It’s no secret that you sometimes have to spend money to make money, and investing in rental properties is a prime example of this. Investing in rental property renovations enhances the aesthetic appeal of your space, significantly increases property value, and attracts more prospective tenants.
Whether it’s updating the kitchen, modernizing the bathroom, or adding energy-efficient features, these modifications can go a long way in making your property stand out in a competitive market. To give your property the edge it needs, let’s explore a range of renovation options to consider for your rental property.
Replace the Flooring
Old, worn-out flooring detracts from your property’s visual appeal and can pose safety concerns, so when you’re choosing a flooring material, consider both durability and style. A popular choice for rental properties is vinyl plank flooring due to its modern look, cost-effectiveness, resilience, and ease of maintenance. It mimics real hardwood but is much more resistant to damage and stains, making it an ideal choice for high-traffic areas.
Carpeting can work well in bedrooms to add a warm and cozy feel. However, ensure you invest in high-quality carpets that can withstand wear and tear. The material shouldn’t absorb dirt and stains like a sponge, making nylon a great material option.
Install Energy-Efficient Features
Installing energy-efficient features reduces utility costs and appeals to the growing demographic of environmentally conscious tenants. Consider investing in Energy Star–rated appliances, such as refrigerators, dishwashers, and washing machines, which use less power and water than traditional models.
Additionally, upgrading to LED fixtures can significantly reduce electricity usage, and the bulbs last much longer than conventional ones. Well-insulated windows with high energy performance ratings are also worth considering, as they help maintain a comfortable indoor temperature, reducing the need for excessive heating or cooling.
Enhance the Property’s Curb Appeal
First impressions are everything; that’s what gets potential tenants through the door! An attractive exterior can significantly increase the perceived value of your rental property and attract more prospective tenants.
You can start by ensuring the property’s exterior is well-maintained with fresh paint or a recent power wash, clean windows, and a tidy yard. Low-maintenance plants, shrubs, and flowers can create visual interest and an inviting atmosphere, while a well-manicured lawn speaks volumes about the care you invest into the property. Outdoor lighting can also enhance safety and highlight architectural features. Finally, a new or freshly painted front door can add a welcoming touch.
Include Popular Amenities
Including sought-after amenities can make your rental property stand out from the crowd and significantly boost its appeal. One of the top features many tenants look for today is in-unit laundry. Having a washer and dryer in the property adds a level of convenience that many tenants are willing to pay a premium for.
Smart home features, a dishwasher, a garbage disposal, or even just a washer and dryer hook-up are a few more extremely popular amenities that tenants want. High-speed internet and a dedicated workspace have also become incredibly desirable, especially with the rise of remote work.
Add Storage Solutions
Tenants, especially those planning a long-term stay, greatly value storage space for their belongings. Adding effective storage solutions can dramatically increase the functionality and appeal of your rental property. You could invest in built-in wardrobes in the bedrooms, storage cabinets in the laundry room, and perhaps even a pantry in the kitchen for added convenience.
Don’t forget about the bathrooms! Vanity units with built-in storage can make a significant difference. If your property has a garage or a shed, ensure it’s clean, secure, and suitable for storing larger items. Also, making use of any under-utilized spaces for storage, such as under stairs or alcoves, can be a clever way to increase space without compromising the property’s aesthetics.
Give the Interior a Fresh Coat of Paint
Neutral colors, like shades of white, beige, or gray, are popular in rental properties since they appeal to a broader range of tenants and create a sense of space and light. Brighter rooms tend to appear more inviting and spacious, which can make your property more attractive to potential renters.
However, because they’re lighter colors, they tend to show dirt and age a lot more easily. If a good wash isn’t getting the grime out, you may need to repaint. In high-traffic areas, such as hallways and living rooms, consider using a semigloss paint that can resist stains and is easier to clean.
Refurbish the Bathroom
Refurbishing the bathroom can be a game changer for rental properties, as a clean, contemporary bathroom can be a defining factor for potential tenants when choosing a home. Investing in modern fixtures, like a sleek vanity and eco-friendly low-flow toilets and showerheads, looks good and helps reduce water usage.
Additionally, bright and neutral-colored tiles can create a sense of cleanliness and space, while quality lighting can enhance the room’s atmosphere. You should also pay attention to detail by updating fixtures like towel bars, toilet paper holders, and cabinet hardware for a more cohesive look.
Don’t overlook ventilation, either. Installing a good exhaust fan prevents mold growth and maintains air quality, safeguarding the health of the tenants and the integrity of your property.
Remodel the Kitchen
The kitchen is often considered the heart of the home, and this holds true even for rental properties. A well-designed, functional kitchen can be a deciding factor for potential tenants. Start with the basics: ensure that the appliances are modern, efficient, and in good working condition. Stainless steel appliances are always a good choice for their durability and universal appeal.
If the countertops are outdated, consider replacing them with granite or quartz for a sleek, modern look. Cabinetry is another crucial aspect that can influence the kitchen’s aesthetic, and you can refurbish it with a fresh coat of paint or replace it altogether for a more drastic change.
The good news is that spending an arm and a leg on renovations isn’t the only way you can attract tenants. Having a property manager who can take care of day-to-day tasks and responsibilities can improve a resident’s overall experience and decrease tenant turnover.
If you’re looking for rental property management in the Atlanta area, let the experts at Excalibur Homes help you get the most out of your investment. With over 30 years of experience, we have the knowledge and dedication to help give your tenants a fantastic rental experience.
