In order to make your rental property shine and stand out among the rest, you have to perform necessary renovations and some home improvements. Doing so will not only increase the value of your rental home, but also make your rental unit desirable among prospective tenants.
However, it’s important to note that renovating a property involves cost. In fact, you need to set aside a huge chunk of your budget for home renovations and improvements if you want your property to look and stay attractive.
But if you are short on budget, it’s still possible to improve the appearance of your rental home. All you need is to know which renovations to prioritize.
In this article, you will learn the best renovation projects that earn the best return on investment for your rental property.
1. Kitchen
Most tenants want a modernized kitchen. If you want to attract high-quality renters who will likely stay for the long term, make sure to spend money to renovate the kitchen. In general, updating your kitchen can give you a better return on investment.
Start with the appliances and see which ones you should replace. It’s best to have matching kitchen appliances to give your kitchen a more cohesive appearance. You don’t need to buy the most expensive brands of appliances. Just make sure to get one with good quality that can last for the long term.
Your goal is to ensure that the kitchen is as functional as possible. So the next thing that you should improve is the cabinet. You don’t need to spend a large amount of money on new cabinetry. All you need to do is sand the old one and repaint it so it will look brand new.
You may also want to invest in new countertops. Make sure to choose a material that is sturdy enough to withstand long-term use. Granite countertops are the most ideal, however, they can be pricey too. If you are short on budget, at least find a material that is durable enough and does not easily stain, scratch, crack, or break.
You can complete the look of your kitchen by adding some finishing touches, like a new faucet and a backsplash. You can also make the kitchen more functional by adding task lighting above the countertops. Whatever you choose to add, make sure that they are low-maintenance and long-lasting. Most tenants prefer to not spend too much time maintaining the fixtures.
2. Bathroom
Another thing that makes a rental property attractive is an up-to-date bathroom. You can remodel the bathroom as you see fit according to your budget. You can improve the appearance of the bathroom by replacing the toilet seat, updating the faucet, adding a new shower head, and repainting the cabinets.
You can also maximize the space of your bathroom and make it more functional by providing more storage spaces, like shelves. If you have more room, you can add a new vanity and a modern-looking mirror to elevate the bathroom’s design. You may also update the lighting to make it more comfortable.
3. Flooring
Carpeted floors are no longer in fashion. Nowadays, tenants prefer a property with hardwood floors. However, if this material is too expensive, you can use a more affordable option like luxury vinyls. Make sure to choose a material that is easy to clean and won’t trap dust and stains. If you decide to update the flooring, do this project last after all other projects are done.
4. Walls
Adding a fresh coat of paint on the walls can do wonders to the overall appearance of your rental home. When choosing a new paint color, make sure to keep it neutral. Avoid choosing your favorite color because you will not be the one to stay on the property. You want your property to appeal to a wide pool of renters, and neutral colors are the safest option.
5. Lighting Fixtures
Another way to make your property look brand new is to update the lighting fixtures in every room. You want the property to have a welcoming ambiance, so using adjustable lighting fixtures is ideal. Make sure to choose modern lighting fixtures that are cost-efficient and long-lasting. Typically, LED lights are the best way to go.
6. Security System
If you haven’t yet, installing a security system into the property can greatly increase its value. Tenants nowadays are looking for a safe dwelling space where they will feel secure at all times. Adding a security system will be a worthwhile investment.
Ideally, you should install security cameras in certain places to secure the home. Also, investing in alarm systems can help prevent intruders. If you have the budget, it’s also great to install a keyless entry system on your main doors.
7. Smart Home Technology
Another investment that can add value to your rental unit is smart home technology. This requires a big investment, but will generate great returns in the long run.
Tenants are more than willing to pay extra for smart rental homes because it gives them a sense of security and convenience. At the very least, you can start by smartening up your lighting system by adding motion-sensor outdoor lights.
8. Other Amenities
What sets a rental property apart from its competitors are the amenities provided. Study the comparable rental units in your area to see what amenities are usually being offered and see if you offer the same. You can make your rental property stand out by providing more useful amenities that tenants may need.
For example, you can provide high-speed wifi if you want to attract tenants who are working from home. You can also make your rental home pet-friendly to entice pet owners. Whatever amenities you choose, just be sure that they are useful to your target market.
Conclusion
Renovating a property is essential if you want to earn a better return on investment. Just make sure to set a budget and stick to it. Don’t go overboard when renovating your rental unit and do not spend more than what you can charge for.
If you have any questions or need help remodeling your rental unit, don’t hesitate to reach out to the property management experts at Keyrenter McAllen.