Friday, 24 November 2017

5 Popular Renovations for Rental Properties

Written by Lauren White Posted On Wednesday, 23 August 2017 20:08

It's that time again: your property has been vacated and is due for an upgrade. You may have an opportunity to raise your rental price in the current market, or you may be struggling to retain good quality tenants. Whatever your reason, it's helpful to know which renovations will have the greatest impact. Take a look at your property and ask yourself if any of these five popular renovation projects could improve its appeal.

1. Give the kitchen a full-face lift

The kitchen is the heart of a home, and therefore is one of the most scrutinized elements of a rental. If a potential renter doesn't feel comfortable in a kitchen at your property, they are likely to keep looking.

Does your unit have a dishwasher and continuous disposal? Residents appreciate convenient appliances like these that save time on chores. According to HomeAdvisor, installing a continuous disposal costs about $170. Adding tools and appliances that help residents keep the kitchen clean benefits both them and you.

Also consider installing full-size, energy-efficient appliances when possible. It can be a major inconvenience for renters to not have enough storage in the freezer or realize that full size cookie sheets don't fit in the oven. Sizable, Energy Star refrigerators don't break the bank either at around $600.

You don't have to gut the kitchen (or your budget) to improve its appeal. The following upgrades would do wonders to turn a tolerable kitchen into an ideal one:

  • Switch up hardware such as faucets and handles,
  • Paint, stain or replace cabinet doors,
  • Install a modern back splash,
  • Install attractive, durable countertops.

With each decision you make, keep in mind that the kitchen also experiences the most traffic. Do open appliance doors block paths? Shoot for a marriage of visual appeal, accessibility, and durability when looking at possible improvements.

2. Upgrade lighting for functional, visual appeal

No matter how clean and glamorous your property is, if the lighting doesn't do it justice, you could be sinking its potential rental value. A bright home is said to be more inviting. If your property still sports ancient light fixtures and dim bulbs, a quick switch to modern fixtures and LED bulbs can have a significant impact.

Lighting can also provide major conveniences. Your tenants will appreciate well-placed track lighting, motion sensor lighting and energy-efficient bulbs.

3. Refashion bathrooms for modern living

As with kitchens, bathrooms can make or break your competitive edge in the rental market. Here are a few bathroom renovation options to help set your property apart.

  • Trade up sparse vanities for ones with more counter space
  • Install tile to raise both the visual and material quality
  • Upgrade shower heads and hardware
  • Update light fixtures and bulbs to create ambiance
  • Consider swapping bathtubs for frameless walk-in showers

4. Invest in long-lasting flooring

Overhauling the flooring in a rental property, while a big venture, is one of the most popular and effective rental renovations. Foot traffic and spills add up as tenants come and go. Install higher quality flooring materials to both increase the floor's longevity and make the entire home more attractive. After an upgrade like this, you'll be much closer to crushing the competition and to raising your rental value.

5. Take advantage of storage opportunities

Having ample storage to eliminate clutter is important to reducing stress in the home. Tenants who can't find anywhere to shove their extra linens and old photo albums are going to get tired of making do. You can enhance your rental property by installing extra storage space. There are a number of aesthetically pleasing ways to incorporate cabinetry, shelving and wall units which will take your property to the next level.

As you evaluate your rental property for possible renovations, think like your future tenants will as they walk through the home. Would they look forward to coming home to this kitchen or shower? Does the lighting and flooring appeal to them? Are there enough shelves and cabinets to cut the clutter? If not, renters are likely to keep hunting until they find what they're looking for. These popular renovations can have the most significant effects on the appeal of a home. Take this opportunity to make a stand-out renovation and set your property apart.

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