Best Renovations for Your Rental Property

A vacant unit can be a source of stress for landlords. Not only is your income reduced, but you also still need to perform the maintenance tasks, and security tasks and prepare it for property showings. Tenants will complain if you do not perform maintenance. To save yourself from spending further on marketing and maintenance, it’s best to keep your rental unit occupied.

So how do you encourage renters to stay longer?

One of the best strategies to keep your tenants loyal is through property renovations. This shows renters that you want to make the unit more habitable and attractive for them. It can be a good way to keep tenants happy and attract new ones.

When you place yourself in your tenants’ shoes and provide facilities that respond to their needs, you’ll always find tenants who stay for the long haul.

One thing to keep in mind is to avoid overinvesting in rental renovations. Learn to prioritize key items so you’re not going over your budget. With this in mind, we at Whole Property Management have put together the following article:

Research the Best Amenities for Your Property

Even if you present an attractive unit, potential tenants will still be interested in the amenities you’re offering. So, it’s smart to focus on functionality. Renters usually check for the following features in a unit:

• Does your unit have enough storage or trash space? If not, install storage shelves, cabinets, kitchen pantries, and closet space.
• Do you have an in-unit dishwasher or washing machine? Owning one provides plenty of convenience to the renters.
• Is the property in an overly hot or cold climate? If so, ensure you provide air conditioning to the unit.
• Are you screening for professionals who commute? Having a designated parking lot, garage, driveway, or covered parking area is vital to these people.
• Do you have extra property space? You can convert them into a balcony, veranda, rooftop space, or patio.
• Do you welcome tenants with pets? If you have an outdoor yard, you can put up a fence to protect the pets

Create an Open Floor Plan

Typically, renters prefer a spacious environment.  So, if you plan to maximize your rental unit, you can proceed to take down some walls and combine rooms. This can offer a refreshing environment to the tenants. You can also match it with large windows to brighten up the interior.

Make sure to check which walls are weight-bearing for a more solid foundation for your property. You can have it inspected by professional contractors first before getting carried away and proceeding with a DIY project.

Repaint Your Property

Wear and tear are expected the longer your unit is rented out. Paint can fade and grow dull over the years. If you want to make your rental attractive again, you can consider giving it a new coat of paint. This type of upgrade is easily affordable but results in a more appealing rental space.

Choose neutral colors so your interiors can easily match with whatever furniture or items a tenant is bringing in. You can also consider allowing an accent wall where a renter can pick the paint color. This is satisfying to renters who want to make the space their own.         

You can also replace the lighting. This is another affordable option to improve and modernize the look of your rental unit. Plenty of lighting options are available on the market at different price points. Replacing the hardware of your cabinets is also a less expensive way to renovate your rental.

Install New Flooring

Replacing flooring is an upgrade you may want to consider. One of the most sought-after types of flooring is hardwood floors. Aside from its elegant appearance, it also lasts longer and can be maintained easily.

A lot of homeowners may use carpets. But the drawback of carpets is the challenging maintenance. You may want to hire a professional cleaner who can keep your carpets in the best shape. Carpets require steaming since they tend to absorb odors a lot.

If you’re thinking of installing hardwood floors, think of it as a long-term investment. You won’t be replacing it every 3 to 5 years, unlike carpets. Other options for flooring are tiles and marble flooring.

Improve Your Curb Appeal

The first thing that potential renters look at is the way your unit looks from the outside before they sign a lease with you. So, aiming for impressive curb appeal is a must. If gardening and landscaping aren’t your forte then you can always engage the services of a professional.

You can achieve great curb appeal by repainting the exterior of your property, planting new grass, and trimming any overgrown branches.

Reasons for Property Renovations

Building the value of your rental starts with engaging in property renovations that lead to an occupied rental unit. It’s recommended that you focus on continual rental upgrades for the following reasons:

• To differentiate your rental home from others and stand out from similar rental homes in your neighborhood
• To maximize energy efficiency. You can buy energy-saving appliances to reduce the utility bills of the tenants
• For high resale value. If you sell your property in the future, you can set a better market price if your unit is renovated and appears in clean condition

Bottom Line

A renovated rental home is inherently attractive. If your unit is vacant, you can quickly market it to land new tenants. Plan your renovation projects well and enhance the tenant experience. This minimizes the risks of property vacancies and ensures a consistent rental income for landlords.

If you have any questions about renovations or any other aspect of property management, contact us at Whole Property Management today!