6 Best Renovations for Your Rental Property

Vacancies are every landlord’s worst nightmare. They not only diminish your rental income, but also end up increasing your maintenance costs. You’ll always want to ensure that you have a tenant in your property.

High occupancy rates mean a steady income and lower expenses, resulting in a high return on investment. One of the best ways to ensure occupancy is by renovating your rental property.

This can increase your rental property’s desirability, which can help both attract and retain quality tenants by keeping them happy. However, don’t renovate your rental property like you would your own house. You’ll want to invest in the right upgrades that appeal to a wide prospective tenant pool.

The 6 best renovations for your rental property

1. Renovate The Kitchen

Any upgrades to do with the kitchen are bound to give you a high return on investment because the kitchen is where meals and memories are made. It’s also one of the rooms that prospective tenants will want to look at before deciding whether or not to rent your property.

You can begin by matching the finishes of the microwave, refrigerator, oven, and dishwasher. This can instantly give it a more cohesive look.

Give the cabinets a facelift. Clean, sand, and prime the surfaces before painting. Go for paint colors that make the kitchen appear larger and brighter. You may also replace worn-out hardware, such as knobs and pulls.

If you have the budget, go for granite countertops for heat resistance, durability, and stain resistance. Your tenant will appreciate it! Other things you can do include replacing the faucet, and adding some backsplash.

2. Update The Look of The Bathroom

Quality tenants will always go for an up-to-date bathroom. So, if your bathroom looks too cold and stark, consider reinvigorating its look and appeal. Some of the affordable upgrades you can make to your rental’s bathroom include the following.

• Refresh The Walls With New Paint Colors: Go for neutral paint colors to instantly brighten the space.
• Replace The Hardware: Things like handles, faucets, and towel racks for a modern look.
• Add Some Accessories: Add things like bath mats, fresh towels, and decorative items to create a welcoming atmosphere.

Other low-budget upgrades you can make to the bathroom include installing a larger or more modern mirror, and upgrading the lighting. That said, if you have the budget, then you could consider going for high-value renos Like:

• Converting the bathtub into a walk-in shower
• Adding extra storage in terms of shelves and cabinets
• Replacing the toilet with a water-saving model
• Installing durable and stylish flooring
• Updating outdated fixtures, such as showerheads, faucets, and lighting fixtures

3. Refresh The Curb Appeal

Your property’s exterior is the first thing that prospective tenants will see when they come for a viewing. If it looks uninspiring, the tenant may not even want to see what it looks like on the inside.

To assess it, look at the front of your home and take it from the perspective of someone doing so for the first time. A property’s curb appeal can make or break a potential tenant’s interest. As such, you’ll want to make it as inviting as possible. The following are a few things you could do:

• Plant new grass
• Repainting tired-looking walls
• Trim back trees and shrubs
• Clean the path and driveway
• Add modern lighting
• Highlight the front door

4. Consider Installing New Floors.

This is one of the most capital-intensive projects you can make in your rental property. According to Forbes, you can expect to spend up to $15 per square foot for materials, not including the prep and labor time.

That said, if done well, new flooring can have a significant impact on your ROI. On average, you can expect to see anywhere from 70-150% return on investment from installing hardwood floors.

With that in mind, what kind of flooring should you go for in a rental property? Generally, you’ll want to go for flooring type that is cost-effective, durable, and easy to clean. Options include carpets, hardwood, laminate, and luxury vinyl tile.

Hardwood flooring, specifically, is a popular material. It looks not only modern, but also long-lasting and is easy to clean.

5. Repaint The Walls

Paint can completely change your rental property’s aesthetics. What’s more, it’s inexpensive and a can of fresh paint will only lightly set you back. When choosing which paint colors to go for, choose a neutral color palette. This is because neutral colors will appeal to a wide prospective tenant pool.

6. Give Tenants The Amenities They Want

The right amenities will also help your rental property stand out from the competition. The following are some of the options worth considering:

• Having a dishwasher to add some convenience to the life of your tenants
• Extra storage spaces to add more functionality to their home
• An air conditioning unit to keep the tenant comfortable during the hot and humid summer months
• Off-street parking, especially in busy areas, can be a huge sell for prospective tenants
• Washer and dryer unit for convenience

Conclusion

These six top renovations will set your property apart from the competition, making it easier to attract and retain high-quality tenants. By improving your property's appeal, you'll not only increase its value but also create a more desirable living space that tenants will love.

Whether you're looking to enhance aesthetics or boost functionality, these updates can make a big difference.
If you have questions or need expert assistance managing your rental property, Howzer Property Management is here to help. We specialize in boosting your income while minimizing stress. Contact us today to learn more!