Renovating a rental home can be a great way to add value to your property. It makes it more attractive to potential tenants. But, planning and setting a budget before starting any work is essential.
As renovations can be excellent for your rental home, they can also disrupt your tenants. If possible, try to schedule the work when the property is vacant. This will reduce the burden on your tenants while facilitating the renovation process.
To attract potential tenants when renovating your home, here are a few things you need to keep in mind.
You need to ensure that your renovations align with your rental agreement. You don’t want to start a project that your tenant can’t use or will cause them to break their lease.
Also, you need to be aware of the costs of your project. You don’t want to overspend on your renovations and lose money on your rental property.
It would help if you were mindful of the time frame of your project. You don’t want to be in the middle of a renovation when your tenant moves in, so make sure you plan accordingly.
Value is everything in any market. So, it is necessary to increase the value of your rental home through renovation. With the smart upgrade, you can attract higher-paying tenants and charge more rent.
Here are 5 key renovations you can make that will pay off in the long run.
1. Fixing up the Façade
To get a rental home in good condition, it is necessary first to assess the property from the outside.
This means repairing any damage to the façade, such as cracked paint or a hole in the brickwork. Creating a private outdoor space for the tenants to enjoy may also be necessary.
A landlord dp3 policy allows for the completion of both of these tasks. Landlords in need of repair and improvement can use this policy. This policy can help landlords attract tenants and improve rental housing stock.
Property landscaping is one of the most important aspects of rental home renovations. This is because the landscaping can significantly impact the property’s curb appeal.
Investing in some landscaping may be a smart option if you want to raise the value of your rental property.
There are a few things to remember when landscaping a rental property. First, you’ll want to choose low-maintenance plants and grasses that won’t need a lot of upkeep.
Avoid planting anything that can harm the property, such as trees with strong roots.
And third, you’ll want to ensure the landscaping complies with local ordinances or HOA rules.
By keeping these things in mind, you can create a beautiful and valuable rental home for your tenant.
3. Giving the Kitchen a Facelift
The kitchen is not only one of the most used rooms in a home but also one of the biggest determinants of a home’s value. By giving the kitchen a facelift, you can increase the value of your rental home and make it more attractive to potential tenants.
Facelifting the kitchen is a great way to add value to your rental property. Adding new appliances, countertops, and cabinets can give the space a new look and feel.
The updated kitchen will impress potential tenants and may be more likely to rent from you. However, if planning on giving the kitchen a facelift, you’ll need to be careful not to overspend.
You’ll also need to ensure that your renovations keep the home’s overall style. So, again, be sure it makes sense for your property.
4. Updating the Bathroom and the Bedroom
Many landlords renovate their bedrooms with in-unit laundry facilities and new flooring. This can add significant value to the property and make it more attractive to potential tenants.
Adding in-unit laundry to a rental home is a great way to attract and keep tenants. It is a valuable amenity that tenants are willing to pay for. It can also help increase the resale value of your property.
When adding in-unit laundry facilities, it is vital to consider the type of washer and dryer that will be best for the space. There are many different types of washers and dryers on the market, so it is vital to do some research to find the one that will best fit the needs of the space.
As for new flooring, there are many different options to choose from. Carpet, hardwood, laminate, and tile are all popular choices for rental homes. It is important to choose flooring that is durable and easy to clean.
5. Finishing the Basement
The basement is one of the most versatile areas in a rental home. It can serve as a laundry room, spare bedroom, or storage area. But, it can be a missed opportunity if your basement remains unfinished.
If you’re considering finishing your basement, adding more storage space is one of the best ways to add value to your rental property. You may include shelves, cabinets, or even a tiny closet.
Increasing storage space in your basement might make it more valuable and enticing to potential tenants.
If you’re planning a rental home renovation, finishing the basement is a great way to add value to your property. In addition, adding more storage space can make your basement more functional and appealing to potential tenants.
Why These Renovations Matter
Rental home renovations are a necessary evil. Also, they keep your property up-to-date and looking its best. But, they can be expensive and time-consuming. But whether you like it or not, rental home renovations are a necessary part of being a landlord.
So why are rental home renovations so necessary? Here are a few reasons:
- They make your property more attractive to potential tenants.
- They help to maintain your property’s value.
- They can help to reduce your liability risks.
- They can make your property more energy-efficient.
- They can improve the overall quality of your property.
Rental home renovations may not be the most fun, but they’re worth it.
The best return will come from improvements that enhance the home’s curb appeal if you renovate a rental property to raise its value. This includes painting the exterior, planting some flowers, and pressure washing the sidewalks.
To also increase the value of a property, update the kitchen, bathroom, and basement.