Are you thinking of making upgrades to your rental property? Being a real estate investor means one has to deal with renovations. The good news is, renovations can increase a rental property’s market value as well as make it more attractive to prospective tenants. That said, it’s always good to research what renovation trends will be the most beneficial to your property.
Keyrenter Property Management South Florida offers the following tips for renovating a rental property:
1. Paint Your Property
One of the popular suggestions that improve any property is repainting it. An area with outdated, faded, or chipped paint can put off potential tenants. The best practice is to ensure that your rental is repainted once a renter has moved out to freshen up the space for the next one. You’ll be astonished at what a new coat of paint can accomplish for any space.
Sticking to neutral colors when repainting is safer because they match with other colors easily and appeal to most people. Avoid using bold, vivid colors since some people can find it harder to blend their personal aesthetics with them.
2. Upgrade the Kitchen
The kitchen is an area that can determine whether or not someone rents your property. As a result, kitchen renovations typically have the highest return on investment. When it comes to modernizing your kitchen, you have many choices.
You can start by giving the kitchen a more uniform appearance. The surfaces’ and appliances’ finishes should be matched to achieve this. Countertop replacement is another upgrade you may make to your kitchen. If you can afford it, use granite countertops. They will be easier to maintain and last a lifetime.
3. Have a Look at Curb Appeal
The property’s outside appearance is crucial because it gives potential tenants their first impression of the property. Effective curb appeal is a clever marketing strategy as it creates anticipation and prompts a prospect to want to see more. Leaving curb appeal ignored in markets where competition is fierce could be a costly error.
The best part about curb appeal is that it’s simple to improve with a few relatively small changes. For instance, painting the front door, or planting some flowers along to walkway to the door can add a nice pop of color. You can also have trees and bushes trimmed and install additional exterior lighting.
4. Remodel the Bathrooms
Tenants pay close attention to the bathrooms as well when choosing a home. Therefore, make sure that future tenants will enjoy the space. Some of the simplest upgrades include replacing the faucet, cabinet hardware, toilet seats, or, if necessary, the entire toilet. Fix any gaps or cracks in the tiles or grout as well.
If you have the budget for it, a bathroom makeover or expansion is one home improvement project that will certainly raise the long-term worth of your house. Tiles can be properly cleaned, resealed, and re-grouted, and baths can also be redone.
You also want to consider adding more storage space by installing hooks for towels or floating shelves.
5. Add Popular Amenities
Adding facilities that will raise the value of your home is another excellent strategy to get the most out of your investment. Think about what your target demographic most desires in a rental property then assess which ones match your budget. Common amenities tenants want among others include in-unit washing machines, dishwashers, and central air.
As they are appealing to tenants and raise the rental value of the spaces, these appliances are a terrific addition to your property. You can also look at converting under-used areas of the home, like under the stairs, into additional storage space for tenants. When tenants feel like their needs are being met, they’ll be more likely to want to rent from you long-term.
6. Invest in New Floors
Most property owners choose carpets because it’s less expensive short-term, although hardwood flooring is still preferred for several reasons. Hardwood floors are sleek and easier to clean. A carpet will need regular cleaning and vacuuming and more frequent replacement.
If you’re looking to redo your flooring, wait until you complete any other improvements on your rental home. Installing floors at the conclusion will preserve them at their best because other projects can generate a lot of dirt and dust.
7. Brighten Up Your Rental with New Lighting
You may make a strong first impression on a potential tenant by using proper lighting. With outdated lighting fixtures, your home could appear less enticing than others on the market.
On the other hand, your home will look and feel brighter with new lighting installed, and the interior spaces will appear more stylish and inviting. Note that the objective is to make your rental home as appealing to as many potential tenants as possible so make sure you select simple lighting fixtures.
8. Stick to Modern Design
By remodeling the property, you can liven up your rental and appeal to contemporary tastes. You can include modern design elements in your home, such as large windows, open-concept living spaces, and energy-efficient, stainless steel appliances.
Remember the key is to think about what your target tenant demographic is looking for and what they need most in a rental. Doing so will ensure that your upgrades have the most impact.
A fantastic method to revitalize your house is through renovations. A renovated home stands out from the competition, increases its value, and reduces the need for maintenance. Additionally, it encourages your present tenants to keep signing lease extensions thus ensuring a steady stream of passive income.
Knowing which upgrades will be most beneficial can be challenging so consider working with real estate and property management experts. The team at Keyrenter Property Management South Florida will gladly assist you with property maintenance and any other aspect of management you may need. Contact us today to learn more about our services!