It can be challenging to find and keep great, long-term tenants for your rental properties. However, if you invest wisely in home remodeling, you might be able to get beyond that challenge and increase property value.
Your home will become more appealing with the right upgrades, resulting in low vacancy and high tenant retention rates. There are several ways to prepare a space for tenants, from little adjustments like replacing hardware to bigger projects like pulling down walls.
Knowing which project will suit your rental best is key. We’ll talk about the upgrades that will provide your rental property with the best return on investment in this piece!
Modernize the Kitchen
Considering that a home’s kitchen is its center, the appearance can have a big impact on whether a tenant stays or vacates. If the kitchen appears to have a lot of damage and general wear and tear, that might result in higher vacancy rates.
Making it useful and usable should be your main priority when thinking about improving it. Examine the appliances and if they still operating at their best. If they need to be replaced, it would be in your best interest to find effective energy-efficient ones.
Don’t disregard the design of the kitchen too. Smart renters will seek out properties that have a modern appearance. Consider using stone or granite for the countertop. If you don’t have as large a budget, consider painting the cabinets and adding new hardware to freshen up the space.
Update the Restroom
One of the key areas in a home is the bathroom. Many restrooms lack storage and can feel crowded and disorganized. One method to modernize and update a bathroom is incorporating shelves or racks to increase storage.
You can also repaint the walls or freshen up the tile work. Another choice is to replace appliances like faucets and shower heads. Your goal is to create a functional and clean space for renters.
Painting Your Rental Property
A fantastic, affordable method to maintain and improve the appearance of your home is to paint it. Painting the walls in your home every few years will give it new life and generate a lot of interest from tenants and buyers.
Utilizing oil-based paints and hiring experts to complete it would be an excellent option. In comparison to water-based paints, oil-based undercoats and paints can tolerate more damage. Oil-based paints cost more than water-based paints, but they will end up being a better use of your time and money.
In a competitive rental market, first impressions matter when potential tenants or buyers first visit your property. For your property to have more curb appeal, keep the garden and trees tended to, and add several plants and flowers for a pop of color.
When making a landscaping plan, remember to keep it low-maintenance. Tenants may be in awe of a beautiful lawn, but if it requires a lot of upkeep, this might discourage them from renting.
Insulation for the Refurbishment of Your Rental Property
The lifetime of your property depends on having a well-insulated home, which has advantages for your tenants’ health as well. Lack of insulation could promote the growth of mold, which is harmful to your tenants and home’s structure.
Lack of insulation in a home makes it harder to attract and keep tenants. Insulating your property will prolong its life and boost rental income. It must always be thought of as an investment rather than an expense.
Open Floor Plans
Open floor plans are a worthwhile renovation. Fewer walls and lots of open space are preferred by tenants for socializing and daily activities. Open concepts allow spaces to feel larger and let in more light. Tenants can really benefit from having this open space.
Note that knocking down walls is more expensive so consult with specialists to ensure that doing so will add value. Should you choose to move forward with the project, you should hire professional contractors to handle the job as they’ll be able to identify which walls are safe to come down and which are load-bearing.
Set Up an In-unit Washer and Dryer
Many tenants place great importance on having a very dependable and effective washer and dryer in the rental. It’s much more convenient to be able to do laundry in the comfort of their living space than to have to bring it elsewhere in the building if they’re in a multi-family unit, or to a laundromat.
What’s more, providing an in-unit washer and dryer could make your property more competitive if other comparable rentals in your area don’t offer them.
By using these suggestions you perform property renovations that add value and attract and retain tenants. Knowing which renovations with be beneficial to your rental property can be challenging so consider working with real estate experts.
Keyrenter Property Management Hampton Roads is the best option if you’ve decided to rent your property but are unsure where to begin or if you’re looking to expand your portfolio. With our property managers by your side, renting out your house is a breeze.
We take care of all the hassles and guide you through the process of renting your investment property, so you don’t have to worry about it. Contact us today to learn more about our property management services!