Choosing to renovate your rental can attract new tenants to your property. You'll be able to raise rent prices and be more selective during the application process.
Here are seven renovations to make your rental property shine.
1. Create Cohesion with Paint
A fresh coat of paint can instantly brighten and clean a room. Choose a neutral color that will be ideal for any renter and use it throughout the space. Using the same palette will help create a cohesive design.
2. Upgrade Household Appliances
Amenities appeal to renters. According to the National Multifamily Housing Council, 86% of renters won't choose a rental that lacks a dishwasher, and 77% won't lease unless the property has a washer and dryer unit.
3. Repair Roofing Leaks
Roof leaks can cause mold growth, watermarks and structural damage, all of which discourage renters from leasing the accommodation from you. Inspect your roof regularly and replace any shingles that are curling or missing.
4. Update the Bathroom Design
To update your bathroom, consider refinishing the tub and tile. A refinishing kit can be an inexpensive way to make the surroundings look brand-new.
5. Build Curb Appeal
Use curb appeal to make your property stand out from other rentals. Landscapes with trees increase property value by 10%, leading tenants to sign quickly and stay longer.
6. Revamp the Flooring
Hire professional cleaners or install new materials to ensure your flooring makes a positive impression.
7. Restore the Kitchen
The kitchen is the heart of a home, so renovations will help to skyrocket renter appeal. Revamp your kitchen by painting the cabinets, updating the lighting and buying matching appliances. If there's room in the budget, splurge on new counter-tops.
Keep Renovations Budget-Friendly
Stick to a budget when renovating a rental property. You'll need the usual cushion of savings to fall back on if something goes wrong that you didn't count on or budget for. When implementing these top seven renovations to attract new renters, choose the best value for money and don't forget to have fun with it.
Rose Morrison is a home improvement and real estate writer and the managing editor of Renovated.
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