A vacant property is a landlord's worst nightmare. Landlords need to develop a plan to attract and retain tenants. To entice potential tenants, rental houses should be cozy and practical.
There are a few changes that property owners must undertake in order to keep their rental habitable. Once those are completed, you can look to projects that enhance your property’s appeal.
There are several ways to clean up a place for tenants, ranging from little improvements like replacing the appliance with more energy-efficient ones to more significant undertakings like tearing down walls.
But which improvements increase a rental property's worth the most? Keep reading to find out!
Remodel the Kitchen
Matching finishes are key to a cohesive kitchen design. For example, have your refrigerator and oven sport matching stainless steel finishes. Ensure that the color scheme is relatively neutral as this will allow the space to match a wider range of the renter's style preferences.
You don't have to spend a lot on high-end appliances, but rental properties benefit greatly when upgrading to newer models which offer more functionality than older ones do anyway. Other kitchen upgrades to enhance the appearance of your rental property include:
- The Cabinets - Instead of spending a lot on brand-new cabinetry, you can polish and repaint the current ones. Finish them off by incorporating fresh hardware.
- Countertops - If you have the money, new granite worktops will give the appearance of a freshly renovated kitchen. Pick a material for your kitchen countertops that is at the very least sturdy and resistant to heat, abrasion, and discoloration.
- Accessories - Replace the faucet and install a backsplash as some relatively cheap finishing touches. Backsplashes made of glass tile are stylish and simple to maintain.
Refresh Curb Appeal
To make a good first impression, be sure to pay attention to your property’s curb appeal. It’s important that the landscape work be low-maintenance and inexpensive so your future tenants will not have trouble caring for this area.
If replacing the front door isn’t in your budget, you have it cleaned and repainted. You can also add colorful flowers along pathways or place planters to frame the door. This adds a pop of color to the home while still being easy for renters to maintain.
Improve the curb appeal of your rental home by:
- Planting fresh grass
- Creating a tiny garden
- Completely painting the exterior
- Cutting back bushes and trees
- Placing flowerbeds in front of an apartment complex
- Placing new bricks or pavers, or pouring fresh concrete
Put in New Flooring
Hardwood flooring tends to be the most popular material utilized in homes. This is because it’s simple to clean and has a contemporary appearance. On the other hand, carpet is not frequently preferred in rental properties since it can trap odors and needs more upkeep.
When renovating rental properties, floors are often one of the last projects completed. This is because other tasks can generate a lot of dirt or dust which could damage your beautiful new flooring if installed too early on in this process.
Paint the Interior
One of the minor improvements you can make to your rental property to quickly improve the atmosphere is painting the interior.
To give potential tenants a clean slate to work with, consider the walls neutral. To build a good relationship with tenants or retain existing ones, you might also think about allowing them to paint a specific room, or an accent wall a color their choosing.
Update Easy Fixes
To update the area and make the rooms more bright, install new lighting fixtures. Blinds, doorknobs, and cabinet handles may also be updated quickly and easily. You can dramatically enhance the atmosphere of your rental property by doing these additional touch-up projects.
Make an Open Floor Plan
Walls can be removed to create more space if you have the time and budget for it. The rental will appear bigger and brighter, which is popular with many tenants. Because this is a bigger undertaking, you should consult with a professional.
The weight of the building is supported by load-bearing walls. If you knock down the wrong one, you could disrupt the structural integrity of your property, thus violating the habitability laws. A professional contractor will be able to advise you on which walls can come down and draft up a design that works best for your property.
Incorporate Popular Amenities
What separates your rental property from others in your area? Here are some upgrades that increase the property’s value and provide you with an opportunity to increase the rent:
- Dishwasher - Any aspect that can make things more convenient for the tenant will be appreciated. By buying this and the other kitchen appliances with stainless steel finishes, you can create a more modern look.
- Storage - Tenants want to make the most of their rental space. Give them the storage space they require to keep the unit organized.
- Off-street parking - Particularly in bustling neighborhoods, offering a parking lot or driveway can appeal to potential renters.
- Outdoor living spaces - Whether it's a balcony or patio, offering a spot to sit outside and take in the scenery when the weather is great will help attract tenants.
- Pet-friendly yard - Many tenants want pet-friendly rentals, so the expense of installing a fence could pay off it means attracting and retaining tenants.
- In-unit washer and dryer - This is a must for a majority of renters these days, according to the National Multifamily Housing Council.
If you want to make upgrades to your rental property, consider the suggestions above. Ask yourself what your target demographic of tenants is looking for and look at your budget. If you would like help determining what changes will benefit your property speak to a property management company.
At Schambs Property Management our qualified staff can assist you in managing your investment properties in Wake County, North Carolina. As part of our services, we assume many of the duties that landlords have. Contact us today to learn about our property management solutions!