When you renovate a rental property, you can recoup much of your cost through higher rent later. To do this successfully, you must make wise choices about where to put your remodeling dollars. Which updates will mean the most to prospective tenants? What areas of the rental home or apartment should you remodel first? Find out everything you need to know about property renovation below to get a great return on your investment.
Tip 1: Which Rooms First?
Take a look at the kitchen and bathroom of your rental unit. Since these two rooms typically deliver the best return on your remodeling dollars, these are the places to start. Also, most people spend the majority of their time at home in the kitchen and bathroom. Any remodeling you do in these rooms will be front and center. Projects like installing vinyl plank flooring improve the aesthetics and are durable.
Tip 2: Cabinets Count
Cabinets are one of the most essential and visible kitchen components, so they are a great place to start. Styles and materials have changed over the years, so look for timeless choices. RTA cabinets come with precut pieces and hardware to put together the configuration you need. They are pre-finished in the stain or paint color you decide on.
Already assembled cabinets are another great choice. Cabinets with solid wood face frames like Stonecreek cabinets are attractive, stable, and easy to install. Available ready-to-assemble or fully finished, fine cabinets give your rental kitchen a brand-new sparkle.
Tip 3: Choose Updated Hues
Painting the kitchen walls in your rental unit is an inexpensive refresh. White, one of the more popular paint colors for kitchens, always looks better when freshly applied. Try a warm, cordial tone like tan, terra cotta, or even a bold cinnamon hue to be more adventurous. Research the latest wall shades for a contemporary vibe your renters will love. They’ll love to move into a rental that doesn’t need a new paint job.
Tip 4: Don’t Forget the Floor
Nothing dates a rental property more than a worn carpet or scuffed-up flooring. It’s one of the first things prospective tenants notice when they walk into a room, so surprise them with lovely vinyl plank flooring. It looks just like real wood, and it’s easy to keep clean, which is great for you as a landlord.
Because it is 100 percent waterproof, it stands up well against spills and accidents. Even if your tenants have small children or pets, you won’t have to worry about staining. Before you select your flooring, check to make sure it is eco-friendly and free of potentially harmful chemicals.
Tip 5: Brighten the Space with Lights
Make your rental space easier to use by adding task lighting in the kitchen and bathroom. If you have a breakfast bar or kitchen island, that’s a natural place to start. Small pendant lights that illuminate seating spaces make them more inviting and useful. These added lights create a brighter atmosphere and make it possible to do homework or read while eating solo.
Your choice of an elegant ceiling light in the bathroom, such as a small chandelier, makes a huge difference in the atmosphere. Even a plain bathroom can exude a spa-like vibe with the right lighting. Also, well-placed task lights are great above the vanity, adding a burst of brightness for daily routines like shaving and applying makeup.
Tip 6: Increase Storage Space
Adding more storage in a small rental apartment might seem difficult, but the trick is to be creative. For example, you can easily upgrade your bathroom storage by putting unused areas to the task. Add an over-the-toilet cabinet. Install more wall hooks for towels and bathrobes. Replace the mirror above the sink with a medicine cabinet.
In the kitchen, brainstorm ways to fit in more cupboard space, whether above the refrigerator or under the island. When choosing your new cabinets, look for features that make food prep easier, such as pull-outs and bins. If the kitchen has unused space above the cabinets, consider repurposing it for additional storage.
Tip 7: Easy Upgrades for the Entryway
While interior upgrades in a rental property will impress, you have to get prospective renters inside first. Consider some easy upgrades around the entry to draw more people in. For instance, if you have steps that have seen better days, get them repaired and refinished. Paint the porch to make it more welcoming. Personalize it with plants, seating, and a porch swing, if you have the space.
Inside, the entryway should be well-lit and sparkling, so make sure the lighting is up to the task. Also, a small table for keys, some coat hooks, or shoe cubbies are all welcoming touches. If the front door opens directly to the living room, consider adding a hall tree with a mirror, coat hooks, and a bench that incorporates a warm welcome in a moderate amount of space.
Tip 8: Provide Privacy
Renters value their privacy, just like homeowners do. You can upgrade the privacy quotient of your rental home with basic window treatments. Window shades are a great way to give your tenants privacy at night and to let in the morning light. Choose shades that are durable and neutral enough to coordinate should your tenants choose to add curtains once they move in.
Renovate Wisely for Financial Rewards
Thoughtful upgrades go a long way to improve the value of your rental. By keeping them basic enough to appeal to a cross-section of renters and nice enough to rate an increase in your rental rate, you will increase your property value and your monthly returns.