When your property is vacant, it simply means that your investment is not going to be profitable. Worse, it may also mean operating at negative cash flow.
One way of boosting your occupancy levels is by making your property desirable. Investing in the right rental upgrades can help you make your property more comfortable, attractive, and functional for tenants.
Not all rental upgrades are created the same, though. Some have a higher return than others. What works for personal property might not be best for a rental unit. In today’s article, we’ll share with you the 7 best renovations for your rental property.
1. Upgrade the Kitchen
The kitchen is a major selling point for renters. Ask yourself, does your kitchen lack storage space? Is the layout of your making it less functional? Are the appliances outdated? These are some telltale signs that your kitchen needs renovation.
In the case of insufficient storage space, invest in new cabinetry. If you can’t afford to replace dated cabinets, you can consider sanding and painting them and look for creative ways to increase counter space.
As for the appliances, replace the dated ones with new, energy-efficient ones. And while you’re at it, you may want to match the finishes of the appliances to other hardware in the kitchen for a more cohesive look.
Other relatively inexpensive touches you can make include adding a backsplash and replacing the faucet.
2. Remodel the Bathroom
The bathroom is another room that prospective tenants will not overlook. The beneficial remodels to make will be dependent on your budget. If working on a tight budget, easy renovations include adding a new showerhead, replacing the toilet seat, and updating the faucet and cabinet hardware.
On the other hand, some high-value renovations to consider include installing new shelving, converting the bathtub into a walk-in shower, and using a barn door to maximize space.
You can also take the renovation a notch higher by adding a new vanity and more counter space if your budget allows for it. Remember to think about what your target tenant demographic needs when making updates.
3. Spruce Up the Curb Appeal
This is another area that you’ll need to focus your attention on to boost your property’s desirability. First impressions can make or break your efforts of trying to fill a vacancy.
Assess the exterior state of the property in full. Take note of the trees and shrubs to see if they need to be trimmed or removed. Look at the exterior paint, is it cracked or weathered? If yes, then consider repainting.
The exterior of your property is the first thing that prospective tenants will see. The following are a couple of things you could do to update your property’s curb appeal:
- Plant new grass
- Add a small, easy-to-maintain garden
- Repaint the exterior walls
- Trim overgrown shrubs and trees
- Install new pavement
- Add outdoor lighting
4. Replace Dated Flooring
A survey found that a significant number of tenants choose to replace their floors. The survey also found that hardwood was the most preferred flooring option by tenants. Hardwood flooring not only looks modern, but it’s also easy to maintain
Carpet, unlike a hardwood floor, traps smells, stains, and dust and is higher maintenance. And unsurprisingly, while it’s cheap to install on the part of the landlord, it’s the least desired by tenants. While hardwood costs more to install, you won’t need to replace it as often as carpet and it doesn’t require the same upkeep.
If your property is undergoing multiple renovations, make sure to replace the floors last. This is because the dirt and dust produced by other projects may prevent the new floors from looking their best.
5. Repaint the Walls and Make Easy Updates
Has the paint started to peel or crack inside the unit? Do the walls look dirty and have scuff marks? If so, it may be time to repaint them. This is an easy way to update the look of a home without spending much time and money on the project.
It’s best to paint the walls a neutral color. A neutral color pallet will appeal to more tenants. Another option would be to allow your tenants to paint certain walls their favorite colors. If you choose to go with this option, then make sure to include clear painting clauses in the lease.
For one, make sure to let the tenant know that they must seek your approval. Secondly, let them know that the paint job must only be done by a professional painter. Thirdly, require they to return the property to its original color before they move out.
Other than a paint job, other easy, inexpensive fixes you can make include the following:
- Updating the lighting
- Replacing dated faucets
- Making small repairs around the rental
- Updating cabinet handles
6. Add Popular Amenities
Amenities can help improve your rental value, fill vacancies quickly, and possibly even help you raise the rent.
Examples of amenities you could add include a dishwasher, air conditioning, outdoor living areas, off-street parking, a washer and dryer, a fenced-in yard for pets, and extra storage space. Again, it’s important to consider what tenants want and need to ensure that investing in these amenities will pay off in the long run.
7. Hire a Property Management Company
A good property manager will have to understand how the local rental property market operates. They will know what works and what doesn’t when it comes to renovating a rental property.
Besides helping you renovate your property, a good property manager can help you handle the day-to-day operations. They can help you market the property, screen prospective tenants, collect rent, maintain it, and even handle the paperwork for you.
These are the 7 best renovations you can make. Any one of these renovations can help in trying to make your property stand out from the rest.
For expert help, turn to the team at Keyrenter BuxMont. We’re a quality Doylestown-based property management company. Get in touch to learn more!