24/09/2024
Renovation rental property projects
One of the best ways to maximise your ROI is by renovating your rental property. The right renovations will help make your rental property desirable and thus minimise tenant turnovers.
1. Refresh the look of the kitchen.
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.
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.
2. Renovate the bathroom.
There are a couple of things you can do to spruce up a bathroom.
Here are some simple options:
Add a new shower head
Update the faucet
Upgrade the cabinet hardware
Replace the toilet seat
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.
3. Repaint the home.
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.
4. Brighten up your rental with beautiful lighting.
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.
5. Restore the floors.
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 Of course, there are pros and cons to either option, but what isn’t appealing is poorly maintained or outdated flooring.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.
6. Boost the property’s curb appeal.
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.
7. Invest in the right technologies.
Tenants appreciate rental properties that have technology that can help simplify their lives.
So consider providing the following in your rental:
USB ports
Plenty of outlets
Reliable internet connection
Smart locks
Video doorbell
Security systems