10 Home Improvement Projects To Boost Your Rental Property Value

Whether you plan on renting a property within a year or simply want to boost your property’s worth for the future, remodeling is one of the smartest financial moves you can make to improve your return on Investment and rental property value.

After all, a few smart home improvement projects can recoup over 100% of their initial cost; with some high-quality and functional improvements, a home’s rental value will be brighter than ever. So, how do you know what to change and what not to do? 

The following home improvement projects can not only boost your property’s value but will also create a home that swoons future renters.

1. Landscaping

Curb appeal has been one of the biggest selling points of homes for decades, and it doesn’t stop in 2024 because first impressions still matter. The first step is landscaping your front yard to craft an inviting atmosphere to your outdoor space.

You don’t have to go overboard but watch out for elements like paving, mulching shrubbery, trimming the lawn, and placing a bed or pots of flowers for some ethereal aesthetic. Consider using Gopher wire mesh to protect gardens and landscapes from burrowing pests. The mesh is durable, rust-resistant, and provides adequate underground protection.

2. Bathroom Remodel

Considering water-stained glass or rusty fittings can be a serious letdown, bathroom remodeling substantially transforms the space by breathing life into an old, forgotten bathroom.

You can start with minor changes, like replacing a shower head with a rain shower. If your budget permits it, you can take on major renovations by swapping the flooring, lighting, and plumbing. Brighten the space up with some fresh paint to complete the look.

3. Basement or Attic Remodel

Adding functional extra square footage to a house automatically boosts your rental value, but these projects are usually quite pricey. However, you can achieve this by simply renovating an unused space like the basement or attic.

These areas have much potential when remodeled. For example, you can transform a cobweb-ridden attic into a cozy bedroom or a dark, dingy basement into a comfortable workout space. A private fitness zone can be a smart financial decision and major selling point when marketed as an amenity in your rental.

4. Kitchen Remodel

The kitchen is the heart of a home, which is why it is also one of the main focal points that will make or break the staging with potential renters. Always start small: add a new cabinet or touch up existing ones, and replace non-energy-efficient water or light fixtures and appliances.

If you’re financially comfortable, you can go ahead with more in-depth projects like changing countertops, sinks, and flooring. You can also add recessed lights on hanging cabinets to light up the countertop and invest in as many modular kitchen solutions as possible.

5. New Paint

Many underestimate this upgrade, but new paint can give your property a 360-degree makeover. Minor imperfections for wear and tear are normal, but visible scratches and scribbles on the walls or unused nail holes for frames do not look appealing.

A fresh coat of paint and the right color is a powerful way to showcase to renters that the house is contemporary and well-kept. As a rule of thumb, know you can never go wrong with a neutral palette, using gray or beige for walls and white for the trim.

6. Energy Efficiency

Energy-efficient homes attract tenants since less energy use means lower costs on utility bills. Plus, it will keep you in any home inspector’s good books because they will take note if your property is not well-insulated or has drafty windows. 

You can start small by sealing any cracks around doors and windows, upgrading electrical sockets and light switches, installing smart thermostats, replacing inefficient appliances with eco-friendly options, and more.

7. Redo Flooring

Flooring is crucial in determining the integrity of a house, which is why it must be sturdy when renting, especially older ones. You can start by improving the aesthetic and reducing maintenance costs by simply swapping tattered carpeting with hardwood, vinyl, or laminate flooring.

At the least, try deep cleaning the existing flooring and correct any damage, such as scratches, stains, or logged water. If your budget permits major upgrades and you decide to replace the flooring, also consider radiant heat for energy efficiency. 

8. Security Additions

While security isn’t talked about enough when discussing home improvements, it makes a significant difference for security-conscious homeowners, especially families. Plus, it also adds to the safety of your property.

Investing in smart locks, alarm systems, and security cameras, or just installing a robust security system and making sure all entry points are secure, gives potential renters peace of mind while also increasing your property’s value.

9. Outdoor Living Space

Whether it’s a deck, patio, porch, or gazebo, everyone enjoys some outside time to reenergize or simply enjoy a BBQ weekend. It’s also a wise option because it doesn’t cost much but increases your property’s desirability to renters.

A well-designed space in the front or backyard can seamlessly blend the indoors with the natural vibrance of the outdoors, offering a versatile space when you have people over, especially during warmer months. Who wouldn’t appreciate some relaxing outdoor time?

10. Entry Door Replacement

One of the quickest and most inexpensive ways of improving your property’s appearance is framing the entry doorway. Potential tenants know whether or not they want to rent a home within the first few minutes; first impressions matter and the front door is the first thing anyone sees, so it is impactful. 

While it’s natural to buy something extravagant when looking for a front door replacement, keep in mind that people have different tastes, so choose something cohesive yet tasteful enough to accommodate the preferences of potential renters.

Conclusion

Renovating and remodeling may seem daunting, but when done right, it’s quite a fun process, and one that can be worth the ROI. 

Not all upgrades require a major upfront cost investment. Research potential upgrades and areas in your rental where improvements can highlight to renters why they should choose your property. This list of the top ten can be key areas to start with!