You can win over prospective tenants and retain your current tenants with the right upgrades to your property. Trying to get the best return on your renovation funds means finding which amenities renters are willing to pay for.
Here is a look at upgrades that make your investment more marketable and boost your rental revenue.
New floors provide a major improvement in the looks of a unit, and the work can be done quickly. Laminate offers definite advantages. It can mimic the look of hardwood for much less expense, and lasts far longer than carpet. Moisture-prone areas like the bathroom and kitchen do better with tile.
If you have the money to spend, consider upgrading to hardwood. Its classic, upscale look gives any room warmth. It is easy to clean, lasts for years, and is easy to refinish.
Floors and walls are the two biggest surface areas in your unit and what people notice the most. The easiest fix is adding a coat of paint to the walls. With the new flooring and the clean walls, the unit will get an immediate boost.
But first, check out the condition of the wall. Does it have dings, nicks, and/or holes? Repair the wall and the drywall underneath before painting. This is a structural fix that adds value to your property. It also makes the paint job look more finished and appealing.
Tenants look for units with an abundance of natural light and an airy, roomy feel. New windows are an upgrade that appeals to renters and adds value to the structure, a boon for the landlord. It’s a win-win for both parties.
Invest in energy-efficient windows, which reduce energy bills and noise levels. If you live in a climate with extreme temperatures, consider installing double-pane windows for extra insulation.
Is your unit dark and cramped? If so, you’re losing tenants. Opening up small rooms by removing a wall can give a relatively small unit a spacious, roomy look. This is a more involved upgrade, but it is permanent and adds to the value of the property.
One of the most strategic rooms to focus on is the kitchen. Tenants worry most about the look and functionality of this room and the bathroom. You can beat your competition if your kitchen is bright and open.
Closets and Storage
You can never have too much storage. Adding a closet in an underused corner of the kitchen, bathroom, hallway or bedroom will get the attention of tenants, especially young families. If you can’t add a closet, find spots in the kitchen and bathroom where you can add shelves.
You can also increase the usefulness and appeal of the bedroom closets already there. Add a closet organizing system, which can easily double the usable space in a standard closet.
Adding a Bathroom or Bedroom
If you’ve got the money for a major renovation, consider adding a bathroom. An extra one can make your listing stand out. Renters are willing to pay more for this amenity.
Adding a bedroom can shift your listing up a notch into the next pricing tier. Families only look at listings that meet their bedroom requirements. With an extra one, you will automatically get more attention from prospective tenants.
Talk to the experts at G&C Construction about what you can do to your rental property to increase the rental rates and add value to your property. With so many services and years of expertise, G&C Construction can provide you the answers and guidance you need with an involved renovation or remodeling project.