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6 Best Renovations for Your Rental Property

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Renovations for Your Rental Property McCaw Property Management

Renovating your rental property is a great way to boost its appeal, especially when done using valued contractors. Done well, it can help you realize two important things.

One, it can help lower your vacancy rates, and low vacancy rates can only mean one thing – more profits for you! Two, good renovations can help you earn more. When it comes to rental properties, desirability and rental price go hand in hand. So, the more desirable your property is, the more rent you can charge.

No two renovations are created the same, though: some can boost your ROI whereas others may just be unnecessary. The following are the best renovations McCaw Property Management has compiled that you should consider for your rental property in 2021.

1. Spruce up the look of your kitchen.

This is one of the busiest rooms in a home. And when trying to attract a prospect, it can help you in your efforts or simply drive them away. The best kitchen renovations are those that focus on its functionality.

Begin with the appliances. Do they look dated and are inefficient? If so, have them replaced with new and efficient ones. Modern appliances will not only improve the look and feel of your kitchen but will also help in keeping bills low.

What about the countertop. Kitchen countertops are an important part of any kitchen. But just like everything else, they also experience normal wear and tear. They can get stained, scratched, burnt, and chipped over time. Replacing a worn countertop, it goes without saying, can be a great way to upgrade the look of your kitchen.

Updated kitchens are extremely popular

Another thing you may want to upgrade in your kitchen is the cabinets. If your cabinets have only been in place for around 5 years or so, then consider refacing them. This often involves replacing only the elements that have been damaged, such as the doors and drawer fronts.

2. Renovate the bathroom.

Besides the kitchen, the other most visited room in a house is the bathroom. As such, you can be sure that prospective tenants won’t miss it during the property showing. Does it look like a well-preserved relic of the 1980s? If so, it’s time to give it a modern look.

If you’re on a budget, then consider doing some replacements. Replace things like lights, ceiling, and doors and windows. But if you aren’t, then consider a complete overhaul of the bathroom.

3. Repaint tired-looking walls.

This is an inexpensive way to change the look and feel of your kitchen. A can of paint will only set you back by about $25.

You’ll also want to be careful in the choice of colors. As this is a rental property, go with neutral colors. While these may be anything but inspiring, they tend to appeal to most renters. That’s because they provide an empty canvas upon which a tenant can work on.

Examples of neutral paint colors include tans, black, white, and gray.

Repaint tired looking walls

And while painting may not require any technical skills, the job is best left to a professional. This is especially so if your DIY skills are untested.

4. Upgrade the lighting.

First impressions matter a lot when it comes to renting out a property. If your home doesn’t feel inviting and cozy, chances are that may be driving away prospective tenants.

Besides being inviting and cozy, a home that looks bright feels comfortable and larger. So, how do you go about brightening up your home?

One way of doing this is by installing layered lighting. This can help in highlighting particular aspects of a room. There are three types of layered lighting. That is ambient lighting, accent lighting, and task lighting.

Another way is by upgrading to energy-efficient lighting if you’re still using old incandescent light bulbs. LEDs are particularly a green choice and can use 80% less energy than incandescents.

5. Add modern amenities.

If you want to attract tenants quicker and keep them long-term, then you should seriously think about adding certain amenities. The following are some of the best amenities for high ROI.

  • Smart home features. These are popular apartment amenities, especially amongst millennials. A few examples of smart devices that can help set your property apart include automatic lights, electric car outlets, and phone-app-controlled thermostats.
  • In-unit washer and dryer. That weekly trip down the block is a hassle that many renters would want to avoid. These aren’t legally required but can go a long way in persuading a prospect to rent your property.
  • Ample parking for both residents and visitors. No tenant will want to spend half an hour trying to find a spot where their friend can park. Where parking space is limited, offering assigned parking and garage parking is often popular.
  • Security and safety. Everyone wants to feel safe where they live, and your tenant isn’t an exception. Also, as a landlord, you’re responsible for the safety of your tenant. One of the most popular amenities renters look for is gated access. Others are secured package delivery, security cameras, automatic locking doors, and alarm systems.
  • Flexible pet policies. Many tenants in the U.S. are pet owners. So, allowing pets into your rental should be a no-brainer. That said, it carries its own fair share of risks. Therefore, make sure you protect yourself against any liabilities that may arise. You can do so by charging a pet deposit or rent.

Ample parking is a popular amenity

6. Boost your property’s curb appeal.

First impressions matter! Shifting all your attention to your home’s interior and forgetting the exterior can prove to be counterproductive. So, just like you would the interior, be sure to give the exterior the attention it deserves.

Are there large cracks on the driveway? Have them sealed. Are the shrubs and hedges overgrown and look like a scene from a horror film? Have them pruned. What of the lawn?

The Bottom Line

These are the 6 best renovations you can do for your property. Most will not break the bank and will provide you with the highest return on investment. Still, looking for more help? McCaw Property Management can help! Contact us today.