Attracting and keeping tenants are among the most challenging part of running a rental property. To avoid vacancies and get a good return on your investment, you should ensure the house meets the market’s current standards. One way to do that is through renovations. It’s crucial to note that not all upgrades are equal to the eyes of potential renters.
When planning for renovations, it’s important to consider three factors: usability, functionality, and aesthetics. At the same time, you will also need to understand the expectations of your prospective and current tenants to guarantee maximum return on your real estate investment.
Let’s now dive into the best renovations that could give your property more value, increase your rental yield, and get good tenants.
1. Update curb appeal
The first impression is essential, so improve your property’s curb appeal if you can. Make sure the lawn is newly mowed and the hedges are trimmed. Framing the home’s entryway with a stunning landscape can catch the eyes of tenants in just seconds. Make the front door pop by choosing a great color and upgrade the lighting with lanterns or sconces. Call your trusted steel fabricator to replace those old fences in your yard or the framework of your awnings.
Good landscape lighting can also massively improve the curb appeal of the house. You can install new solar-powered landscape lights to illuminate walkways and improve safety too. Some providers sell them for just $30 per set. Another way to add life to the house’s curb appeal is to install tasteful window box planters. You can opt for flowering plants with popping colors and provide an option for the tenants to personalize it themselves.
2. Modernize the kitchen
Another worthy work is modernizing the kitchen of the house. First, upgrade the metals of the hardware. You can find many manufacturers that build kitchen hardware with contemporary designs and styles, from using copper, brushed gold, stainless steel, or matte aluminum. These can be used to upgrade the kitchen’s pendant lighting, cabinetry hardware, or range hood options. Aside from that, replace that old linoleum or vinyl flooring with something more timeless and resilient such as stone, tile, or wood.
If you have the extra budget, don’t forget to modernize the countertops as well. Cheap vinyl and tile-and-grout kitchen spaces are things of the past. They can’t attract future tenants anymore. Replace them with something more modern. You can go with natural stone varieties such as granite and marble, or solid surfacing options that consist of polymers and resin. You’d also want to install recessed lights for a modern illumination option and some under cabinet lighting for countertops.
3. Upgrade the bathrooms
Updating the bathroom won’t just improve the property’s value but also give you a great reason to raise rents. To make it look airy and fresh, go for light-colored or neutral paint such as soft water or pale blue. You’d also want to replace the light fixtures. You can get new ones for just around $20. To totally change the bathroom’s vibe, install a new vanity or paint the old one. Add stencils as cool accents.
You might also want to consider upgrading that old shower head with something trendy like rainfall types or dual head showers with removable wands. This can give your tenants a spa-like feel when they enter or use the bathroom. Plus, it’s also an inexpensive and easy update. ;
4. Install modern storage solutions
These days, many homeowners love organizing their things and make their spaces look as clean as possible. If you’re looking to add more character to the house, install or build unique and modern storage solutions for the tenants. You can have a built-in modular storage shelf perfect for home office areas or some stand-alone, portable storage units for the kids’ room or bathrooms. A modern cupboard is also a great addition; it can be used to store heirloom table lines, precious saucers and teacups, and more.
Furthermore, it’s also best to opt for open shelving to make the spaces look more open and brighter. Open shelves also look more relaxed and modern and are typically inexpensive compared to closed cabinets. It also allows the tenants to easily visualize how they will use the space, like showing off their stylish and expensive dishware.
These are just a few of the many renovations or improvements that you can do to your property. Be sure to consider your property and budget requirements when choosing from the above-stated recommendations. A renovation can increase your property’s rent or sale price, but it can run over your budget if not done right. Plan the project well, and you’ll surely see nothing but positive responses from interested tenants.