Fewer vacancies and higher rents are the dream of every property investor. Experts say that if you can afford a major renovation, you can see a significant return on your investment.
The trick, as always, is to pinpoint what improvements tenants are willing to pay for. If your units are seen as having greater functionality and more appeal than your competitors, you will never have to worry about vacancy rates. Not only that, your tenants will be willing to pay top dollar.
The focus here is on bathroom and kitchen renovation. There’s a good reason for that. These are the rooms that people pay attention to first. The kitchen is used all day long and is a hub for socializing. A bright, sleek, practical bathroom makes renters feel pampered. The other spot that makes a difference for a major renovation is adding an extra bedroom.
Add a Bathroom
Renters sharing with roommates and children consider a bathroom to themselves the height of luxury. If you can add one to your unit, you can grab the attention of people looking over listings. Many won’t even look at units without the minimum number of bathrooms they need. It will set your units apart from the competition.
Redo the Bathroom
Add amenities and spruce up the bathrooms you already have. A dark, dingy bathroom with old fittings is a turnoff for renters. But an up-to-date bathroom, with lots of light and a clean, airy feel, is in high demand.
You can replace flooring, paint, replace old fixtures, and resurface cabinets. If there is a way to add more storage, even if it’s just a few shelves, it will be an improvement.
Redo the Kitchen
Renters avoid dark and cramped looking kitchens. A major renovation can be expensive, but it can totally change how tenants perceive your property. At the major end of a renovation would be gutting the room and redoing it entirely to make it more efficient. The kitchen work triangle: the cooking area, sink, and refrigerator, should be close together. You can add an island and reposition these areas to make the best use of space.
If that’s more than you can afford, spruce up what you have. Renters appreciate a new looking kitchen, with fresh paint, and modern appliances. Replace linoleum with a tile floor. Replace marked up countertops with high-end laminate or stone, like slate or granite. Resurfacing and painting old cabinets can give an immediate lift to the kitchen.
Add a Bedroom
An extra bedroom launches your listing into an upper price tier. It is a renovation that can get you a significant ROI. Does your property have room for an extra bedroom? There are legal requirements, so this isn’t for every type of dwelling.
If you have a single family home, can you add a bedroom in the attic? What about the basement? A new bedroom does wonders for your rental value.
Have questions about renovating your rental property? Wondering which is the best option for you and your property? Call the experts at G&C Constructiontoday to help you navigate the wide world of remodeling and get some expert advice to help you up the value of your property.