Performing renovations is part of a landlord’s responsibilities. Normal wear and tear is to be expected over time, so improvements are required if you want to maintain the value of your property.
New tenants are bound to be attracted to well-maintained and upgraded units during your advertising period. At the same time, current tenants are inspired to sign lease renewals when renovations are on the table.
Thus, conducting renovations should never be out of the question.
Renovated rentals tend to have reduced vacancies. The reason behind this is that the tenants’ amenities are modern and can match newer units. Landlords also benefit by gaining long-term renters.
As a result, the returns from the rental investment are steady, so keeping up with the maintenance costs of running a rental home is easier.
Should you renovate your rental like your residential home?
No. Avoid overinvesting in renovations for a rental unit. Always be aware of the crucial points that tenants prioritize. Here are some of the areas to focus your property’s renovations:
1. Kitchens and Bathrooms Must Look Spacious.
As the areas of the house that are frequently used by the residents, the kitchens and bathrooms must bear priority. When renovating, think about expanding these areas for maximum comfort.
You can replace doors that won’t take too much room such as sliding doors and take down some walls. Just make sure that these walls aren’t functioning as load bearers for the unit’s foundation.
Create storage areas to minimize the clutter. Renters prefer more storage to organize the home. If everything is housed in its own space, the unit also looks more spacious and open.
In your kitchen, you can:
Fill it with appliances that have a stainless steel finish to create a cohesive appearance
Repaint and sand your cabinets
Invest in new hardware fixtures for cabinets
Save up for a quality countertop that also enhances the kitchen’s aesthetic
Install tile backsplashes since they’re inexpensive but improve your kitchen’s maintenance
In your bathroom, you can:
Install plenty of shelf space to minimize the counter space area
Look for cheaper alternatives such as an old vanity table to utilize as counter space
Purchase a new toilet seat
Replace shower heads and faucets to modernize the look of your bathroom
Get rid of the bathtub and opt for a walk-in shower to expand the space
2. Curb Appeal Must be Constantly Upgraded.
Due to being exposed to outside elements, the exterior of your rental home can be susceptible to faster wear and tear. This is why your attention must also be concentrated on your property’s curb appeal.
Judgments that lead to the final decision of renting can be traced to the curb appeal of a home. Landlords will do well to create a splendid impression in this arena.
You want your prospective renters to gain a positive feeling when looking at your rental home. It’ll encourage them to sign a leasing agreement with you.
Employ a gardener’s services. Being an expert of home landscaping, gardeners are great partners for your rental renovations.
Remember to also make the curb appeal maintenance simple. Most renters don’t have the extra cash or time to spend on keeping up with your unit’s exterior maintenance.
To improve your curb appeal, you can:
Have repainting sessions to keep up the fresh look of your unit
Trim overgrown branches and shrubs
Consider adding planters to beautify your exterior
Create a charming walkway where the road is clean and paved
If your front door is worn down, invest in a new door
If the front door looks dull, schedule a repaint so it remains attractive
Add grass and beautiful plants to brighten up the rental’s exterior
Create a garden spot
3. Go for Quick and Easy Updates
As much as thinking about property upgrades can carry added costs, the improvements go a long way. Renters will feel the space is more habitable. It also encourages more bookings for property showings and lease renewals, leading to more long-term tenants.
Property renovations don’t necessarily mean massive expenses. Landlords do have cheaper options. There are also improvements that don’t require heavy effort and energy. In fact, it’s best for landlords to periodically create small improvements rather than nothing at all.
For easy property renovations, you can:
Install more modern and stylish light fixtures to modernize the style of your rental
Substitute older door knobs, blinds, wallpapers and fixtures around the room with newer ones
Perform a repainting session every few years and use neutral paint colors to save more
4. Evaluate Popular Amenities and Invest in Them.
When deciding upon renovations, consider ranking the amenities that your tenants need. Are most of your tenants professionals working in another city who own private cars? If so, then make it a point to provide a garage or parking area in your rental.
Do your renters own a lot of dogs? Build amenities that would be conducive to their pets. If the laundromats in your location are far, rent out a washer and dryer.
For top amenities, consider these items:
Outdoor areas such as patios, balconies and gardens
Washer and dryer
Air conditioning units
Renovating your rental is worth the effort it takes. The more improvements you make to your rental property, the more tenants you can attract and keep. Rental upgrades are beneficial since they can make your property stand out from other similar ones in your neighborhood.
Another advantage of performing renovations is that you can also increase the rent rate. Given the additional amenities you provide, your rent price can be pegged higher than others’.
In addition, investing in better appliances leads to energy efficiency which contributes to lower utility bills. Spending on quality furniture further increases its durability. At the end of the day, renovations save you money over time.
If you want to gain long-term renters, you must also focus on satisfying your renters. With upgrades in your rental, tenants will want to stick around longer. Thus, renovations can also become an effective strategy in your tenant retention plans.