Tenants love well-maintained properties, and in most cases, they will pay higher rents to occupy them. If you are a landlord, therefore, it makes perfect sense for you to renovate your units to ensure that they are in the best rent-ready condition possible. Doing so will make it easier for you to fill vacancies since prospective renters will find your units alluring. Many landlords, however, keep off renovating their rental properties because they either perceive it to be a waste of precious time and money, or they don’t know what kind of renovations to carry out.
If you are wondering what kind of property improvements you need, here are a few leads you can use to refurbish your units.
6 of the Best Areas to Renovate for Your Rental
Revamp the Curb Appeal
An efficient way of marketing your rental property is to revamp its curb. After all, the curb appeal is one of the most notable features that anyone passing by your property sees. If it presents an unsightly feeling, high-quality renters will avoid your asset. Luckily, there are many inexpensive ways for you to give your unit’s curb appeal a facelift. For instance, you can use a pressure washer to clean the roof, exterior walls, driveway, pathway, and patio. You could also paint the property and repair or fix broken fixtures like shutters and doors. Furthermore, you can mow the lawn, plant colorful flowers, prune the hedges, and remove any weeds from the yard.
Modify the Layout
If you have enough time and means, you could change the design of your property to make it modish. For instance, you could knock down the walls to open it up and illuminate a room that is cramped and dark. Alternatively, you can do away with the walls separating the kitchen and dining to create one seamless room. Such an effort will not only make the room bigger but will also make the property energy efficient by allowing more natural light to enter the chamber.
Add more rooms
Rental properties that have many rooms tend to fetch higher rental incomes than those with fewer. Hence, if your property has extremely spacious rooms, why not modify them to increase the number of rooms. For instance, you could transform the garage into an office or extra bedroom. Similarly, if the bedrooms are expansive, you could install half baths to make them en suite. When adding rooms to your property, however, try as much as possible to retain the same design as the other rooms. The additional rooms will not only be a large value booster but will also play a significant role in marketing your rental property.
Make the property accessible to everyone
At times, the only reason landlords are unable to fill vacancies quickly is that their units are not friendly to everyone, more so people with disabilities. Remember that this is a business and you need to manage your real estate investment wisely.Inspect your units to ascertain whether older people, someone in a wheelchair, or a visually impaired person can access the property with ease. Renovating your property using universal models and designs can prove quite helpful in such a case. For instance, you could widen the doorways, install balance or grab bars near the bathtub and toilets, and add rails on either side of the stairwell. Most importantly, ensure that your floors are safe and comfortable.
Install storage fixtures
Thanks to technological advancements and lifestyle changes, tenants have become more picky and demanding. As a result, when shopping for rental premises, many prospective renters look for modern and convenient features like built-in storage, which make life on the property comfortable. If you want to make your rental units marketable, therefore, adding built-in wardrobes in the bedrooms, as well as cabinets in the bathroom and kitchen are a brilliant idea. Properties with such storage features are attractive because they save the occupants from the inconvenience of installing their own.
Modernize the bathrooms
Everyone lovesmodern baths and toilets that are clean, sparkling, and in perfect working condition. In fact, a large percentage of prospects decide whether or not to rent your premises depending on how its bathroom looks. For that reason, you must make your bathrooms stylish, modish, and alluring. Some of the ways you can accomplish that are by installing rain shower heads, stylish sinks, shiny faucets, as well as beautiful water resistant flooring made of porcelain, natural stone or ceramic.
There is no doubt that renovations are a novel way of marketing your rental properties. However, for you to get desirable outcomes, it is best to enlist the services of professional and experienced contractors. Such experts will carry out the needed repairs in a time-saving and cost-efficient manner.