Rental property value can be increased by modernizing the property. You can achieve long-term savings by making wise refurbishment decisions. Landlords must master the art of attracting and retaining tenants. Rental buildings should be comfortable, beautiful, and useful to attract potential tenants.
There are various ways to tidy up a place for tenants, from minor repairs like changing hardware to major initiatives like remodelling the bathroom.
What renovations bring the most value to a rental property? The kitchen and bathroom’s appearance, feel, and functionality are important to renters. Let’s look into some of the renovations you can consider for your rental properties.
Renovate the Bathroom
Since many prospective renters search for a modern bathroom, upgrading this part of your rental is essential. Potential renters may pass up a rental simply because the bathroom is outdated.
Consider the following upgrades and renovations for your rental:
- Use a barn door or a pocket door.
- Install shelves.
- Upgrade the bathroom’s style by installing a vanity.
- Add a sink that is fashionable and a one-of-a-kind statement piece.
- Add storage space if you are working with a small bathroom.
If you have the budget and the space, install a bathroom to each of the property’s bedrooms. For roommates, having a one-bedroom, one-bathroom ratio can set your rental apart from the competition.
Restore the Floor Coverings
You may be deciding whether to put carpet or invest in hardwood flooring. Both options have advantages and disadvantages, but your biggest concern should be keeping the flooring maintained and modern.
Instead of carpets, tenants often prefer tile, laminate, or wood floors. Carpets can require more upkeep, as they tend to accumulate dirt or stains. However, carpets are a great option if you are looking for a cost efficient floor covering.
Hardwood floors do require landlords to make a slight investment, but are a great option if it is within your budget. The benefits of hardwood floors significantly outweigh the disadvantages considering they are beautiful, long lasting, and low maintenance.
Refresh the Kitchen’s Appearance
The kitchen is the center of the homestead, and it has the power to either attract or repel potential tenants. When it comes to modernizing the kitchen, the main goal should be to increase its functionality.
Do the appliances look like they’ve seen better days? If this is the case, consider replacing them with newer units. Modern appliances are not only attractive, but they also can be energy and water efficient.
You can also consider getting a granite countertop, which is one of the most popular upgrades to a kitchen remodelling project. They’re tough, long-lasting, and low-maintenance.
Replace the Garage Door
When it comes to upgrading your investment, a nice-looking garage door should be at the top of the list. Consider replacing old garage doors with new ones that have heavy-duty galvanized steel tracks. This is a change that can make a huge difference to your potential tenants first impression of your property.
Think About Curb Appeal
When it comes to curb appeal, start with the green spaces. Mow the lawn and tend to the flowers. You can also consider calling in a professional landscaper or property management company if you are not up for the task. Make sure you tend to any pathways, and ensure they look presentable and are clear of any debris.
If you have cracks in the driveway, you may consider calling a professional to repair them. If you find it unsightly, you can imagine the impression that it makes to a potential tenant.
Also, you may decide to put a fresh coat of paint on the front door and siding to complete the upgraded look.
Prioritize Quick Updates
Don’t have time for substantial renovations? Even simple home upgrades can positively impact the impressions of your potential tenant. Consider:
- Air conditioning: Having central air conditioning is a huge bonus.
- Features of a smart home. A smart thermostat, HomeKit connected light bulbs, or other smart-home technologies can improve the efficiency of a home.
- Updated lighting fixtures. Replace the outdated hanging fixture with a more affordable and modern option.
- Install new door locks. Including a smart lock or a numerical keypad on your door can wow potential tenants.
Why Boston Property Management?
We define success differently than other Boston property management firms. Rather than concentrating on our bottom line, we feel that the more successful our property owners are, the more successful we will be.
We work to ensure we are continuously meeting the needs of clients when they are purchasing and managing investment properties in the Boston area. Email us at office@bostongreenmanagement.com or visit our website, Boston Property Management to learn more.
