Landlords strive to avoid vacancies since they’d still need to spend on maintenance costs even if there are no occupants in a unit. Added to that, marketing for a vacant property requires having a budget to create ads.
Among the most powerful strategies to keep tenants happy and motivate them to become long-term renters is deciding to perform renovations.
By increasing property features and updating your unit for better amenities that make a difference to a resident’s quality of life, they’re far more likely to renew their lease. To avoid overinvesting in property improvements, make sure the updates you’re doing appeal to the renters.
You’ll need to study your demographics and ask yourself which property upgrades tenants will appreciate.
Remember that renters won’t take care of your unit as much as you want them to, so splurging on renovations that are too costly and aren’t essential can be considered as money down the drain.
Areas to Focus On for Your Rental Property Renovations
Go For Top Amenities
No matter how attractive your unit is, if it’s missing the kind of amenities tenants are seeking, you can still fail to draw your target demographic. Typically, renters look for the following in a rental space:- Storage shelves, cabinets, and more closet space
- Dishwasher for convenience
- Air conditioning
- Covered parking area
- Balcony, veranda, patio, or garden area
- Washer and dryer units
Plan an Open Floor Plan
Most people prefer open floor plans since they promote more space and provide more freedom to move around.
Consider combining more rooms to widen different areas in your rental home. You can also add huge bay windows for more light to enter. Brighter spaces tend to be relaxing.
Before tearing down walls, have the unit inspected by a professional to ensure that no foundational walls are wrecked in the process. You don’t want to risk the safety of the house by touching on the major walls’ foundation.
Engage the Services of a Painter to Layer New Paint
Sometimes, landlords hesitate to entertain renovations thinking they have to budget for major spending. Adding a new coat of paint, however, can enhance your rental space. Through wear and tear, your property is bound to have dull and faded paint colors. Pay for a professional painter to touch up your unit to impress renters. This can be a more affordable update compared to adding more rooms or updating the kitchen or bathroom. As much as possible, opt for neutral colors to easily match any furnishings. If you’re a flexible landlord, you can also allow an accent wall so renters can pick the paint hue they prefer.Save Up to Replace New Flooring
Replacing floors can make your rental home more appealing. One of the best solid materials to pick is hardwood floors. With its classic appearance, hardwood floors become more attractive as the years go by. They’re also low maintenance, unlike other floor types. Most homeowners design their floors by adding carpets but in comparison to wooden flooring, they can require more attention when it comes to maintenance.
With carpets, steam cleaning is a must since they have a tendency to absorb smells. This means paying for the service or borrowing a steam cleaning machine to do it by yourself. For DIY landlords, it can be an additional task in a long list of maintenance things to do.
In contrast, hardwood floors may mean shelling out a high investment cost at the beginning but since they’re durable, replacement, and heavy maintenance aren’t required, leading to time savings.
Attend to Your Property’s Curb Appeal
You might think that interiors matter more than exteriors and that it’s not necessary to focus much on your curb appeal. How your outdoors looks, however, can play a huge role in the decision of a potential tenant. Paying attention to your property’s exteriors will get more people to schedule property showings and sign a lease agreement. You can hire landscaping or gardening experts to enhance your curb appeal. Focus on making the maintenance fuss-free so tenants won’t be discouraged looking for extra time to take care of it.Purpose of Property Renovations
Why do landlords need to renovate their properties, especially when they already have long-term renters? Upgrading leads to tenant loyalty since you’re adding more value to the rental. It engages their interest so you reduce tenant turnovers. If your unit has been vacant for a while, new renters are also more interested to consider upgraded rental spaces.
The following are other reasons why landlords should conduct property renovations:
