If you own a rental property, you know that appearances are everything when it comes to bringing in new tenants. However, when it comes to budget, keeping your property updated can be challenging. It’s difficult to know if the renovation or addition is worth the price tag that comes with it.
That being said, there are a lot of things you can do to boost your rental property’s value. Let’s dive into five of the best upgrades for rental properties here:
1. Enhance Your Curb Appeal
Your property’s curb appeal is the first thing prospective tenants will judge, so taking some steps to improve that can definitely pay off. Your property’s curb appeal consists of a lot of things, so you’ve got your pick of which project you’d like to take on, in terms of both labor and finances.
Some exterior projects that could boost your rental’s curb appeal include:
- Adding a fresh coat of paint or installing new siding
- Replacing your roof
- Adding nice landscaping
- Installing a new front door
All of these improvements deliver great curb appeal, as well as long-term cost savings. The newer your siding, roof, and doors, the greater your building’s energy efficiency, and the fewer repair requests you’ll see from tenants.
2. Ditch Your Carpet for Hardwood Flooring
Carpet is warm and comfortable, but it can make your rental property look outdated if it’s installed throughout the entire space. Replacing some of it with hardwood (or a hardwood alternative) can transform your rental and give it the modern style many tenants desire.
Along with that, hardwood is easier to clean and doesn’t hold an odor. And, with rentals, annual carpet cleanings and replacements can actually add up to be more expensive than the upfront cost of hardwood installation. It’s a win-win, we promise.
3. Renovate Your Kitchen
Just like in a normal home, the kitchen is the main gathering space in rentals. Your rental property’s kitchen will make or break your rental price, and the number of people applying to live in your building. Thinking about an entire kitchen renovation can be a little overwhelming though, so it’s best to start with the priorities: countertops and cabinets.
By switching to stone countertops alone, you’ll make a world of a difference. And by choosing cabinets that 1) match the countertop, and 2) are durable, you’ll catch many prospective tenants’ attention. If you’ve got some extra room in the budget after those items, finish the project off with some upgraded hardware like faucets and cabinet pulls.
4. Upgrade Your Appliances
If you really want your rental property to shine, consider upgrading the appliances in it. Many rental properties have very outdated appliances, so investing in a new fridge, oven, stove, or dishwasher (or all of the above!) can make yours stand out. Stainless steel is known for its sleek look and simple maintenance, so it’s a great way to catch tenants’ eyes.
Aside from kitchen appliances, you could also install or upgrade your washer and dryer. Many tenants won’t even look at a property if there isn’t a washer and dryer on-site. They’ll also turn away if there is one, but it doesn’t work well.
5. Install an Updated Bathroom Vanity
While there are some easier bathroom upgrades like replacing toilet seats and installing new showerheads, a new bathroom vanity is something that will really impress prospective tenants. With quality, durable cabinetry, a nice stone countertop, and new faucet & updated cabinet hardware, your property value is sure to increase and prospective tenants are sure to be wowed.
If you’re planning a renovation — whether it’s a major or minor renovation — for your rental property or multi-family building, Standard Lumber and Standard Kitchens are here to help. Your one-stop resource for everything from lumber to windows, siding, and more, our team can help you find the selections that make your property shine. Call us or contact us online for more information.