Your goal, as a landlord, is to continue appealing to your renter by providing outstanding amenities and offering top-notch features. Always consider your renters and what they want. You know what’s important to the renters, you can serve their needs better which results in happier and long-term tenants.
Things to Consider When Performing Renovations
When deciding to renovate or upgrade your property, you may not be sure where to start. We’ve provided some guidance to ensure your renovations are value-adding to your rental property.
1. Check out the list of top amenities that renters want.
You should know what amenities renters look for in a rental so you can provide that feature. Focus on keeping a functional rental home, rather than merely an attractive one with fewer benefits.
Here are some features tenants appreciate in a rental unit:
- More storage spaces: storage shelves, cabinets, pantries, and closet space.
- Appliances: dishwasher and washer and dryer units for convenience.
- Home systems: air conditioning and heating system.
- Parking areas: parking lot, garage, or driveway.
- Extra spaces: balconies, patio, or garden area.
2. Consider an open floor plan.
Plenty of renters like spacious areas and a way to create it is to start combining rooms. Tear down a few walls to open up the spaces. A larger room provides a more comfortable living space for the residents.
Before starting a renovation project, it’s best to check the property’s blueprint since you want to avoid destroying the main foundation structures. It’s advisable to have professional contractors look over the foundation of the rental rather than doing it on your own.
3. Schedule a painting session and update your furnishings.
The paint on your walls fade over time. Budget for a painting project to layer another paint color. It will brighten up the rental property and attract more tenants. Compared to other renovation projects, this is the most straightforward one. Use neutral colors as the backdrop so the residents of your rental unit find it easy to color coordinate.
For property improvements, you can purchase modern light fixtures to create a stylish vibe in your property. Lights are affordable compared to other furnishings and there’s also a huge variety of designs available. Other things you can upgrade are window blinds, carpets, and cabinet hardware.
4. Budget for high-end flooring for your rental.
Floors can wear and tear quickly, especially in main traffic areas. If you wish to save money in the long run, you may opt to use hardwood floors for durability. They’re also easy to maintain and stay looking new for much longer than carpet.
Although carpets can improve comfort and help with noise control, they can be difficult to maintain. Carpets easily soak up smells, which also makes them unfavorable.
Hardwood floors require a higher investment but the benefits are tremendous since you don’t need to replace them for a long time. You can also consider using porcelain tiles and marble as solid materials for your flooring.
5. Don’t forget about curb appeal.
Sometimes landlords are so focused on the interior, they forget about the importance of the exterior. Drawing attention to your home starts from the outside and if your house captures their attention, you can entertain more prospective renters to occupy your rental unit.
Some ways to boost your curb appeal include:
- Hire a landscaper to maintain the front yard, trim weeds, and plant new shrubs or foliage.
- Repaint the entrance door and garage door to brighten the look.
- Add some planters in front of the rental.
- Clear up any clutter outside
- Repair broken fences.
Purpose of Property Renovations
When you renovate your rental property, you end up delivering more value to the tenants. You won’t need to worry about vacant units since more renters would be attracted to them. It also inspires your current batch of tenants to renew their leases after seeing the improvements performed on the rental space.
Here are other reasons to justify planning property renovations on your rental place:
1. It differentiates your property from the competition around you.
Even if your rental property is comparable to the rental units in your neighborhood, it can outshine others when you conduct renovations. The improvements may be small but if they’re significant, they can be a deciding factor for potential residents. You can also set a higher rental price the more updates you’ve added.
2. It leads to energy efficiency.
Newer appliances in general exhibit more energy-efficient features that result in lower bill payments. Make sure to mention the energy-saving additions to your rental since tenants are likely to choose to stay in a unit that provides more savings.
3. It can gain a higher resale value.
If you sell your real estate later, you can price it higher given the renovations you’ve done. Potential buyers value properties with better amenities and features.
4. It results in renter satisfaction.
Renters enjoy staying in a property where updates are frequent. They enjoy new features and elevate their living experience. Landlords also benefit from fewer repairs.
Bottom Line
Landlords should include property renovations as part of their plans to continue attracting new and old tenants. Several options are available for upgrading your unit. If you’re looking for a trusted property manager to supervise the property upgrades, look no further than Keyrenter Arkansas.
We handle all aspects of owning a rental property, including property marketing, maintenance, tenant screening, rent collection, financial reporting and much more! Contact us today!