As a landlord, by investing in the interests of your tenants, you increase your return on investment. Property renovations help increase a unit's desirability. In turn, you can expect a high occupancy rate.
There are a lot of ways to spruce up a rental unit, from subtle fixes like updating hardware to more significant projects that involve knocking down walls. That said, no two renovations are ever the same. Some will add more value than others.
In this article, we're going to take you through the 4 best renovations to consider for your rental property. But first…
Is renovating my rental property worthwhile? This is a question that many landlords usually ask themselves, especially first-time landlords. According to Deborah Harari, a real estate expert, "Updated homes have low vacancy rates than dated ones. Basically, it goes back to the old adage that you need money to make more money."
The following are some reasons why you should consider updating your rental property:
With these points in mind, let's take a look at the 4 best renovations for your rental property.
The kitchen is one of those rooms that can attract long-term tenants or drive them away for good. When updating your kitchen, the goal should be to increase its functionality, which can be a huge win for tenants.
The following are some of the many renovations you can invest in for the kitchen:
An up-to-date bathroom is another priority on a prospective tenant's list. At the very least, consider updating the cabinet hardware, upgrading the faucet, adding a new shower head and replacing the toilet seat. If there is not much space to work with, try maximizing the space by providing additional storage. This will make the space functional to your tenants, which will be a great selling point.
The following are some of the things that can help you in this regard:
To further elevate the bathroom's design, consider adding more counter space and a new vanity if room space is an issue. Get your creative juices flowing by upcycling an old dresser by adding a sink to transform it into a stylish, distinct statement piece. You can also shop for inexpensive options at Costco and IKEA.
Life is full of second chances. However, when it comes to impressing prospective tenants, the maxim – you have only one chance to make a first impression – is usually true!
To prospective tenants, first impressions carry a lot of weight, so be sure to make a good one. The exterior of the building is the first thing a potential tenant will see. Therefore, make sure to landscape the front lawn.
Take note, however, not to overcomplicate things. Because if you do, a prospective tenant may see it as high-maintenance, and that might be a turn-off.
The following are some ideas to help you in this regard:
Go for amenities that will help you boost your property's attractiveness. The following are some options to consider:
There you have it—the 4 best renovations for your rental property. If you implement these, you'll be sure to get better responses from interested tenants and may even be able to get them to stay long-term.
Does performing renovations still feel daunting? If so, we can help. Suncastle Property Management is a reputable property management company that can help run and maintain your rental property. We specialize in managing both residential and vacation rentals on Florida's Historic Coast.