If you are a rental property owner, you must never stop thinking of ways to increase your property's value and the potential to get higher rental income. Only then will you be able to protect your investment and maximize the profits. One of these ways is renovating the property. But not all renovations will bring you the same success. This text will cover the top renovations that will boost your property's rental appeal and value.
Paint the Property
It is an easy, inexpensive type of renovation, but it will surely upgrade the appeal of your property. If you have outdated, faded, or chipped-painted areas, a fresh coat of paint will freshen up the space and make the place more attractive for new tenants.
When it comes to choosing the colors, stick to a neutral tone because it is safe for the tenants to match with any other color they prefer. Avoid using vivid colors because people can find them more challenging to blend in, and they won't go with their aesthetics. You can choose a centerpiece in bold colors or a piece of furniture that will break the neutral color of the home.
Upgrade the Kitchen as an Open-plan Space
A modern kitchen with good quality and energy-efficient appliances is like hitting the bull's eye. Tenants love sleek and modern kitchens, and as research has shown, most of the new generation of renters are increasingly keen on open-plan kitchen/dining/living spaces. If you can do that with the rooms, you could quickly boost the value and the appeal of the property.
Also, make sure the kitchen is low-maintenance, as this will save you thousands of dollars. To achieve that, focus on kitchen cupboards and surfaces that are easy to maintain and replace when they become old-fashioned.
Include a Great Shower in the Bathroom
A powerful shower is always a great selling point, especially if you're tight on space. If you target families as tenants, having a bath is a good idea, but a great shower will seal the deal. In addition to having a great shower in the bathroom, you should also fully tile the walls and floors so it is easy to keep the bathroom clean. Use mold-resistant ceiling paint because the bathrooms are probably the wettest places on the property.
Add Popular Amenities
As said before, tenants love the modern and sleek look of their rental home, so adding facilities that will raise the value of your home and its appeal will surely seal the deal. These amenities often include in-unit washing machines, dishwashers, and central air. Provide better living conditions for the tenants and make their lives easier while making the home more comfortable. Go for the energy-efficient ones because, in that way, you will also help them save on electricity and water and decrease their utility bills.
Brighten up the Place with New Lighting
A solid first impression is made with proper lighting, no question about that. If you have outdated lighting fixtures, your property will appear less attractive than the others on the market. With new modern lighting fixtures that are energy efficient, your property will look and feel brighter while the interior spaces will appear more inviting and welcoming. You can also think about some accent or task lighting to shed light on centerpieces or decor in the interior, making the place much more stylish.
Integrate Smart Technology
Smart devices are unbelievably popular, especially with the new generation of renters, because they offer convenience and energy efficiency. By installing smart thermostats or intelligent lighting systems, tenants can control these systems even when they are away. Plus, smart technology learns tenants' behavior and automatically adjusts the consumption of the systems, so when tenants are not at home, the systems shut off.
Don’t Forget about the Exterior
Create an attractive and functional outdoor space where the tenants can sit and relax. Make sure you take advantage of the garden. If there isn't one, invest in a driveway or paving area, which will give the whole space a new look. Also, take care of the curb appeal and make sure the landscaping is exquisite because first impressions matter, and what the new tenants see first is precisely the exterior.
Conclusion
A great way to boost the value of your home is through renovations. When a home is renovated, it will stand out from the others on the market, increase its value, and reduce the need for maintenance. Plus, it will encourage your present tenants to extend their leases and hence ensure you get a steady stream of passive income.
At Mavi Unlimited Property Management, we help property owners boost their rental appeal through expert guidance and top-notch service. As a full-service Denver property management company, we handle everything from maintenance to tenant transitions using the latest technology. Our commitment to fairness, transparency, and sustainability ensures your property is well-maintained and profitable, making it easier to attract and retain tenants.