One of the best ways to maximize your ROI is by renovating your rental property. The right renovations will help make your rental property desirable and thus minimize tenant turnovers.
You can spruce up your rental property in a myriad of ways, from simple DIYs to more laborious projects.
In this post, we are sharing 8 renovations for your Matthews, Pineville, or other North Carolina rental property that will help increase its value.
Keep on reading!
A kitchen is the heart of a home, and it has the potential to attract or drive away a prospective tenant. When it comes to updating the kitchen, your focus should be on improving its functionality.
Do the appliances look like they have seen better days? If so, consider upgrading them to newer, smarter models. Not only do modern appliances look good, but they also aim to minimize energy and water consumption.
You may also want to invest in a granite countertop. Granite countertops are one of the most popular additions to any kitchen remodeling project. They are strong, durable, and low maintenance.
These are just some of the renovation projects you can do in your kitchen.
There are a couple of things you can do to spruce up a bathroom.
Here are some simple options:
You can also consider providing additional storage space if the space is limited. You can do this by installing new shelves. A pull-out shelf, in particular, can be a fantastic asset to your bathroom.
If you are looking for an easy way to upgrade your rental without spending much, then painting it is the way to go. A good paint job can provide one of the highest ROI.
Ideally, you’ll want to paint it using neutral colors. That’s because neutral colors help tenants better visualize themselves living in your space. Neutral colors include gray, white, black, tans and browns.
Painting may look easy to some, but in reality, it takes skills and experience to master it. So, if your DIY skills are still untested, consider hiring a professional to do it on your behalf.
Proper lighting can help you make a great first impression on a prospective tenant. That’s because good lighting helps turn a dim space into a bright, happy and beautiful one.
Here are some of the ways you can go about this:
A debate as old as time – should I install a carpet or invest in a hardwood flooring? Of course, there are pros and cons to either option, but what isn’t appealing is poorly maintained or outdated flooring.
Nowadays, tenants prefer having tile, laminate or wood floors instead of carpets. This is because carpets are high maintenance. They attract dirt and stains easily, and this means you have to regularly clean and vacuum. However, carpets are cheap to install.
Hardwood floors, on the other hand, are a huge investment for landlords. But if you have the budget, the pros of installing a hardwood floor heavily outweigh the cons. Hardwood floors are elegant, durable, and easy to clean.
It’s easy to shift all your attention to your rental’s interior and forget the exterior. But when it comes to rental properties, first impressions can make or break your chances of landing a tenant. So, be sure to also focus on the exterior of your rental.
Consider the following:
Tenants appreciate rental properties that have technology that can help simplify their lives.
So consider providing the following in your rental:
Quality tenants would gladly pay more rent just to be offered such items.
What’s more, you may also want to use technology in the day to day running of your rental property. For example, you may want to provide tenants with an online rent payment option and even require them to make their maintenance requests online.
You may also make your property stand out by adding certain amenities. The following are some of the things you may want to consider:
There you have it – 8 best renovations for your rental property that are sure to make your property more desirable to prospective tenants. The more desirable your rental is, the higher the chances of attracting a quality tenant.
If you’re looking for more ways to boost the profitability of your rental property, turn to Dawson Property Management for help. Contact us today!
