If your rental property is well-maintained and attractive, you will have an easier time finding and retaining tenants. Tenants may agree to a rent increase if they find the property well-maintained and beautiful. Do you wish to find or keep more responsible, higher-paying tenants? If so, renter satisfaction is crucial in increasing your rental property’s value. Therefore it’s essential to keep your premises updated, beautiful, and pleasant for your tenants. If you manage rental properties, you may be interested in hearing about these five renovation ideas that can easily attract more tenants.
1. Renovate your kitchen.
An adage goes like, “the kitchen sells the house,” which is still true today. Tenants who share a love of cooking will be especially drawn to a sleek, well-appointed kitchen that requires no upkeep. The kitchen is one of the most popular rooms in a house. Therefore, updating it will increase the home’s worth. You can boost your home’s rental value with minimal investment by installing a new backsplash, replacing the cabinets, or installing a few low-maintenance appliances and renovation materials. When potential buyers arrive to view your house, ensure the kitchen is spotless.
2. Make a workspace.
Many businesses now allow workers to perform remotely in response to the COVID-19 outbreak. Also, many local school districts still require students to engage in online learning. Therefore, you should consider creating or relocating to a flex space that tenants can utilise for classes and meetings. Locations serving many purposes are preferable, and a new office doesn’t have to break the bank. Give prospective tenants an incentive to rent from you by including extras like built-in storage and a fold-out desk. However, be wary of turning a functional room, like a bedroom, into a full-time workplace. While reducing the number of bedrooms may increase the monthly rent, everyone can use more closets and storage space.
3. Remodel your bathroom.
Starry-eyed apartment hunters frequently focus on the availability of bathrooms. Many prospective tenants would be willing to pay a premium for a property that offers a nice bathroom but is otherwise unremarkable. Consider replacing the tub, the toilet, the glass doors on the showers, or even the shower head for a more modern and stylish look in the bathroom. Even more important is the number of bathrooms, especially in smaller properties; if you have the capacity in your renovation budget for another bathroom, it will undoubtedly increase your investment return. Renters place an incredibly high value on privacy in the bathroom, so don’t discount that amenity.
4. Install new floors.
New flooring can completely transform a room. While many homeowners choose carpet or tile, wood floors are popular for various reasons. Landlords often select carpeting because they assume it would save money. But owners should include the long-term cost of regular replacement and intensive cleaning. You would better spend the money on something more long-lasting like hardwood, laminate, vinyl, or tile. You could also choose to replace the carpet in the bedrooms but upgrade the living room and kitchen flooring. Better flooring lasts longer, reduces maintenance costs, and boosts the home’s resale or rental value.
5. Upgrade your lighting.
Property owners can dramatically alter the ambiance of your rental property with well-thought-out lighting, which can positively impact your bottom line. There are several ways to improve the aesthetic appeal of a rental property, one of which is by using lighting to highlight its best features, both inside and out. This is also a cheap and simple upgrade that can completely transform the look and feel of your home. In addition, it’s a great way to inject some personality without going crazy. You may be amazed at how simple it is to locate replacement fittings that are an exact aesthetic match for the current decor in your rental property. Renovations such as this can help you attract more tenants because no one appreciates outmoded decor and furnishings.
Making even a few of these adjustments can significantly impact renting. And they’ll aid in bringing in a larger pool of prospective tenants. If you want your renovations to pay out in the long run, you have to be sure they won’t need to be redone anytime soon. In cases of uncertainty, it’s best to seek the advice of an expert.
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