Conducting property renovations and property improvements will give you an edge in terms of creating more value for tenants.
As a property owner, you must determine what kind of renovations renters would appreciate. When performing improvement projects, it's important to weigh the pros and cons. You want to make changes that matter. Otherwise, you'll be spending your cash on things that won't help you move towards a profitable income.
Whether you own a rental property in Cheney, Liberty Lake, or elsewhere in Washington, this post is for you! Let's dive into some renovations that renters have voted as the best improvements for rental homes.
1. Upgrade the Kitchen
Renters spend a lot of time in their kitchen. Therefore, you want to it be nice and renovated.
Here are some of the things you can do in your kitchen to upgrade it:
- Appliances - renters typically appreciate stainless steel appliances. There are different price points for stainless appliances that you can compare. You don't necessarily have to purchase the most expensive ones.
- Countertops - find a countertop that's durable and will enhance the aesthetic of your kitchen. Granite countertops are popular, but they can also be costly. You can find other great alternatives.
- Cabinets - you don't have to splurge on new ones. You can just polish the old cabinets and replace the handles with a new chic style. This is less costly, yet it still gives a fresh look.
- Furnishing - look for new faucets to update the look of your kitchen. Adding glass tiles as a backsplash can also enhance the appearance of the kitchen. It will also make cleaning effortless.
2. Perform a Bathroom Improvement Project
When tenants are looking for a rental, they often look at the rental's bathroom. Tenants tend to want a nice and modern bathroom. Therefore, we recommend a bathroom remodeling project.
Here are some ideas you can adopt for your bathrooms:
- Change the toilet, shower head or faucet to make your bathroom more eye-catching.
- Install pocket doors to conserve space.
- Get rid of the bathtub and transform it into a walk-in shower.
- Add bathroom storage where tenants can store their towels.
- Add a vanity and counter to personalize the space.
3. Consider Curb Appeal
Many property owners only think about renovating the interior of their properties. However, the exterior appearance also matters a lot. Before prospective tenants see the inside of your rental property, they see the outside! That's why having a renovated exterior is a must! It will help in creating an excellent first impression.
Here are suggestions to enhance your curb appeal and score a property viewing from interested parties:
- Pay attention to your landscaping, but avoid overspending on unnecessary items.
- Stick to a regular and simple maintenance plan.
- Add a new paint coat to give the rental home a refreshing look.
- Start a garden.
- Hire a gardener to trim your shrubs and cut the overgrown tree branches.
- Create a cement walkway.
4. Invest in Additional Amenities
Make your rental stand out by offering features that other similar properties don't have.
If you want to easily attract tenants, you have to adjust and accommodate their needs and wants.
Here are the top amenities that renters are looking for:
- Parking space - for those who have personal vehicles, having a garage or parking spot can be reassuring.
- Storage space - the more space you give tenants for their belongings, the happier they'll be.
- Washer and dryer - heading to a laundromat is not convenient. So, renters will appreciate if you provide a washer and dryer.
- Dishwasher – this will provide a lot of convenience and can save tenants precious time.
- Balcony, patio, rooftop space – tenants will love an area to enjoy some outdoor air.
Reasons Renovations are Worth It
As a landlord, you want to keep your costs to a minimum. So, you may be thinking: why should I be spending money on rental renovations? Does it really matter in the end?
The following are reasons you should consider upgrading your rental unit!
1. Makes your Property Stand Out
The older your rental, the more it will look unattractive compared to newer properties. Making improvements will give you a competitive advantage. It can also justify a higher rent rate generating more earnings for you.
2. Increases Property Value
If you have top amenities, it will be a big factor in furthering the value of your property. If you sell your property in the future, these features will be taken into consideration. Thus, it will fetch a good market price when you resell it.
3. Increased Tenant Satisfaction
Replacing worn out appliances can bring tenants joy. They won't have to send maintenance requests and deal with inefficient appliances. And, of course, if a tenant is happy living in your unit, they won't cause as many problems and they will likely want to renew their lease.
4. Minimize Turnovers
When renters see that you are putting the effort to renovate the unit, they will be encouraged to renew their leases. As a result, you'll avoid a vacant property, and you'll avoid spending on marketing and maintenance.
Bottom Line
As you can see, it's a good idea to take on improvement projects!
Renovations can lead to positive outcomes. Your property will stand out to prospective tenants, your property's value will increase, and you'll gain happy long-term tenants.
If you have more questions, contact Windermere Property Management today!