Every successful landlord knows that vacancies are bad for their bottom line. When your property is vacant, it means you’ve gained zero income at the end of that month.
So, knowing how to find and retain tenants is an essential skill for landlords to master. But how exactly do you do it?
Among other things, you must make sure that your rental property stands out from the competition by completing the right renovations. In today’s article, we at Keyrenter Premier will walk you through the 7 best renovations to make to your rental property in order to maximize your ROI.
Renovate the Kitchen
As the kitchen is the heart of any home, its condition will impact a prospect’s decision on whether to consider renting it or continue with their property search. Luckily, there are plenty of other options you can consider regarding kitchen updates, depending on the budget you’re working with.
One renovation you can make is swapping dated cabinetry with a new set. You can then top that off by adding new hardware for an even more updated look. If working on a tight budget, then you may simply want to sand and repaint the existing ones. This is a simple DIY project you can do by yourself to cut costs further.
Other renovations you could make are replacing the faucets, adding a backsplash, and matching appliance finishes.
Makeover the Bathroom
Just like the kitchen, the bathroom is equally important. Experienced prospects will be looking for an up-to-date bathroom. So, if your bathroom looks like it has seen better days, it’ll be in your best interests to update it and get prospects in your property faster.
Both simple renovations and high-value one’s work depend on the property’s condition. At the very least, you can add a new shower head, replace the toilet seat, and update the faucets. There are many different discounted stores you can source these materials from.
For a high-value renovation, you could install shelves for extra storage space, or convert the bathroom into a walk-in shower. You could also choose to make every bedroom in the property en suite if the budget allows.
Update Your Curb Appeal
The exterior of your property is the first thing that prospects will see. If it doesn’t give a good first impression, a prospect won’t be inspired to continue looking at what the inside has to offer. The opposite is also true!
The following are some tips to help you update an uninspiring curb appeal. Just make sure to keep all the adjustments you make easy to maintain, so your tenants don’t have any extra responsibilities.
- Landscape the front lawn.
- Replace the front lawn.
- Trim back trees and shrubs.
- Power wash the exterior.
- Repaint tired-looking walls.
- Replace or refresh the mailbox.
- Add a small garden.
- Add pavements.
Replace the Flooring
One survey after another has shown how popular hardwood is. For good reason too, among other things, hardwood looks modern and it’s easier to clean. Whereas, carpets are not only high maintenance, but can also trap smells too.
If you’re going to replace the flooring, make sure to do the renovation last. Why? Other projects can lead to the production of dust and dirt, and that can have an impact on the new floor’s aesthetics.
However, if you don’t have the budget to splash on new flooring, then make sure to replace carpets on time. And specifically, every 10 years.
Repaint Tired-Looking Walls
The paint on your walls has a lifespan. Generally speaking, you should replace it at least every two to three years. But, if you have great tenants that take excellent care of your property, then it may be possible to wait a further couple of years to do so.
Keep walls neutral in order to ensure your property is as appealing to as broad a prospective tenant pool as possible. This will allow tenants to have a blank canvas to work with.
Alternatively, you could allow your tenant to paint their favorite color. If you allow them to do this, you should consider the following:
- The paint job must be done by a professional that you have approved.
- The tenant must agree to pay a deposit.
- The tenant must repaint the unit back to its original color when they leave at the end of their lease.
- The tenant must choose from a pre-selected color palette.
Open Up the Space
Open floor plans are increasingly becoming popular because they help make a space feel larger and brighter. But this is a relatively expensive project that will require knocking down some walls. As such, make sure to hire the right professionals for the job.
You can expect this project to appreciate your home by about 7%. This is at least according to Realtor.com.
Add Popular Amenities
Amenities can also help make your rental property stand out from the competition. The following are some options that are popular among tenants.
- Dishwasher. Go for a stainless steel option for a sleek, modern look.
- Washer and dryer in-unit. The majority of tenants, according to one survey, wouldn’t consider renting a property without these two amenities.
- Fenced-in yard for pets. Americans are a nation of pet lovers. As such, providing this amenity is guaranteed to be worthwhile.
- Off-street parking. In busy areas, providing a carport or a driveway can really go a long way in making your property desirable among prospects.
There you have it. 7 best renovations for your rental property. These are guaranteed to help you increase your property’s value and improve renter satisfaction, among other things.
For expert help in this regard or any other aspect of property management such as marketing, screening, tax, or maintenance, get in touch with Keyrenter Premier. We’re the master key to stress-free property management in Scottsdale, AZ.