Renovating and remodeling your rental can help you get a great return on your investment. Potential long-term renters are attracted to rental properties that are functional, comfortable, and at the same time roomy enough for them to imagine reinventing the space once they move in.
On the other hand, it’s important to know what your renters want while also protecting the value of your property.
Renovations That Amplify Property Value
There are various ways to upgrade your rental property, but it is essential that you know your target market and pursue improvements based on your tenants needs. This can help you avoid over-spending and upgrade the space exactly where it is needed.
That’s why here at the Level Property Management Group, we’ve listed a few functional improvements to your rental property that would help elevate its value and create a fantastic space.
Spruce Up Your Curb Appeal
Updating the curb appeal is a must if you want to make a good first impression to future tenants. It’s natural to evaluate a property’s appeal based on how it looks outside as this is the first thing that potential renters see. Enhancements should be cost-efficient and low maintenance. Some examples of this include:
- Removing weeds and planting fresh grass
- Building a flower bed or adding planters in front
- Trimming bushes and trees
- Installing new bricks or curbstones
- Painting the door and exterior of the home
Renovate the Bathrooms
An immaculate bathroom is one of the few places in the property any future tenant will pay close attention to. You should also aim to have a bathroom for every bedroom so your rental will become as attractive as possible to prospective renters.
Some excellent improvement ideas in the bathroom are:
Using sliding doors: maximize the bathroom size by using sliding or pocket doors. Extend your existing counter space so that it can be used by roommates simultaneously.
Add shelves: organize your bathroom supplies and keep your towels in this extra storage space so tenants can easily access them when needed.
Replace the entire toilet or toilet seat: it is a good idea to change the toilet to make the place appear cleaner.
Remodel the Kitchen
Long-term renters believe a modern kitchen is important when hunting for a rental property. Entice them by upgrading your kitchen appliances and replacing the older versions to give your kitchen a cleaner look. Don’t over-spend as many lower-priced appliances can do the job perfectly.
You will find other tips to make your kitchen appear more inviting to future tenants below:
Add a countertop: if you haven’t already, adding a countertop will give your kitchen a fresh look. When investing in one, consider using materials that can withstand scratches, stains, and heat such as granite.
Upgrade the cabinets: Simple deep cleaning, sanding, and painting can really improve your cabinets so, there may not be a need to replace them.
Affordable improvements: Some affordable improvements can include a backsplash with a modern design or installing a kitchen faucet that’s easy to use is also highly recommended.
Add an Open Layout
Modern rentals use open floor plan so prospective renters have the flexibility in maximizing the space.
Open layouts paired with big windows can give a feel of a larger and brighter unit. If there’s a need to take down some walls, seek professional advice before doing so.
Other Easy Property Alterations
Take a good look at the parts of your property that need improvement in your rental. Start with the easy fixes.
You can consider taking on these little projects and replacing these amenities:
Improve home lighting: It’s nice to stay in a house that has good lighting. It affects the mood and ambience of your property. When you get it right, it will complement the upgrades that have been done and improve the whole look of your interior.
Repaint the house: Go for gender neutral shades or classic colors. It will be easy to touch up if a long-term renter requests to change the color. This will also make it easier for you to match the furniture when changing them later.
Investing in amenities: Improved amenities can set your house apart from the competition. This can attract potential long-term tenants and give you a perfect chance to increase rent.
Airconditioning and heating systems, washer and dryer, dishwasher, storage space, and some outdoor areas perfect for fun activities are some of the amenities that you would want to consider upgrading.
Benefits of Revamping Your Rental
It is normal to have second thoughts when planning to remodel the property. But when done correctly, this process will allow you to reap more return on your investment.
When renovating the house, you can always repair or upcycle before you replace. Might require a lot of physical work but this will produce less waste and is much more affordable.
Revamping the property can elevate its value and in turn give you a great opportunity to raise the rent. This can also exceed your tenants’ expectations as the upgrades are supposed to be low maintenance and functional. Keeping tenants’ happy means high occupancy rates.
Planning to remodel and improve your rental property can take too much of your time. If you’re unsure which room to revamp first, Level Property Management is here to help. We can guide you in upgrading your unit, as well as addressing any other property management needs. Contact us today!