No matter how attractive your rental home is, the time comes when it will gradually reflect wear and tear. A way to address this is by performing property renovations.
Competitors with modern units will pop up in your neighborhood. You encourage lease renewals by building value through regular upgrades. Frequent updates also help capture the interest of potential tenants.
To inspire loyalty from your renters and retain them for the long term, renovating your rental should be part of your plans. With a full rental space, you can easily gain steady earnings.
If you avoid spending on property upgrades, you might end up channeling your funds toward listings, marketing and maintenance expenses when you have vacant rental units.
When it comes to renovations, simply making improvements without careful consideration can lead to wasting your money. It is best to study the needs of your tenants and make upgrades in areas where value is prized.
Note that renovating your rental should not be done in the same fashion as your residential home. Avoid overinvesting, and instead, focus on making changes where it will be greatly appreciated by the occupants.
We have compiled a list below that outlines our recommendations to enhance the value of your rental in the eyes of the renters.
Check out the following suggested rental renovations:
1. Kitchen and bathroom upgrades
Two of the focal points in a rental home are the kitchen and bathrooms. Maximizing the spaces in these areas leads to creating more interest from prospective renters.
Given that the kitchen and bathroom are always utilized by occupants, you’ll notice that during property showings, most potential tenants are basing their decision on how these rooms appear.
A larger space can be achieved by taking down some walls and using doors that take up little space such as sliding doors and barn doors to further save on space.
You can also maintain a refreshing and spacious area by keeping things clutter-free. Create more storage spaces where renters can easily place their items and keep the space from looking tight and congested.
Kitchen renovations you can try:
- Coordinating your kitchen with steel appliances to elevate its appearance
- Repainting and sanding the cabinets for a fresher look
- Changing the hardware of fixtures to modernize the kitchen
- Investing in countertops with better materials to level up your kitchen space
- Adding backsplashes and sensor faucets that make kitchen cleaning easier
Bathroom renovations you can try:
- Replacing the toilet seat or the toilet to enhance the area
- Changing the bathroom fixtures (shower heads, faucets, etc.) to modernize the space
- Opting for a walk-in shower to save space instead of laying out a bathtub
- Installing additional cabinets or shelves to store bathroom items
- Using an old vanity table for extra counter space and storage room
2. Curb appeal improvements
While your interior spaces may be well-maintained, what is exposed to potential renters is the view from the outside. Knowing this, it is advisable to focus on beautifying your external space, too. Upgrade your curb appeal and watch interest mount from passersby who can become your prospective tenants.
You can consider hiring landscape gardeners to make attractive changes to your outside property. Investing in one is better than ending up with a vacant unit.
But consider that occupants of your rental may not have a lot of time to keep the curb appeal in order. An easy maintenance process should also be a priority.
Curb appeal renovations you can try:
- Replacing an old and worn-looking front door
- Repainting the main door for a fresh appearance
- Planting new grass in the external areas
- Allocating space where renters can keep a garden
- Painting the exteriors of your rental unit
- Trimming overgrown foliage and cutting down extended branches of trees
- Placing planters near the front area of the rental to make it more attractive
- Installing a brick-paved walkway leading to your main door
3. Easy rental upgrades
As a landlord, you naturally want to keep your rental costs down. This may be the initial reason why some resist taking on rental property renovations. But the improvements you make around your unit can lead to a positive impact. Further, they do not have to come at a steep price.
Quick and affordable updates you can try:
- Scheduling a painting session on your rental interiors using a neutral base of colors
- Upgrading the light fixtures to more modern ones to keep the space more attractive
- Changing the hardware around your windows and doors, and replacing curtains and blinds to create a more inviting space
4. Invest in popular amenities
Given that some rental units can be similar in a neighborhood, renters often base their decision on the type of amenities offered by the property owners. If you know your target market, it is much easier to provide the essential amenities they desire.
Popular amenities you can offer to tenants:
- Washer and dryer
- More storage spaces
- Air-conditioning unit
- Parking area
- Additional outdoor areas, such as balconies, patios, and porches
- A fenced-in outdoor area to keep pets safe
5. Upgrade the flooring
It is good to consider your rental flooring when planning a property renovation. Wear and tear can make flooring unattractive if you choose inferior materials. Deciding on hardwood flooring is a great idea due to its attractive and durable material.
With its classic look compared to other flooring types, renters favor hardwood flooring more. It is easy to maintain and does not show stains and scratches. It also looks better even after a long time. Though the initial cost is higher, it is more recommended than carpets which tend to absorb smells.
Carpets also require more maintenance and steam-cleaning. Moreover, carpets need to be replaced every 3 to 5 years. Investing in wooden flooring is much more sensible in the long run.
While renovations require allotting some funds to change and replace key items around your rental home, the results are wonderful. It can lead to building more tenant loyalty, easy marketing when the unit is vacated, and an increase in property value should you decide to sell it in the future.
Get in touch with our team at Service Star Realty to get started!
Service Star Realty
2929 East Camelback Road #119, Phoenix, AZ 85016