Renovating the interior of a rental property can seem like a waste of money to some landlords, but the smartest people know that just a few simple improvements can have a big impact on a property’s income potential.
You will not only be adding value to the property in general, but modern properties are far less likely to stand empty than those which need work. Renovations which improve the energy efficiency of the property can be a great selling point as it means lower utility bills for tenants and higher quality appliances, carpets and lighting will reduce the likelihood of dissatisfied tenants.
Here are 6 renovations which can increase the value of a rental property.
- Update the kitchen
One of the best ways you can add value to a property is to renovate the kitchen, including the appliances. Matching appliances can instantly lift the overall look of the kitchen. If one of the appliances is relatively new, keep it and replace older appliances to match that one. If you can, it is also worth investing in new countertops, faucets and a tiled or glass backsplash. To save you a trip to the dump and some manual labor, waste removal company, BrightHouse, will collect and dispose of your old kitchen appliances and other waste items.
- Renovate the bathroom
After the kitchen, the bathroom is the most important room for many renters. There are simple changes like a new toilet seat, faucets, shower head and cabinets and/or shelving, all of which make a huge difference to the overall look of the room. If you have the budget for bigger renovations, a new (powerful) shower and tiled floor is ideal, and if you want to go one step further, adding an extra bathroom can add a lot of value to a property.
- Consider curb appeal
The appearance of the property or building from the outside has a big impact on the overall impression renters get. Front lawns should be well maintained, fences painted and in good condition, and the front door should be eye-catching and secure. You may even want to paint the exterior of the property and add low-maintenance flowers or bushes to the garden.
- Bring in new flooring
Many renters are not keen on carpeting as it holds smells and dirt and is easy to damage with stains or wear and tear. A hardwood floor, on the other hand, gives a clean and modern look to a property and is much easier to maintain. If you cannot afford hardwood flooring, some laminate flooring can give the same overall effect for a cheaper price.
- Touch up the details
If you do not have much time or money, there are still things you can do to give the property a lift. Repainting the walls to a clean and neutral shade is ideal so renters can add their own artwork and photos to make it feel like home. New light fittings, doorknobs, cabinet fronts and blinds can also work wonders when trying to bring an older property up to date.
- Include some crowd-pleasers
There are some additions and changes you can make which are high on a tenant’s list of desirable features when looking for a rental property. Consider adding a dishwasher, storage, air conditioning, off-street parking, or outdoor space to differentiate yourself from other properties on the market.