior, so make an excellent first impression. Landscape the front lawn, but make it low-maintenance and inexpensive so neither you nor the tenant has to worry about it.
Alternatively, something as easy as painting the front door or installing a new one can be a noticeable modification that updates the property's appearance.
Good Lighting Upgrades Your Rental Space
Proper lighting might assist you in making a positive first impression on a potential tenant. This is because effective lighting can transform a dark space into one that is bright, cozy, and enjoyable.
Here are ideas of how to go about it:
- Increase the amount of ambient lighting. It can be mounted on various surfaces, including wall chandeliers and ceilings
- Think about accent lighting. This form of lighting is useful for spotlighting or accentuating specific sections of a home, such as where artwork is displayed
Periodic renovations and regular upkeep is the only proven method of maintaining a property long-term. However, this can be overwhelming for many landlords to do on their own.
To guarantee that your property is performing to its best potential, TruHome Property Solutions provides comprehensive services such as expert marketing, lease management, and continuous property assessments to our clients. We go above and above industry norms to deliver the best property management experience for our clients.
TruHome Property Solutions can assist you if you're seeking more ways to increase the profitability of your rental property. Get in touch with us right away!