Best Renovations for Your Rental Property

Landlords strive to avoid vacancies as much as they can. They will look for multiple ways to keep tenants happy so that they rent long-term. To achieve their mission, they often look towards improving their rental properties by making them more appealing and functional.

When considering renovations, landlords should remember not to upgrade their rentals in a similar manner as they would with their residential homes. Otherwise, they could overinvest and discover that tenants are not as careful with taking care of their property.

If you want to learn more about the best renovations for your rental properties, keep on reading!

Key Thing for Landlords to Remember

When performing rental upgrades, focus on what the tenants need. It’s the tenants that will occupy the rental so it makes sense to make updates that provide more value to them.

Renters will often assign more points for function, appearance, and sense of livability in a rental home. Below are areas of the home to concentrate your efforts on when performing rental renovations:

Take on Kitchen Improvements

Coordinated kitchens look impressive as they contain a more unifying appearance. Try to match the finishes of appliances like the microwave, refrigerator, and oven. The kitchen will look more polished and stylish.

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When renovating kitchens, you don’t need to spend a lot in order to bring more value to the space. There are mid-level price ranges that offer the same functional result as high-end renovations. Remember that renters prioritized a functional kitchen.

Some of the kitchen furnishings to think of are the following:

  • Countertops should be made with durable material. Granite countertops are popular, but there are also other more affordable alternatives. Investing in a good countertop means fewer scratches and stains, therefore less maintenance overall.
  • Cabinets can be improved by simply sanding and repainting them. One can just upgrade the look of the existing set of shelves. You can also opt to change the hardware to more modern ones.
  • Backsplashes are popular add-ons. They help present an immaculate kitchen and make for easy maintenance. You can also change old fixtures such as faucets to improve the kitchen’s look without spending too much.

Remodel the Bathroom

Spacious bathrooms are what renters generally prioritize. If you can find ways to maximize your bathroom space then you’ll easily earn a thumbs-up from potential tenants. Simple changes can create wonders in your bathrooms. Another crucial point for renters is storage space in a bathroom.

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Here are bathroom renovations to consider:

  • Look for ways to expand the space. A pocket door leaves more room than a normal door. Do away with bathtubs when you have a small area and opt for a walk-in shower.
  • Replace an old toilet or toilet.
  • Splurge on new bathroom fixtures such as faucets, showerheads, and new cabinet hardware.
  • Maximize the counter space by recycling old dressers.
  • Place more shelves for a clutter-free bathroom appearance

Enhance the Property’s Curb Appeal

When we’re walking outside, our attention is often captured by properties with impressive curb appeal. Landscaped front yards and newly painted facades give off a refreshing glow. As part of advertising your property to prospects, curb appeal is something that shouldn’t be overlooked.

While it's critical to score a stellar curb appeal, too much maintenance is also not encouraged. Renters often have little time to keep up with lawn maintenance day in and day out. So you want to make upgrades that look nice but are easy to maintain.

Below are ways to increase the charm of your rental’s curb appeal:

  • Put in new grass
  • Create a small area for renters who like gardening.
  • Do some trimming of shrubs and remove overgrown tree branches
  • Give the outside of the home a fresh coat of paint.
  • Decorate with planters outside
  • Design a concrete walkway

Fill Your Rental with Top Amenities

Amenities can often be the make-or-break deciding factor for renters. Here are some suggestions on what to focus on when considering your rental amenities:

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  • Storage space. The more cabinets, shelves, and closets you can provide, the better. Renters want to avoid purchasing new furniture to store their clothes, bags, and shoes.
  • Air conditioners and heaters are critical in a city where the temperatures can be extreme. Renters need to feel more comfortable so they can relax well inside their homes.
  • A parking area is essential when your renters own private vehicles. Protecting their cars is part of taking care of your tenants’ needs.
  • Outdoor areas extend the living space outside so renters appreciate having a balcony or deck to enjoy the outside air.
  • The washer and dryer can reduce the need to head to the laundromat. Convenience matters a lot so this is usually an amenity that tenants look for.

Purpose of Performing Rental Renovations

If you’re wary of spending on renovations, take a second to consider the benefits that come along with it. It’s true that there are costs to face when doing property renovations. But this can also mean that vacancies are kept to a minimum and rental prices can be set at a higher rate.

Other benefits that comes with renovating a rental:
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Property Differentiation

Stand out from other rentals by keeping your rental unit attractive with top-of-line amenities. More prospects flock to rental units that offer amazing features.

Energy Efficiency

Newer appliances offer more product features that conserve energy. Tenants appreciate paying less for utilities so it makes sense to convert to more energy-efficient machines.

Client Satisfaction

Better quality appliances and fixtures mean fewer damages to encounter. Renters will not experience inconvenience from breakdown. Complaints are reduced leading to happier tenants.

Bottom Line

Renovations can’t be looked upon solely as an expense. It’s best to consider the effect that property improvements could have on the long-term value of your rental. Landlords can prevent worrying about marketing costs and instead, enjoy the steady income that comes from an occupied rental unit.

If you need help managing your property contact the experts at Draper Realty today!

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