When remodeling your rental home, it’s essential to consider the long-term benefits. However, because upgrading a home is never a cheap process, you’ll probably want to get the most bang for your buck.
This entails assessing current and prospective renters’ expectations, selecting low-maintenance fixtures and fittings, and resolving any problems to avoid the need for additional work in the future. There are many ways to clean up a place for tenants, ranging from modest changes like replacing hardware to major initiatives like knocking down walls.
What improvements bring the most value to a rental property? Keep reading to find out!
Bathroom renovations don’t have to be costly to be successful. Retiling, altering vanity units, and replacing fixtures are just some of the modifications that may make a big difference. If your bathroom is worn out or outdated, it will depreciate the value of your home.
Upgrading the bathroom’s appearance and functionality can persuade renters to pay top dollar. You can also consider installing additional shelving or hooks for storage and convince, as these are things tenants will greatly appreciate.
Modernize the Kitchen
The kitchen is a major selling point for tenants. A good kitchen can result in long-term tenants. On the other hand, if it’s need or repairs you can see more turnover. With this in mind, consider employing a qualified designer to recommend materials for a kitchen.
Depending on your budget you can look to replace the countertops. Note that pros do not recommend granite because it requires more upkeep and sealant and is stain-prone. Postform laminate tops, which come with formed edges and backsplash, are substantially less expensive and can be obtained at many hardware stores.
Upgrade the Floors
One element that immediately catches a potential renter’s eye is the quality of the floor or carpet. The right flooring can be the difference between you locking down the renter or the unit remaining vacant.
It might make a difference in getting your property rented quickly if the carpet is clean and new. Nothing dates a home more than an outdated carpet. Many apartment complexes clean or replace carpets regularly, so note that renters are likely to expect the same.
Wood floors might cost more short-term than a carpet but it comes with their own set of benefits. Wood floors look classier, cozier, and will serve you longer. Carpets need frequent cleaning and stain easily and the cost of maintaining and replacing them can add up over time.
The cost of the installation of wood floors varies by area. Take into account your tenant demographic and the quality level when choosing a flooring option for your upgrades as you don’t want to over-invest.
Gardening and Landscaping
Gardening is a terrific property investment since your plants will continue to thrive as the year’s pass. Landscaping, unlike kitchen and bathroom upgrades, is typically the last thing on people’s minds when looking to increase the value of their home.
However, because the garden is frequently the first thing you notice about a house, a well-designed and planted one may significantly impact initial impressions. This, in turn, will add to the value of your home because it will pique the interest of potential tenants.
Standing out is all about curb appeal. First impressions matter, so putting in the time and effort to improve the appearance of your home’s exterior will pay off.
You may boost the curb appeal of your home in various ways including:
- Modernizing the fence
- Planting some lovely bushes and flowers
- Changing the window fixings
- Getting a new mailbox
- Installing outdoor lighting
Modern Appliances and Air Conditioning
Most renters will need air conditioning. Once considered a modern perk, air conditioning is now regarded as a minimum standard by many tenants.
Most tenants will anticipate air conditioning in at least the living room, and in many suburbs, an air conditioner will also be requested in the main bedroom. Similarly, new equipment, specific energy-efficient appliances, like dishwashers will go a long way in attracting tenants who prefer apartments with handy amenities.
Repainting the Unit
Fresh paint can work wonders when it comes to refreshing a space. Consider switching things up with a new color if your investment property’s paintwork is looking a little dreary or the colors are too contentious. Repainting your property is a simple and relatively low-cost approach to raising the unit’s appeal to a broader population.
When once all your renovations and repairs have been completed you’ll still always have to stay up-to-date on property maintenance and inspections. So when looking to make renovations take the time to select appliances and materials that are durable and will late a long time.
Always remember that what may seem like an inexpensive material initially could end up costing you more in repairs and maintenance down the line. It’s also best to establish some solid connections with local vendors in your area so that repairs and maintenance can be done by people you trust and potential at better rates.
There are many excellent renovations that you can make your property to enhance its appeal and value. That said, it’s important to do your research before you undertake a major or costly project. If you need help managing your rentals you can contact the experts at Keyrenter St. Charles Property Management! We are property management specialists with a commitment to providing excellent service.
We will consistently deliver the customized rental management solutions you require, whether for single-family homes, condos, townhomes, flats, or commercial properties. To do so and stay ahead of the curve, we invest in continual training, cutting-edge technology, and staying informed about industry changes before they occur.
For any inquiries, please call (636) 707-2000 or email [email protected].