Being a landlord comes with its share of responsibilities, including ensuring that your rental property continues to attract and retain tenants. Regular maintenance and renovating rental properties are among the best ways to keep your property in top condition.
However, with so many renovation projects awaiting, deciding which ones are worth investing in can be tricky. But worry not, as here is a helpful guide to remodeling a rental property.
Replace the Roof
An old, damaged roof can not only put off potential clients but also compromise the structure of your rental property. So, it is essential to inspect, repair, or replace worn-out rooftops regularly.
Roof replacement is an enormous project that needs you to consider various factors, including the roofing material and the general cost of the project. Ideally, it would help to hire a professional roofer and choose superior materials that will stand the test of time.
Unfortunately, different roofers may charge varying rates. The good news is that using a roofing estimating app can help you approximate the cost of your project based on your property’s size, location, and the type of roofing material you intend to use, thus avoiding paying exorbitant rates.
Renovate the Kitchen
The kitchen is often treated as the heart of every home, and it’s no different in a rental property. A well-designed, contemporary kitchen can be a big draw for potential renters.
You do not have to spend an arm and a leg on your rental property’s kitchen upgrades. There are various mid-range kitchen additions that look great and offer excellent functionality. For instance, stainless steel finishes for appliances, such as refrigerators and dishwashers, are predominantly popular among tenants.
Another way to spruce up the kitchen is by updating its cabinets. So, consider repainting or sanding these sections to give them a smoother finish. And if you are on a tighter budget, installing a durable granite countertop could be ideal.
Remodel the Bathroom
Bathroom remodeling can be another game changer when it comes to making your rental property more appealing to potential tenants. That’s because many people view bathrooms as relaxing sanctuaries and want them to be as soothing and styling as possible.
Affordable upgrades you can start with include installing new shower heads or changing the cabinet hardware for a sleeker, modern look. In addition, you can enlarge the bathroom space by replacing old bathtubs with walk-in showers that occupy a small amount of room.
Tenants may also need extra storage room for their bathroom essentials. Therefore, it would help to add additional shelving or cabinets to accommodate their needs.
Consider Tech Improvements
In today’s digital world, where many people work from home, tenants are increasingly interested in homes that provide modern tech amenities and access to high-speed internet. Therefore, consider including tech improvements in your plans when renovating your property.
One vital tech upgrade is offering reliable free Wi-Fi as an incentive for tenants with home offices. You could also consider installing a home security system. Renters will feel safer knowing their property is protected from break-ins and theft.
Smart homes are also becoming popular among tenants. Simple upgrades, like smart thermostats, door locks, and lighting, can not only offer convenience to renters but also help them save on their energy bills.
Update the Floors
Floors are one of the most heavily utilized areas in a home, making them wear out and quickly become outdated. Renovating the floors can be a cost-effective way to give your property a new look.
Depending on your preferences and budget, there are various ways to upgrade your rental property’s floor. For instance, you could install a carpet for a soft and comfortable feel.
Alternatively, you could choose hardwood or laminate flooring if you want a durable solution. When renovating your rental property’s flooring, select high-quality material that can stand heavy traffic and general wear for a long time. It would also help to work with a flooring expert to ensure the floors are installed perfectly.
Address Your Curb Appeal
Curb appeal is the overall appearance of your property when viewed from across the street. Many factors may make or break a home’s outward appearance, including landscaping, exterior paint, roofing, and other features.
If your rental property looks outdated and unattractive, it may be a potential turn-off for many tenants. Conversely, homes with well-maintained exteriors will likely be appealing to renters.
To boost your rental property’s curb appeal, consider updating the landscaping, replacing dying plants, installing LED lighting on pathways, and painting the exterior walls.
Renovating Rental Properties
Renovations can make your rental property attractive to tenants and improve its structural integrity. By focusing on the roof, floors, bathroom, kitchen, and curb appeal, you can improve the appearance and feel of your property, thus attracting and retaining tenants.
However, before investing in any upgrade, remember to get an estimate of your project to help you hire the right contractor.