Landlords who want to maximize the return on their investment will want to attract and keep high-value renters in their properties. Creating a comfortable, appealing, tenant-friendly space is key to keeping them satisfied. Renovating your property to make it up-to-date, functional, and attractive is a wise investment of time and money. These tips will help you keep your “Vacancy” sign out of sight.
1. Redo the Kitchen
Creating an attractive, ergonomic kitchen space is key when renovating a property for new tenants. Just as when renovating your own home, using quality materials and paying attention to detail is critical.
Upgrade Your Cabinets and Storage
Good storage is essential to any well-functioning kitchen, so keeping the shelving and cabinetry up to date is important. Stained cabinets can give the kitchen a warm, upscale look and create a welcoming atmosphere.
You can also impress potential tenants, increase your base of renters, and make your property more inclusive by installing ADA kitchen cabinets. Adding pull-out shelving inside the cabinets makes items easier to reach. If the kitchen includes a pantry, installing additional shelving or hanging racks can help free up space on countertops and give the area a neat and spacious look
Install New Countertops
If you want to bring sophisticated, professional tenants into your property, installing natural stone countertops will instantly upgrade your kitchen and give it a polished look. Ceramic tile and sealed concrete can also be good options. Whatever material you choose, make sure it’s stain-, heat-, and scratch-resistant. Avoid cheap countertops that will quickly fall into disrepair.
Add a Backsplash
Adding a tile backsplash to your kitchen instantly makes it look clean and bright. Simple glass or white ceramic tiles are affordable to install and easy to clean. For a timeless look, choose a neutral color palette for your design.
Refresh Your Appliances
Many of your prospective tenants will love to cook or entertain. Furnishing your kitchen with up-to-date appliances can help increase the value of your rental property and make it more attractive. If you can afford it, add a dishwasher, high-end refrigerator, or any other appliance that will make your renters’ lives more enjoyable.
2. Renovate the Bathroom
A modern bathroom with a spa-like feel will attract potential renters’ positive attention. Here are some tips to create a more luxurious feel.
Add New Fixtures
Consider installing new fixtures like toilets, sinks, and faucets to streamline the bathroom. Matching faucets, showerheads, drains, and flushers in a polished or brushed copper, nickel, or bronze finish can also add a touch of high-end style.
Upgrade Your Storage
Tenants will need plenty of functional storage space for towels, toiletries, and cleaning supplies. Stacked shelves, towel racks, and wall hooks can maximize capacity while saving space. Adding a new vanity is an easy way to modernize the bathroom’s look. You can also hang a high-design, mirrored medicine cabinet above the sink.
3. Update the Lighting
Old lighting fixtures can easily make your rental property look dated, so updating your lighting is a worthwhile investment. To make a quick change, consider painting or polishing your existing fixtures or changing the shades of lamps and pendant lights. Consider hiring an electrician to install new fixtures that instantly brighten your space. You can also appeal to environmentally responsible tenants and help them save on utility costs by installing full-spectrum LED bulbs.
4. Install New Floors
When you want to make your rental property look fresh, installing new floors is a must. Carpet is rarely desirable because it quickly shows dirt and wear and takes effort to maintain. It’s also a breeding ground for dust mites and harbors a host of allergens. Replacing old carpeting with SPC click flooring is an easy way to boost the value of your property. This upscale surface has the look of real hardwood, yet it’s low-maintenance, waterproof, and engineered to withstand heavy traffic.
5. Clean and Paint
No tenant wants to move into a grimy and worn space. Make sure to deep-clean your property and give it a fresh coat of paint. Ensure all dirt and oil have been removed from the walls and surfaces. Pay special attention to corners, baseboards, molding, and areas behind fixtures and appliances. Paint is relatively inexpensive, yet a newly painted surface has huge appeal and can improve your return on investment.
If your property is large or you own multiple units, consider ordering paint in bulk to save money. Choose a satin or semi-gloss finish in a neutral color like white, ivory, or tan. This will brighten the space and serve as a blank slate for your tenant’s décor. Also, be sure to purchase low- or zero-VOC paint that will not lower the air quality in the property.
6. Add Amenities
To set your rental property above the rest, consider adding a few amenities your tenants will love. An in-residence washer and dryer unit is a huge draw for tenants who value the convenience and hygienic atmosphere of doing their laundry at home. If your property includes a yard or an outdoor garden, make the most of it by planting flowers and new grass, trimming back trees and shrubs, and installing new pavers.
Package lockers, smart locks, and smart thermostats are high-tech upgrades that will provide your tenants with added convenience and security. They can also give you peace of mind as a property manager.
Finally, making your rental pet-friendly can be extremely attractive to potential tenants and expand your base of renters. Most Americans have pets, and allowing them on your property can help you attract happy, more community-oriented tenants.
Reap the Rewards of Renovating Your Rental Property
Being a landlord can be hugely rewarding, but doing things right requires a fair amount of effort. Renovating your property is a sure way to attract high-paying tenants, increase its value, and maximize your return on investment.