One way of keeping vacancies minimal and improving your property value is through rental renovations. The right renovations will ensure your home stays desirable to both current and prospective tenants. There are a few renovations you can do to improve your property and retention rates. At Nest Finders Property Management, we have researched the best renovations that will make the most impact on your property. They are as follows.
Update the Kitchen
The kitchen is the heart of any home. As such, it’s an area that prospective tenants won’t ignore. So, any upgrades you make here must be geared toward making it as functional as possible. Do the appliances look old and inefficient? Consider replacing them with energy-efficient ones. Not only will this make the kitchen desirable but will also help lower energy bills as well.
What about the countertops? Are they cracked, eroded, or showing other signs of being outdated? You can change them, as well. Today, there are endless options for countertop surface options. From quartz to natural stone, to wood, to granite. Don’t forget about lighting! Proper lighting in the kitchen is key for ambiance, safety, and versatility.
Renovate the Bathroom
This is another area of your home that is sure to attract the attention of prospective tenants. From cracked tiles and dirty grout to a lack of storage, the bathroom can quickly collect problems that can prove costly.
The following are signs that your bathroom needs a makeover.
Lack of functionality
Broken, loose, or chipped towel racks
Giving your bathroom a makeover can significantly boost your property’s desirability. What’s more, bathroom remodels provide a great return on investment.
Paint the Walls
This is a relatively inexpensive upgrade that you can give your rental property. So, be choosey when it comes to paint colors. Go for neutral colors with broad appeal. While this can be a simple DIY job, hiring professional painting services can be the best option to take. They will go a long way to adding value as well as life to your property.
An option for doing this would be offering your tenant the ability to customize their rented space. This can help boost your tenant’s comfort level, which can be an incentive for them to rent your property for a longer time.
Install New Flooring
Flooring doesn’t last forever no matter how well it’s maintained. The following are some signs you need to replace the floors in your rental property.
Boost the Curb Appeal
Your property’s curb appeal is what prospective tenants will see when they first come to your property. If it looks like it has seen better days, it’ll be a turn-off for some prospective tenants. On the other hand, if it looks attractive, it’ll incentivize prospective tenants to look inside. There are a couple of things you can do to revitalize your curb appeal.
The following are some ideas to get you started:
Upgrade the front door.
Replace a boring number plate.
Give the exterior a thorough clean.
Install flower boxes.
Upgrade the fence.
Repaint the exterior walls.
Pressure-wash the walkway.
Update the mailbox.
Install a new garage door.
Improve the Lighting
This is another improvement project you can invest in for a high return on investment. Installing good lighting will not only help brighten up a space but provide extra layers of safety and security. There are three types of lighting you can install in your rental property: task lighting, ambient lighting, and accent lighting.
Task lighting is direct lighting used specifically for certain tasks, such as reading, writing, or cooking. You can install this type of lighting in the living room, bedroom, or home office. Ambient lighting is also called general lighting. You can install ambient lighting as part of the ceiling-mounted fixtures or floor lamps. You can also place it behind an object to bounce light off the ceiling or wall.
You can use accent lighting or highlighting either inside or outside of your property. This type of lighting draws attention to a specific feature, such as furnishings, artwork, or architectural drawings.
Give Renters the Amenities They Want
Some amenities can also help give tenants a certain level of convenience. In addition to this, they can also even give you an opportunity to raise the rent.
Examples of popular amenities include the following.
Extra storage spaces
Outdoor living areas
Washer and dryer in-unit
Fenced-in yard for pets
There you have it – the 7 best renovations for your rental property. While this list is certainly not exhaustive, it should get you started on your journey to making your rental property stand out from the competition and help you land high- quality long-term tenants.
For expert property management and help with property maintenance and upgrades, Nest Finders Property Management is here for you. We are one of the top property management companies providing impeccable services in Jacksonville, FL. Get in touch to learn how we can reduce stress and maximize your income.