A rental vacancy is a threat to any landlord. After all, how are you going to be a landlord if you’ve got no tenant to rent to?
Finding and retaining tenants is an important skill for landlords to have. But equally important is being able to provide tenants with a comfortable, functional, and attractive property. And that’s where rental renovations come in!
The best rental renovations are those that invest in the interest of the tenants while ensuring you reap a great ROI. The following are the best renovations for your rental property for this! You'll be having new tenants sign your lease in no time.
Renters put a lot of weight on the look, feel, and function of the kitchen. As such, if it looks like it has seen better days, odds are high a prospective tenant will continue with their search.
If you’re providing appliances, then you’ll want to make sure that you replace older, inefficient ones with new, energy-efficient ones. Also, it’s generally considered best to match all of the kitchen appliances by their color. This will help give the kitchen a more cohesive look.
You may also want to give the cabinets some attention. Do they look like they are from a much earlier era? Do they have outdated colors like lime-green, burnt orange, or yellow? If so, have them refaced, refurbished or refreshed.
When it comes to new countertops, choose a material that is not only durable but also resistant to scratches, heat, and stains. Granite is a good choice for this.
A bathroom that is up-to-date is also something that many prospective tenants look for. Some of the easiest improvements you can make include adding a new shower head, replacing the toilet seat, and updating the cabinet hardware.
But if you have the budget, then go for a full overhaul. Update the lighting, install new cabinets and vanity, lay new flooring, and replace bathroom fixtures, among other things.
Are you working with a small bathroom? If so, there are several things you can do to maximize the space and provide storage. You can install shelves for extra storage, convert the bathtub into a walk-in shower, and use a pocket door or barn door.
First impressions matter a lot when it comes to attracting new tenants. After all, the exterior of the home is the first thing that potential tenants will see. Make sure it gives a good impression.
How does your lawn look? If it’s looking a bit scruffy, refresh it, but keep it low maintenance and inexpensive. This will ensure that it doesn’t require much attention from either you or your tenant.
Other things you can do to update your rental’s curb appeal include:
- New paint
- New grass
- A small garden
- Trimmed shrubs and trees
- New pavement
Floors go through a lot, and it isn’t a surprise that they don’t last forever. From scratches to stains to cracks, there is a lot that can happen to your floors. If you ignore such issues, they cannot only make your home unattractive to new tenants but can also become a safety hazard.
The following are some signs that you need to replace your flooring:
- Your previous tenants complained of worsening allergies. This is particularly the case if you have carpeting
- The flooring makes some strange noises when stepped on
- Cracks and soft spots have started to appear
- Stains won’t go away
Now, there are a variety of options to choose from when it comes to flooring. However, hardwood remains one of the most sought-after by tenants, meaning they're more likely to stay long-term as they're happy with the unit. It’s not only modern, but it’s also easy to clean. Other popular options include linoleum, vinyl, and tile.
When it comes to your return on investment, it’s hard to beat fresh paint. If your walls are discolored or have excessive wear and tear, painting them fresh should be a no-brainer.
The following are some tips to turn your space from drab to new and bright:
- Pick the right color. Painting a rental property isn’t the same as painting your own home. When it comes to a rental property, your goal should be to provide a neutral backdrop. Stick to a neutral color palette that includes white, brown, and gray
- Go with the right paint finish. Because of the higher wear and tear, you’ll need to pick the right finish to help extend the life of your paint. Some of the best options to choose include satin, eggshell, high gloss, semi-gloss, and flat or matte
Open Floor Plan
Open floor plans are popular and can make a rental home feel larger and much brighter. If you have the time and money, you can create one by knocking down some walls to open up the space.
If you plan to make the project a DIY one, then make sure to take the necessary precautions. Be careful, for instance, about which wall you knock down.
If you knock down the load-bearing one, a bunch of structural issues can arise. These include sticking doors, drywall cracks, unleveled floors, and sagging ceilings.
These 6 renovations should help you get the most out of your rental property. Among other things, that may mean attracting quality tenants and enjoying low vacancy rates. You’ll be able to maximize your profits in no time!
If you find the task of managing your rental property to be daunting, consider hiring the top property management company in Metro Detroit, Nelson Property Management! We offer the top rental property strategies in the industry today. Contact us to learn more about how we can help!