Managing a rental property is a constant process of keeping it in good condition not only to keep current renters satisfied but also to make it attractive to prospective tenants. You have to keep up with this competitive industry and look for opportunities to increase your property value and the income it generates. Tenants are always on the lookout for a rental that feels new and theywill pay top dollar for a property that is close to their dream home.
Unlike improvements on your personal residence where rules get tossed, rental property improvements need to strike a good ratio between cost and value. The aim is to invest enough money to boost your rental property’s value and not spend too much without getting a substantial return.
But where do you start? Here are some rental improvement projects that will yield a high return on your investment.
1. Remodel the kitchen
The kitchen is one of the most crucial areas that could make or break a deal with a prospective tenant. As almost all tenants will use the kitchen, they make decisions based on the appeal of your rental property’s kitchen. As such, there are several ways you can improve your kitchen.
One of the most appealing kitchen improvements is an upgrade to your kitchen countertops. Renters will be willing to pay more for durable and fashionable countertops that fit their style. For higher end targets, quartz and cement are a popular choice. However, you can never go wrong with a granite countertop.
Cabinets and drawers are also some of the things prospective tenants look for in a potential home. Putting a fresh coat of paint or installing new faces on drawers and cabinets can go a long way. You may also decide to invest in modern designs with more functional options than what you have currently. The more storage space in the kitchen, the more appealing it is to potential tenants.
2. Invest in a new flooring.
You have plenty of options when it comes to home flooring. If you opt to install wood flooring, your choices range from hardwood and laminate to bamboo and faux wood. Hardwood flooring is the top flooring choice and renters are willing to pay more for it. You may also install ceramic or travertine tiles. Avoid using vinyl or linoleum as these materials are unsightly for tenants and will likely lower the value of your rental property.
Carpeting is another flooring alternative that you can install. However, you may need to consider maintenance costs. Carpets can be hard to manage and a single spill can ruin a carpet forever, affecting your rental property's value.
It is important o note that your potential tenants' preferences will be a huge factor in whether they decide to rent your property or not. However, installing new flooring will definitely increase your property’s value.
3. Improve your curb appeal.
First impressions always last and this also applies to rental properties. If the exterior of your building is not as appealing as other properties in the area, prospective tenants may not want to check the interior at all.
First, you need to check for undesirable blemishes on your property. These are chipped paint, broken banisters, or torn window screens that are noticeable from afar. Weeds and debris have no place in your lawn. If possible, have a designated area for garbage bins that is out of sight.
Finally, make sure that the lawn is well-maintained. Add flowers and plants to brighten up the lawn with their colors. However, make sure that they are alive and well, as dead plants will ruin your curb appeal.
4. Upgrade your bathroom fixtures.
Faucets, sinks, and shower fixtures can get old and look out of date in just a short time. Thus, an upgrade to your bathroom fixtures will increase your rental property's value considerably.
Consider using fixtures with more refined finishes like brushed nickel or oil-rubbed bronze. No matter what fixture design you decide to use, you should always put it within the context of the entire bathroom. Fixtures that harmonize with the rest of the bathroom aesthetic will make it even more appealing.
When making rental improvement projects, keep in mind that tenants are looking for a place to call home. Put yourself in their shoes and see how you will sleep, live, and eat in the rental property. Doing so will make remodeling decisions come naturally.
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