Renters are much more likely to stay in your rental home if you make renovations to keep it functional and aesthetically pleasing. Even though staying under your budget is helpful, long-term property value growth may pay for renovation expenses.
A vacancy is a landlord’s worst enemy, according to property owner Ryan Weir. Landlords need to develop the ability to attract and retain tenants. To entice potential tenants, rental houses should be cosy, lovely, and practical while also remaining unfinished for tenants to personalise.
To assist keep tenants satisfied and your rental future secure, take into account the following modifications, whether you want to go big or modest.
Renovations for Rental Properties to Raise Value
There are several ways to clean up a place for tenants, ranging from little improvements like replacing hardware to more significant undertakings like tearing down walls. But which improvements increase a rental property’s worth the most? The appearance, feel, and functionality of the kitchen and bathroom are very important to renters. Starting there, we’ll move on to the other suggestions for enhancing the rental property’s worth.
For larger renovation projects requiring heavy equipment, consider investing in aftermarket caterpillar parts. Using high-quality and affordable parts can make a difference in keeping the renovation costs low while ensuring the longevity and performance of your machinery, ultimately leading to an increase in property value.
Renovate the Restroom
It’s crucial to remodel your rental bathroom because many prospective tenants opt for modern bathrooms. Replace the toilet seat, or the entire toilet if necessary. Install a new shower head. Replace the faucet and cabinet hardware Ryan Weir. These are some of the simplest upgrades.
If you have a small bathroom, try to make the most of the space and add storage. Tenants will receive a useful space, which is important but difficult to locate.
- Use a pocket door or barn door. These are high-value bathroom upgrades to take into account.
- The bathtub should be changed into a walk-in shower.
- Place shelves. This will add more storage while taking up less space.
If you have the space, upgrade the bathroom’s style by adding a new vanity and more counter space. Get inventive and add a sink to an old dresser to transform it into a chic and one-of-a-kind statement piece.
Every bedroom on the property should have a complete bathroom if the money is available. One of the biggest draws for roommates is having one bathroom for every bedroom.
Demolish the bathroom from top to bottom yourself to save money if you believe it is beyond repair and you need to start from scratch. You can also try our budget-friendly bathroom remodeling advice.
Modernize the Kitchen
According to Ryan Weir, “I have found that updating anything related to the kitchen, especially the appliances, gives me a great return on investment.” “I frequently receive a rental home with a variety of out-of-place appliances. Working with the most recent one, I’ll swap out all the earlier ones to match it.
The kitchen will look cozier right away if the oven, refrigerator, dishwasher, and microwave all have finishes that match. Although you don’t have to spend a fortune, updating the kitchen will boost its utility, which is great news for tenants.
Other Kitchen Upgrades to Enhance the Appearance of your Rental Property Include:
Pay Attention to the Cabinets: Simply sand and refinish your existing cabinets before spending too much money. For a contemporary aesthetic, finish them off by adding new hardware.
Invest in New Countertops. If you have the money, new granite worktops will give the appearance of a freshly renovated kitchen and even the entire apartment says Ryan Weir. Pick a material for your kitchen countertops that is at the very least sturdy and resistant to heat, scratches, and stains.
Finish the Look: Replacing the faucet and installing a backsplash as some relatively cheap finishing touches. Backsplashes made of glass tile are stylish and simple to maintain. Low-maintenance features are popular with tenants and will require you to do less cleaning when it’s time to find a new tenant.
Do the demo yourself to save money if you determine the kitchen needs to be fully gutted for a new design.
Simple Fixes to Update and Paint
Here are a few easy touch-up chores you can complete to make your rental property feel better.
Keep the walls neutral while painting so that future tenants have a clean slate. You might also think about proposing to paint the inside walls, a specific room, or an accent wall the color the tenant chooses.
Modernise the area and brighten the rooms by updating the lighting. Blinds, doorknobs, and cabinet handles may all be updated quickly and easily.
Add a Few Popular Features
What distinguishes your rental home from those of other landlords? Here are a few extras and upgrades that increase rental value, fill vacant spaces, and perhaps even give you the chance to increase the rent.
Dishwasher: Anything that will make a tenant’s life more convenient will be appreciated. To give them a sleek, modern appearance, make this and the other appliances out of stainless steel.
Storage: Renters also want their homes to serve a purpose. Give them the space they require to comfortably keep their possessions. Central air conditioning is a major plus. Tenants will stay indoors during the hotter months if they can.
Off-street Parking: Especially in busy neighborhoods, having a driveway or carport can tremendously appeal to potential tenants. In snowy regions, covered parking spaces are in high demand.
Areas for outdoor life: Provide a space outdoors where people can sit and enjoy the weather when it’s beautiful, whether it’s a patio or a balcony.
Pet-friendly yard with a fence: According to Agadoni, 75% of her tenants have pets, so the expense of installing a fence is always justified.
Having a washing and dryer in the apartment is a must for 77% of renters, according to the National Multifamily Housing Council.
Refresh Curb Appeal
Make a positive first impression on potential renters by keeping the building’s outside in good condition. Landscape the front yard, but keep it simple and affordable so that neither you nor the tenant has to spend much time on it. Or a noticeable improvement that updates the appearance of the property could be as easy as painting or replacing the front door.
Improve the curb appeal of your rental home with easy outside upkeep like Grass replacement, including a little garden.
The entire outside will be painted.
Cutting back bushes and trees.
Placing flowerbeds in front of an apartment complex.
Installing new pavers or bricks, or pouring fresh concrete.
Lastly
Start these improvements today to maximize the value of your rental property. Set up a budget and get started right away. You’ll undoubtedly receive a favorable response from potential tenants, says Ryan Weir.
