Even if you have an attractive rental property, wear and tear can build up over the years. On top of this, new rentals are popping up all the time, giving your prospects plenty of choices.
As a property owner, you want to avoid vacancies, so using effective strategies to gain long-term tenants is valuable. One of the best ways to keep renters for the long haul is by performing renovation projects on your property.
Study the needs of your current renters and make any changes that will improve their level of comfort. Make sure to prioritize meeting their critical needs rather than any superficial updates that may make little impact.
Here are some renovations we at TrueNest Property Management suggest you consider:
Installing New Floors
You should consider installing hardwood floors if you haven’t already. These floors score high on the list of renter’s preferred amenities. Aside from the easy maintenance it provides, it’s also timelessly attractive.
Some rentals decorate homes with carpets which tend to consume a lot of time and effort in maintenance. They can also easily absorb smells, needing more attention.
Improve Your Curb Appeal
Your property may have new appliances, flooring, or a renovated kitchen. But prospects passing by outside can’t see these. But what they’re aware of is how your rental property looks from the outside.
This is why your property must look attractive from the outside. Marketing should start from the outside. Present a clean and well-maintained exterior by engaging the services of a gardener and painter.
You can also take the DIY route and take it into your hands to enhance the curb appeal of your rental property.
Here are tips for improving your curb appeal to impress potential tenants:
- Planting new low-maintenance plants
- Dedicating a garden space
- Repainting your property’s exterior
- Cutting the overgrown branches of the trees
- Displaying planters with bright flowers in the entryway
- Decorating the outdoor area with attractive lights
- Creating a brick pavement leading to the entrance
- Keeping your main doorway attractive
Remodel the Kitchen
During property showings, potential renters check your existing appliances and their finishes. The newer the model, the better it is for energy efficiency. This results in fewer issues when it comes to operation and lowers utility bill costs.
So as a landlord, you want to check the lifespan of your appliances and send malfunctioning ones to be repaired. You must replace the items that aren’t working in their peak function anymore. Budget for these purchases to match the finishes for a more coordinated kitchen look.
Ensure that your kitchen features durable furnishings, such as countertops, to make maintenance easy. As a rental owner, focus on the following areas:
Instead of buying a new set, you can make it appear new with a fresh coat of paint. Buy newer hardware to elevate its look and create a refreshing appearance. There are plenty of hardware items to choose from and the cost is affordable rather to building new cabinets.
Save up for a granite countertop for your rental since this can drastically improve how your kitchen looks. Aside from its aesthetic value, it’s also scratch-resistant and stain-resistant, making maintenance a breeze. Other available countertops you can consider are quartz and marble countertops.
Additional Kitchen Fixtures
Even simple kitchen updates like new faucets, or backsplashes create a powerful visual impact. They’re inexpensive but highly effective in making your kitchen attractive.
Upgrade the Bathroom
Prospective renters can scrutinize bathrooms when checking the property. This is one of the areas of your rental where you can keep renovation costs to a minimum. You can add more bathroom fixtures and cabinets and replace the toilets. There are a variety of choices and they range in different prices.
In bathrooms, space is prioritized, so plan the layout properly for upgrades. Here are some suggested tips to maximize your bathroom space:
- Consider having pocket and sliding doors
- Pick a walk-in shower and eliminate bathtubs
- Install extra shelves for more storage
In case you’ll be accepting different short-term renters on your property, it’s important to follow a 1:1 bathroom-to-bedroom ratio since this offers more privacy to occupants.
Rationale Behind Rental Renovations
Is it practical to upgrade your property often? Won’t it lead to more expenses?
With better amenities and energy-efficient and modern appliances, the value of your rental can be elevated. This attracts more renters and keeps older ones interested. So, limiting the vacancies can be costly. To have more opportunities to earn a higher income, you should upgrade your unit.
It Makes Your Rental Stand Out
If you provide similar amenities, your rental won’t outshine your competitors. You need to have features that can distinguish your property from others. This must be functional so prospects would be more drawn to your rental and choose to sign a lease with you.
It Promotes Energy Efficiency
Investing in solar lights or solar panels, energy-saving technology for your appliances, and HVAC systems lowers utility costs. You can highlight these features in your ads. This spikes the interest of tenants looking to further save their money.
It Delivers Satisfaction to Renters
You can attract long-term renters with a rental space packed with durable furniture and fixtures that last a long time. They’re likely to stick around, given their hassle-free tenancy experience due to fewer maintenance requests.
It Enhances the Rental Property Value
When you want to sell your rental property later, the resale value is high due to better amenities.
Rental property renovations are beneficial for property owners seeking steady and optimal income earnings. Are you looking for a trusted property manager to help with things like marketing and tenant screening? Contact TrueNest Property Management today!