It can be a bit confusing to know which renovations will provide the most benefit to your rental property. After all, you want to make sure that your investments are going to pay off in the long run.
Rental properties can be a great way to make extra income, but the right renovations can help you maximize your profits. Whether you’re looking for ways to increase your rental property’s value or make it more attractive to tenants, investing in a few updates can go a long way.
In this article, we’ll look at five of the best renovations for your rental property to help you get started. Read on to find out what improvements can best help you increase the value of your rental property.
Updating the Kitchen
Your tenants will spend a lot of time in this area, so kitchen upgrades can be one of the best investments in renovating a rental property. Not only do they offer aesthetic appeal when advertising your property, but an efficient, well-designed kitchen is extremely useful for your tenants.
By refreshing your home’s kitchen, you’re sure to reap many rewards from this renovation project in both the short and long terms.
Here are some kitchen upgrading tips to enhance the appearance of your rental property:
- Instead of spending too much on brand-new cabinetry, just sand and paint the current ones yourself. For a contemporary aesthetic, finish them off by adding new hardware, such as new knobs.
- If you have the budget, new granite worktops will give the appearance of a freshly renovated kitchen and even the entire apartment. Pick a material for your kitchen countertops that is at the very least sturdy and resistant to heat, scratches, and stains.
- Low-maintenance features are popular with tenants and require you to do less cleaning when it’s time to find a new tenant.
- In addition to creating a chic space, you can add smart technology, such as installed internet or Bluetooth-enabled amenities, for added sophistication and use.
Installing New Flooring
Installing new flooring in your rental property is an excellent way to upgrade its value and appeal. Not only does new flooring give the home a fresh, modern look, but it’s also easy to maintain and can withstand years of use.
It will also last longer than other floors, such as carpets, which can wear away quickly due to high foot traffic or draw in fur if your tenants have pets. And since flooring is relatively inexpensive compared to other renovations, installing new floors is a great way to get more return on your investment without spending too much money.
Adding Fresh Paint
Adding a fresh coat of paint to your rental property is one of the easiest and quickest renovations you can take up for your rental home. It’s also one of the more effective ways to provide a new look and feel to your space without spending too much money.
A lighter, brighter color will make an area appear larger and more open. We recommend painting with neutral colors, such as beige or ivory, rather than pastels or bright whites, as they are easier on the eyes and are more flexible to decorate with.
There are also various finish options, such as satin, semi-gloss, and high gloss, that offer different levels of shine, perfect for whatever effect you are looking for. Whether you opt for bright or subtle, repainting walls and ceilings is an affordable way to transform the look of any rental property.
Maximizing Curb Appeal
Maximizing curb appeal is another great renovation idea for your rental property. From landscaping and mowing lawns to giving the exterior a fresh coat of paint or replacing an old balcony, small efforts can make a big impression on outside appearances.
These aesthetic changes create a significant first impression on potential tenants, potentially leading to an increase in rental value. Investing in your rental property by maximizing curb appeal is always worth it!
Improve the visual appeal of your rental property by performing some basic outside maintenance, such as:
- Putting down new grass
- Adding a small garden
- Completely repainting the exterior
- Trimming trees and shrubs
- Putting in planters
- Putting down fresh concrete
Remodeling the bathroom of a rental property can produce some of the highest returns on investment among home improvements. This is especially true when bringing in new tenants and raising monthly rents.
Installing a more modern sink, bathtub, and well-working showerhead can vastly improve visuals and functionality, creating a more attractive living space.
Additionally, updating fixtures such as light switches, towel racks, toilet paper holders, and faucets can give the space an updated look while adding to its practicality.
Remodeling the bathroom can also include replacing light bulbs with energy-efficient LED bulbs or installing window treatments which both promote a heightened atmosphere of efficiency for lowered electricity bills for tenant occupants.
High-value renovations to consider for your rental’s bathroom include:
- Installing energy-efficient fixtures
- Replacing outdated tiles and tubs
- Adding contemporary lighting
- Adding storage shelves
Before You Go
In conclusion, renovations are an essential part of owning a rental property. Making upgrades to your unit can help increase its attractiveness and value by creating a place tenants will want to rent long term.
Whether refreshing outdated fixtures or maximizing curb appeal, any investment in your rental property will pay off in the long run. With the right renovations, you’ll be able to maximize your return on investment while improving the experience of your tenants. So don’t hesitate to start your renovations today!
If you have any questions on how to best renovate your particular property, reach out to the property managers at Embark Property Management! We’d be more than happy to help you with your unique needs.