Renovating a rental property is essential for landlords to attract and retain tenants. By making their property comfortable, attractive, and functional, you, as an owner, can increase its value and minimize vacancies that may hamper your earnings. Let’s explore 7 changes you can make to your rental property to increase its value.
Changes You Can Make In Your Rental Property
Here is how you can add value to your rental asset.
Renovate Your Kitchen
The best option to start with is upgrading the kitchen. You can go for things like appliances built in place as they can yield a profitable return. Matching the finishes of the appliances ties your entire space together. Consider painting existing cabinets, adding new hardware, and investing in durable countertops.
Remodel the Bathroom
A modern bathroom is a desirable feature for potential tenants. Replace the old toilet seat and the shower head, and update your washroom faucets and cabinets. Maximize space by using pocket or barn doors, converting bathtubs into walk-in showers, and installing shelves for storage. Consider adding a new vanity or upcycling an old dresser into a unique statement piece.
Make Changes To Update Curb Appeal
Enhancing the property’s exterior leaves a good first impression. You can change the landscape, i.e., the front lawn with low-maintenance plants, paint the front door, and trim trees along with shrubs for improvement.
Install New Floors
Hardwood floors are the most valued choice as they offer a modern look that is easy to clean as well. Replace floors after completing other renovations to avoid dirt and dust accumulation. It is best to install floors just before appliances in the kitchen.
Paint and Update
DIY projects do not work in every condition; let the tenants feel at home and use neutral colors to allow them to personalize their space. Updating light fixtures, cabinet handles, door knobs, and blinds significantly enhances the asset’s overall feel.
Create an Open Floor Plan
Knocking walls down to make an open floor plan can make the rental feel more spacious and bright. Adding more windows to bring in natural light is a fantastic way to make your space lit!
Add Popular Amenities
Differentiating the rental property with desirable amenities can attract tenants and potentially allow for higher rent. You can add a dishwasher, have ample storage space, get central air conditioning, offer to provide off-street parking or covered parking, etc.
Other than that, devise a beautiful outdoor living space like patios or balconies, with a fenced-in yard for pet owners.