Keeping up with the rental market requires adding more value to your rental. The best way to achieve this is by performing renovations.
You inspire your current renters to stay longer, earn a regular monthly profit, and avoid vacancies, which can increase your maintenance and marketing expenses.
Aside from delivering happiness to renters, you also prevent tenants from moving out and picking your competitor.
This is why it is necessary to conduct property renovations. You can continue attracting your old residents while drawing the attention of potential tenants when some renters don’t renew the lease.
Avoid Overinvesting
When planning upgrades, it's important to consider the preferences of your intended renters to avoid overinvesting. For example, while a bathtub might seem like a valuable feature for families, they might prioritize additional storage space instead.
It’s also crucial to assess renovation costs. Not every update requires a significant budget, even small improvements can greatly enhance a property’s appeal and make a strong impression on potential renters.
Plan Property Upgrades According to Tenant Preferences
Sometimes you make property improvements according to what you find favorable. However, you should be taking the tenant’s perspective. Assess what they would like to find in the rental unit. You can even ask for feedback through a survey to add appropriate changes.
When you upgrade your property and place desirable amenities that your renters seek, you also save money. Rather than splurging on items that the residents don’t feel are important, you are splurging on essential upgrades.
You are then keeping your finances healthy by spending on vital renovations.
5 Best Renovations
Consider these renovation ideas to enhance your property's appeal and increase renter satisfaction:
1. Update the Kitchen
As the heart of the home, the kitchen deserves special attention when planning improvements. Invest in stainless steel finishes for a more sophisticated look. Replace broken appliances and choose energy-efficient ones which leads to fewer repairs.
Although upgrades are recommended, it does not mean choosing the most costly items. You can find tasteful items at mid-range prices.
Include the following for kitchen upgrades:
- Hire a professional painter to coat the kitchen with a new layer of paint or varnish.
- Replace old hardware and fixtures for a more polished look.
- Save up for a granite countertop, which equates to low maintenance for the renters.
- Replace boring lighting with stylish ones as there are various options in the market.
2. Remodel Bathrooms
You may notice during property showings that prospective renters tend to check bathrooms thoroughly. Savvy landlords invest in bathroom renovations, such as replacing shower heads and faucets, adding some storage, and picking durable bathroom tiles.
Try to maximize your bathroom space by:
- Adding sliding doors to save on space.
- Installing walk-in showers rather than bathtubs.
- Building more shelves to store bathroom items.
3. Enhance Curb Appeal
While your rental property’s interiors might look pristine and complete with furniture and furnishings, you may still fail to attract potential tenants if your property exterior is underwhelming or appears messy.
Plan to improve landscaping and perform yard maintenance to impress prospective renters. You will be judged on how you maintain your outdoor space.
Tips to elevate your curb appeal:
- Design a garden.
- Plant pretty flowers and fresh grass.
- Paint property exteriors.
- Trim overgrown trees.
- Mow the lawn.
- Clean outdoor furniture.
- Pull out the weeds.
4. Upgrade Flooring
Save up for hardwood flooring as it is highly desired by residents. It’s easy to clean and enhances the look of a property. Unlike carpets which tend to absorb odors and require steam cleaning, hardwood floors do not require frequent maintenance.
In addition, hardwood flooring conveys a warm atmosphere and is easy to blend with different furnishings. Unlike other materials, hardwood also ages gracefully. It may appear costly but since it gets better the older it becomes, it is a worthy investment.
In addition, the color of hardwood floors does not fade or grow dull compared to carpets. Typically, for hardwood flooring, wear and tear can extend to 25 years.
4. Consider Quick Updates
Although you might hesitate to consider renovations initially since it counts as an expense, you can upgrade your unit in progression.
You also need to remember that not all costly updates will result in higher income since people prioritize different things. It is best to be intentional when planning rental renovations.
Here are quick, inexpensive improvements you can make:
- New paint - Repainting your housing can be a simple solution to upgrading your property. Choose a neutral palette for an easy background. Exercise flexibility in case a renter may request an accent wall. Include in the lease agreement that your approval is necessary to retain control.
- Light fixtures - With a range of affordable choices, you can find attractive light fixtures at various price points.
- Closets and shelves - Since storage space is one of the top amenities tenants prize, make sure to include many storage areas in your rental property.
- Blinds and curtains - Replace these items if needed. Both can make your property well-kept and comfortable. You can also reduce harsh sunlight when you decorate your rental with blinds and curtains.
Bottom Line
As mentioned earlier, renovations must be considered as an investment since this is a great strategy to build more value for your rental space.
It also edges your property from other competitors and shows your tenants that you are determined to provide a habitable rental space, which will encourage them to renew their leases. The more long-term residents you have, the more you can expect stable returns from your property investment.
If you are looking for a reliable property management company, contact Francis Taylor Properties today! We can help you decide which rental property renovations are valuable, attract more renters, attend to property maintenance, and more.