Take advantage of vacated properties to make upgrades. Upgrades may allow you to increase your rental price and help retain good quality tenants by giving them a place to call home.
Most important place
The kitchen is the heart of a home, and therefore is one of the most scrutinized elements of a rental. If a potential renter doesn’t feel comfortable in a kitchen at your property, they are likely to keep looking.
Does your unit have a dishwasher and continuous disposal? Also consider installing full-size, energy-efficient appliances when possible. It can be a major inconvenience for renters to not have enough storage in the freezer or realize that full size cookie sheets don’t fit in the oven. You don’t have to gut the kitchen (or your budget) to improve its appeal. The following upgrades would do wonders to turn a tolerable kitchen into an ideal one:
◦Switch up hardware such as faucets and handles,
◦Paint, stain or replace cabinet doors,
◦Install a modern back splash,
◦Install attractive, durable countertops.
With each decision you make, keep in mind that the kitchen also experiences the most traffic.
Upgrade lighting for functional, visual appeal
No matter how clean and glamorous your property is, if the lighting doesn’t do it justice, you could be sinking its potential rental value. A bright home is said to be more inviting. If your property still sports ancient light fixtures, dim bulbs, or possibly no light in a room a quick switch to modern fixtures can have a significant impact on aesthetics and electrical costs.
Lighting can also provide major conveniences. Your tenants will appreciate well-placed track lighting, motion sensor lighting and energy-efficient bulbs.
Bathrooms for modern living
As with kitchens, bathrooms can make or break your competitive edge in the rental market. Here are a few bathroom renovation options to help set your property apart.
◦Trade up sparse vanities for ones with more counter space
◦Install tile to raise both the visual and material quality
◦Upgrade shower heads and hardware
◦Update light fixtures and bulbs to create ambiance
◦Consider swapping bathtubs for frameless walk-in showers
Long-lasting flooring
Overhauling the flooring in a rental property, while a big venture, is one of the most popular and effective rental renovations. Foot traffic and spills add up as tenants come and go. Install higher quality flooring materials to both increase the floor’s longevity and make the entire home more attractive. After an upgrade like this, you’ll be much closer to crushing the competition and to raising your rental value.
Create storage opportunities
Having ample storage to eliminate clutter is important to reducing stress in the home. Tenants who can’t find anywhere to shove their extra linens and old photo albums are going to get tired of making do. You can enhance your rental property by installing extra storage space. There are a number of aesthetically pleasing ways to incorporate cabinetry, shelving and wall units which will take your property to the next level.
As you evaluate your rental property for possible renovations, think like your future tenants will as they walk through the home. Would they look forward to coming home to this kitchen or shower? Does the lighting and flooring appeal to them? Are there enough shelves and cabinets to cut the clutter? If not, renters are likely to keep hunting until they find what they’re looking for. These popular renovations can have the most significant effects on the appeal of a home.