Key Takeaways
- Kitchen and bathroom upgrades offer the highest return on investment and significantly boost tenant appeal.
- Curb appeal matters—simple updates like fresh paint and landscaping can make a big first impression.
- Modern, low-maintenance flooring improves property value and attracts quality tenants.
- Adding in-demand amenities like in-unit laundry or AC helps you stand out and potentially charge higher rent.
As a landlord, renovating your rental property is one of the best ways to boost its ROI. Investing in the right updates can help spruce up its look and feel, thereby increasing its competitiveness for lease.
Renovations can range from small fixes like repainting tired-looking walls to larger projects requiring the knocking down of walls. It’ll all depend on your budget and the expected value addition.
With that in mind, the following are some of the best renovations you can do for your rental property.
Renovate the Kitchen
Kitchen renovations often provide a great return on investment if done well. You see, the kitchen is the heart of a home. A home can have many bedrooms, bathrooms, and other areas. However, there can only be one kitchen in that home.
Consequently, it’s an area that prospective tenants will pay most attention to when viewing a property.
One update you can give the kitchen to instantly give it a more cohesive look is by matching the finishes of the appliances. These can include the oven, dishwasher, microwave, and refrigerator.
The cabinets may also need your attention. Is there any visible sign of wear and tear, such as peeling paint, sagging shelves, or scratches and dents? If so, depending on the nature of the issue, you could consider refacing, refinishing, or fully replacing them.
Another update you could give the kitchen is investing in new countertops. Go for materials that are not only modern, but also durable and low maintenance.
Renovate the Bathroom
An updated bathroom is something that high-quality tenants will be looking for. And just like other renovations you could make to your rental property, renovating the bathroom will depend on your budget.
The renovation could be as simple as replacing the toilet seat, or as extensive as remodeling the entire bathroom.
Some quick fixes you could do to the bathroom include the following.
- Painting the walls. Go for neutral and moisture-resistant options like classic white, beige, and light grays.
- Update the fixtures and hardware, such as faucets, cabinet pulls and knobs, towel bars and hooks.
- Replace old, stained shower heads, curtains, and bath mats.
- Swap an old or dated mirror with a more modern, framed mirror.
These are some budget-friendly fixes that won’t cost you an arm and a leg to do. But if the bathroom needs a major overhaul due to long-standing issues, then you may need to tear it down to the studs and rebuild it. This can be a costly option, though.
Refresh the Curb Appeal
The curb appeal of a property is the first thing that a prospective tenant will see when they come to view your property. Therefore, make sure to make it as attractive as possible.
If it looks great, it’ll encourage a prospective tenant to see what’s on the inside. However, if it looks like a scene from a ’90s horror film, it’ll discourage them from entering.
Luckily for you, refreshing curb appeal is one of the easiest updates a landlord can do. The following are some of the things you could do for an updated curb appeal.
- Plant new greenery, such as grass, shrubs, trees, and flowers.
- Add a small garden.
- Trim back overgrown shrubs and trees.
- Repaint the front door.
- Repaint tired-looking walls.
- Install new pavers or bricks.
Install New Flooring
The flooring that you have on your rental property can make or break your efforts of attracting and retaining high-quality tenants.
The following are some signs that it may be time to update the flooring.
- There is visible wear and tear. For instance, cracks, splits, or gaps between the flooring material. This cannot only be unsightly, but also a tripping hazard.
- There are signs of water damage. Such as, soft spots that feel spongy when walked on, or persistent musty odors that can indicate mold or mildew growth.
- Structural issues like uneven or bouncy floors, or creaking or squeaking noises. These are common problems in older homes, generally.
When choosing the type of flooring to install, go for a modern yet easy-to-maintain option. Hardwood flooring, in particular, is a popular option because of such attributes.
Another sought-after material is carpet. They are inexpensive and can make spaces warm and cozy. Plus, they tend to absorb sound well.
Add Modern Amenities
Investing in the right amenities can also help your property stand out from the competition. And by having a competitive edge over the competition, you may be able to attract and retain quality tenants. You may even be able to charge more rent.
The following are some popular amenities you could consider.
- Investing in a dishwasher can help provide a tenant with some convenience. Go for modern and sleek options.
- Provide tenants with extra storage spaces. Families with children will particularly love this.
- Invest in an air conditioning unit. This can help keep tenants cool during the painful summer months.
- Invest in a perimeter wall. Tenants with pets will appreciate it.
- Invest in a washer and a dryer in-unit. This is a convenient amenity that won’t go unnoticed and unappreciated.
Conclusion
Updating the look and feel of your rental property can help boost your ROI. Specifically, it can help you attract and retain a high-quality tenant.
High-quality tenants pay rent on time, care for their rented premises, notify of issues promptly, and renew their leases multiple times. What’s more, you may also be able to charge more rent.
Louise Beck Properties can help you choose the right upgrades for your rental property. We can also help you manage other aspects of your rental property.
Such as, marketing a vacant rental, screening prospective tenants, or responding to repair issues. We have over 20 years of experience. Get in touch to learn more!
