5 Best Renovations for Your Rental Property

rental property renovations

Given that long-term renters are attracted to rental homes that can provide the best value, landlords do their best to deliver updates through property renovations. Improving your rental can lead to higher and more consistent income since it’s easy to remain competitive with frequent rental upgrades. 

A vital tip that landlords should remember is to refrain from over-investing. The tenants’ needs are vastly different from homeowners. It’s best to look at what they prioritize instead of incorporating your own aesthetic. Doing so will save you time and money.

It’s always best to analyze property renovation projects from the lens of a tenant. What kind of amenities would they appreciate? What needs do they prioritize? List the top amenities that tenants want and plan the property upgrades from there. This results in more interest from prospects and eventually, an increase in your rental’s value and income.

Renovated properties also increase’s property value and reduce’s tenant maintenance requests. This encourages your renters to renew the lease which leads to steady investment returns. Here are specific areas to improve in your rental that captures a renter’s interest:

Make Kitchen Improvements

Kitchens are highly functional areas so the way it looks is important. Be more aware of the appliances’ finishes and try to match them to create a coordinated appearance. Tenants are impressed with stainless steel and energy-efficient appliances so if you have the budget, you can purchase existing mismatched ones.

kitchen with white cupboards, dark wood island and 3 stools

Other kitchen renovations include:

  • Cabinets – To create a fresh look, you can apply a new coat of paint or varnish and replace the hardware with stylish ones to make it more modern
  • Countertops – Invest in a granite countertop to enhance the look of your unit. if that’s too pricey, you can go for other countertop materials such as quartz, marble, and limestone. The better the quality of the material, the longer it lasts and the easier it is to maintain.
  • Modern fixtures – Simple kitchen furnishing can also enhance its appearance. There are plenty of stylish faucets and backsplashes that can be installed at a reasonable rate.

Remodel the Bathrooms

Prospective tenants are also curious about how your bathrooms look so they tend to inspect it first. Enhance its visuals by replacing toilet seats, and adding a new shower head and faucets. Use designs that make the space look bigger like adding a sliding barn door and adding more storage areas to store essential bathroom items.

Other bathroom renovation tips:

  • Choose walk-in showers rather than bathtubs as it take up less space 
  • Add more bathroom shelves or hooks for additional storage
  • Add a vanity counter

If possible, go for a 1:1 bedroom and bathroom ratio to provide more convenience to renters, especially if they’re likely to have future guests or visiting families.

Focus on Curb Appeal

No matter how attractive your interiors look, people are bound to make judgments on the exterior appearance of your rental property. Capture the immediate interest of tenants by performing landscaping. 

person in white glovers fixing a lawn mower

Ensure that the maintenance is kept simple so the renters remain consistent on the upkeep of the yard. Other tips to keep your curb appeal attractive:

  • Start a small garden
  • Go for attractive but low-maintenance plants 
  • Plant new grass
  • Repaint your property’s exteriors
  • Hire someone to cut overgrown tree branches and trim shrubs

Upgrade Your Flooring

Flooring is another element that renters check out. A lot of properties have tile flooring or cover the floors with carpets. However, a classic favorite is hardwood flooring for many reasons. Hardwood flooring is popular because it’s:

  • Elegant – Hardwood flooring is rated popularly and in demand since it appears welcoming and valuable. 
  • Easy to clean and maintain – Hardwood flooring is low-maintenance in comparison to carpets where dust and stains can quickly accumulate. Cleaning hardwood floors is easy.
  • Warm – Hardwood flooring gives out a cozy vibe that lends more natural comfort to the environment. Additionally, it can easily blend in its surroundings allowing it to match with more people’s personal design preferences.
  • Long-lasting and cost-effective – Initially, the price of hardwood flooring can make a property owner hesitant but when you think long-term and analyze its durability then it’s a wise investment.
  • Unfading color – Hardwood flooring provides a consistent natural appearance. Compared to carpets that can quickly look worn out and faded, hardwood flooring does not succumb to wear and tear quickly.

Invest in Small Upgrades

When talking about renovations, you don’t have to equate it with spending tons of cash. Starting small is great too. Even minor yet thoughtful improvements can create attractive changes.

person in overalls using paint roller and ladder

Here are quick improvement tips to consider:

  • New paint  Paint your rental with neutral hues. You can also permit renters to choose the colors for an accent wall but include guidelines in the lease agreement to be safe.
  • Modern light fixtures – A property upgrade that’s low cost is picking great light fixtures that are stylish and modern as they can really elevate a space’s overall appearance.  
  • Closets and shelves – Properties with several storage spaces are preferred and ranked high on a tenant’s list of desired amenities.  
  • Door handles – Change your doorknobs and choose a model that offers more security while also being stylish. 
  • Blinds and curtainsHanging curtains makes the home more comfortable. It limits the light from the outdoors and creates more privacy for the inhabitants. Depending on the length of the curtain, you can also make the windows or room, look grander.

Bottom Line

At first, a landlord may not want to perform renovations to save money. But renovating your rental means investing in the future. Your current tenants are far more likely to stay longer when they see the various improvements you’ve done.

If you would like help managing your rentals contact the experts at Home Choice Property Management today! Our team can market units, screen tenants, address maintenance requests and so much more.