Keeping your rental property refurbished and up to date can go a long way towards attracting long-term tenants. And a rental renovation that’s well-done can even convince them to pay more.
Not all home renovations are equal, however, not only in cost but the value it can add to your property. Below, we have seven of the best cost-effective renovations that may also help increase your property’s rent price.
Give it a fresh coat of paint
One of the simplest ways to spruce up your rental property is to paint it a different color.
Interior and exterior wall paint can take a beating from everyday life. It can fade, it can get scuffed, and it can also get stained. And one of the best ways to touch-up these walls (provided they don’t have structural issues) is to give them a new coat of paint.
When it comes to choosing the right colors, the general rule is to avoid bold or pastel colors. Aim for the middle ground by choosing neutrals. They’re available in different attractive shades and appeal to a wide range of tenants.
Deep-clean the property
In between tenants, have your property deep cleaned. It will take off layers of accumulated dirt and grime from every nook and cranny in the rental property, making everything spick and span and ready for the next tenant.
Deep-cleaning also helps get rid of any mold or mildew buildup, especially if the property has been unoccupied for some time. Replace affected walls and surfaces accordingly.
Invest in new windows
Renovations and upgrades to your windows hit two birds with one stone: it freshens up your property’s looks and improves its energy efficiency. With the right windows, you and your tenant can save money on heating, air conditioning, and all around environmental sealing.
Even if you can’t spring for new windows, consider upgrading the hardware, like nuts, bolts, locks, and handles. A simple re-caulking job will also make sure that the window seals stay nice and tight.
Update the floors
Slightly more expensive than the average home renovation program, all-new floors can improve your rental property’s value, become a highlight, and bump the rental’s rent price.
Tenants tend to prefer hardwood or engineered wood planking over options like carpeting, tiles, or linoleum. Hardwood combines durability with a classy look and feel, while engineered wood is a popular option in rooms or areas where resistance to water, warping and humidity is a concern.
Refresh the kitchen
Kitchen upgrades promise the most significant returns on your investment regardless of the scope of the project.
Minor overhauls such as changing the backsplash or cabinet doors can freshen up a kitchen’s look without breaking the bank. If you have a bigger budget, you can also consider replacing appliances with more modern and energy-efficient models. Apart from attracting tenants, you could also take advantage of tax credits, rebates, and other incentives depending on local regulations.
Give the bathrooms an upgrade
New faucets, shower heads, and fixtures improve a bathroom’s functionality and boosts its value. Low-flow versions of fixtures can also help reduce water consumption. This can be a valuable selling point to environmentally minded (or utilities budget-conscious) tenants.
Are the tiles dated or dirty beyond cleaning? Consider replacing them with ceramic bathroom tiles with geometric designs. It provides visual interest and a pop of color.
If you need to, to update the bathtub, shower, or toilet. Sticking with a porcelain tub is the safest choice. Keep in mind that federal standards require new toilets to use only 1.6 gallons of water per flush.
Make the outdoor space enjoyable
A final spot to consider for renovation is your rental property’s outdoor space, which also includes the terrace, deck, and patio. These days, outdoor living and leisure spaces are especially coveted because of the pandemic, where people have to stay at home as much as possible. Having a lovely outdoor space can easily justify higher lease rates and can also build valuable curb appeal (in the case of a front yard or street-facing terrace.)
Even if you don’t splurge on a deck or terrace, consider adding a planter or other outdoor accessories.
Renovating your rental property is a great way to keep your current tenants happy or attract new ones to your property. Most importantly, they don’t have to be expensive.
If you’re looking for in-depth property management consulting and services, don’t hesitate to approach Sundance Property Management. We are a full-service team specializing in the acquisition and management of investment properties. You can call us at 513.489.3363 or send an email at info(at)sdpmi(dotted)com.