Are you thinking about renovating your rental property but don’t know where to start? You aren’t alone! It can be tricky to determine what the best renovations will be.
After all, you want your renovations to be attractive to a wide range of potential tenants. With a nicely renovated property, you can charge higher rent and will have a wider pool of potential tenants to choose from.
We at SGI Property Management have put together a list of the 4 best renovations for your rental property. Let’s get started!
1. Revamp Your Kitchen
The kitchen is where people come together. When looking for a new place to call home, tenants will be looking for units with kitchens that are bright and functional. Cooking should be enjoyable, and a nice kitchen inspires a great environment for cooking!
When it comes to functionality, prospective renters will be looking for kitchens with spacious countertops, ample storage space, and a dishwasher.
Spacious countertops make for less clutter and easier cooking. Storage space is essential so that it is easy to organize everything from spices to dry goods.
If you don’t have a dishwasher in your unit, we highly recommend installing one. This is a feature that tenants will be looking for! After enjoying a home-cooked meal, there is nothing better than being able to load the dishes into the dishwasher and relax in front of the television instead of washing everything by hand.
When it comes to the aesthetic appeal of your kitchen, you don’t need to spend a fortune to spruce things up! A new coat of paint can drastically change any room.
Other simple ways to brighten the kitchen include painting the cupboards or updating the backsplash. These small changes go a long way!
2. Update the Bathroom
Like the kitchen, the bathroom is another important room to pay attention to. Renters will be looking for a clean bathroom that is up-to-date. A unit with a bright and up-to-date bathroom will fetch far higher rent than a bathroom that hasn’t been updated in 20 years.
Renovating the bathroom may seem daunting, but we highly recommend modernizing your bathroom if you have not made updates recently. Even small improvements will go a long way.
Consider installing a new shower head, updating the faucets, and adding additional storage space. You can accomplish this easily by adding shelves or extra cabinets on the wall. Prospective renters will be looking for a bathroom where they can easily organize and store everything from towels to toiletries.
If it is within the budget, you can take on larger renovations, like installing a new vanity or updating the floor.
If you have a vinyl floor, consider switching to tile. If you really want your rental property to stand out, you can heat the tile. Your tenants will love stepping out of the shower or bath onto a warm floor!
3. Include the Best Amenities
Not all units boast amazing amenities. Therefore, by having extra amenities, your unit will stand out. Remember, you want the unit to feel like home to your tenants. Great amenities help to accomplish this and will encourage your tenant to stay for the long term.
We’ve put together a list of some of the best amenities to include:
● Dishwasher. As previously mentioned, a dishwasher is one of the best amenities you can add to your rental unit.
● Washer and Dryer. An in-suite washer and dryer will be desirable to any prospective renter. Laundry shouldn’t be a hassle, and adding a washer and dryer will make the unit feel like home.
● Outdoor Living Area. Don’t leave the backyard bare. Add an outdoor living area. You might consider adding an outdoor dining table, or even a hammock. Tenants want to feel at home both indoors and outdoors.
● Fenced yard. If you don’t have a fenced yard, you should consider adding a fence. The vast majority of Americans own a pet and a fenced yard is an almost essential amenity when a renter comes with a four-legged friend!
4. Consider Curb Appeal
Your rental unit should look good both inside and out. For this reason, it is important to consider curb appeal. There are many easy ways to spruce up the outside of your property.
One of the easiest ways to increase the curb appeal is to add a garden. You can plant flowers yourself, or even include garden boxes that tenants can use to grow vegetables. Another easy way to make sure your property looks fresh on the outside is to add a new coat of paint.
Bottom Line
We hope this list has been helpful! Renovating your rental property doesn’t need to be a daunting task, and as you can see, even small updates go a long way. Give us a call or email if you want more information about renovating your rental property.
The team at SGI Property Management is made up of industry experts so we know what needs to be done to a unit to draw in a wide pool of tenants and increase the amount of rent you can get!
