Are you thinking about renovating a rental property, but you’re worried about the money you have to spend?
Understandable. The cost of materials, labor, and supplies has risen. But, there are wise investments to be made when you’re looking for ways to improve and update your property.
Renovating is a good idea when you want to increase its rental value and attract high-quality tenants. Start with some of the usual modifications and improvements that you make during turnover periods, such as fresh paint and sprucing up the lawn. Then, think about what else you can do. Your vacancy period is an ideal opportunity for some larger projects.
There are a few updates and upgrades that we always recommend. Not only will these things increase the amount of rent you’re able to charge, they’ll also make your property more competitive on the market. Tenants will be drawn to the modern, fresh, and attractive home you’re offering.
Where Should You Start? Kitchens and Bathrooms
Kitchen and bathroom renovations always give you the most bang for your buck when you’re renovating a property. Both of these spaces need to be clean, bright, and welcoming. You don’t have to do a complete rehab either. A few well-chosen improvements will make a big difference.
Try these:
- Check your Kitchen Appliances
Stainless appliances in the kitchen are an attractive upgrade that will increase what you earn and how quickly you attract good renters. A shiny, stainless refrigerator is irresistible in a kitchen.
Stainless is also expensive, however, and not completely necessary. It’s really just important that all of your kitchen appliances match. They should also be energy-efficient models.
You don’t want to be called to continue repairing the same dishwasher. Replace it instead. If you’re not already offering in-unit laundry, this is the time to do it. Having a private washer and dryer in the property is becoming a big non-negotiable for tenants. No one wants communal laundry anymore.
- Improve Your Lighting
Despite what you may see all around the rental market, lighting in a rental home does not have to be generic and dull.
Make it look interesting and invest in energy-efficient LED bulbs. Fluorescent lighting can look dated.
Well-qualified tenants will especially appreciate good lighting in the kitchen and the bathrooms, so focus your lighting upgrades there. Good lighting can immediately change the look and feel of the kitchen and a bathroom. When chosen and installed correctly, it can save space and improve the functionality of the room. Lighting even impacts mood, so help your tenants have a better rental experience overall by providing some upgraded, modern lighting in the spaces where they most need it.
Don’t forget the exterior lighting. You want tenants to feel safe coming and going in the dark. Make sure there’s a bright light at the front door. Consider motion lights on garages and other outbuildings.
- Smart Accessories
Easy, cosmetic upgrades are an understated way to make your rental home look more attractive to the best potential tenants in the Benicia rental market. Put a fresh new face on your cabinets, for example, and you won’t have to replace them.
You can change out the handles on your drawers and the knobs on your cupboards. Put a backsplash behind the stove or the sink. This is an easy and cheap way to make your rental home more modern, especially in kitchens and bathrooms where there are plenty of counters and vanity space that may be in need of a better look.
- Toilets and Tubs
Check around the toilets and the tubs to ensure that the caulk is in good shape. Good tenants will not want to see mold and dust growing in the cracks and crevices between tiles. Update toilet seats if they are loose or faded.
Upgrade your Floors
Once you’ve done everything you can with the kitchens and bathrooms, start thinking about what the rest of the property needs.
Floors present a great opportunity for improvements that will increase your rental value.
If you have carpet, you’ll want to keep up with professional carpet cleanings, especially during turnovers. But, you don’t want to keep cleaning it when it should really be replaced. Depending on the traffic your carpet gets, most rental homes need new carpet every three to five years.
Consider investing in a different type of floor.
An ideal upgrade would be to replace the carpet with hard surface flooring. This is more attractive to tenants because it’s easier to maintain and clean. It’s also better for you because it’s more durable and you don’t have to replace it every few years.
Hard surface flooring is cleaner. There are fewer allergens, and you won’t have to worry about pet odors and dirt getting trapped in carpet fibers.
Floor upgrades cost a bit more than the cosmetic improvements we’ve been talking about. But, it’s a worthy renovation and will make a big difference in the way you price and market your property.
Landscaping Improvements
In a single-family rental home, landscaping will really contribute to curb appeal. If you’re renting out a multi-family property, you still need to pay attention to how the outside of your property looks. Tenants want to live in a home that’s attractive and free of debris.
Make sure the outdoor space is inviting. Clear away any cobwebs from front doors and mailboxes. Replace blinds that are bent and torn. Look at your exterior paint and decide if the property needs to be pressure washed.
Choosing which upgrades and updates to make will impact what you charge, who you attract, and what kind of money you can make as an investor.
We’d be happy to make some personalized recommendations based on how your property looks now and what you’re hoping to achieve. We understand the market and we know what good tenants are looking for. Contact us at Krystle Properties, and we’ll help you make some good decisions.
