When it comes to a rental or income property, make sure your property stands out, especially if you happen to own in a competitive real estate market. While full-blown renovations and remodeling can be daunting (and expensive), small updates can help your property shine. If you've been thinking of remodeling your rental property, find some useful tips below to help you decide where to put your funds.
Bathrooms are a necessity in every home, but they are often overlooked when renovations are concerned (especially smaller bathrooms and powder rooms). To help increase the value of your rental property and catch potential renter's eyes, ensure that ALL bathrooms in the home are functional, meaning there is ample storage, plenty of countertop space, and that the bathrooms are clean and don't frighten people away. One fix that is always nice - new toilet seats throughout the property!
For many, the kitchen is one of the most important rooms in a home. When it comes to a rental property, the kitchen needs to not only be practical in terms of working appliances and ample storage, it should look nice and updated. Does this mean you need to put granite countertops and top-of-the-line appliances in your rental's kitchen? No, but it does mean that if the home was built in the 1980s and the kitchen is original, it's time to upgrade. Not only will upgrading help increase the market value of the home, it helps attract a new group of potential renters.
With the advent of green movements throughout the country, more and more energy efficient appliances and items can be found almost anywhere you look. Don’t shy away from energy efficiency. Not only do people like knowing they're being energy efficient, many of the new appliances actually help cut down on operating costs, meaning smaller energy bills for everyone. While you don't need to go investing in geothermal heating for your rental (unless of course you want to), consider changing appliances to energy efficient ones, installing a programmable thermostat, and changing out any incandescent light bulbs to CFLs or LEDs.
Not every homeowner or renter is interested in gardening; investing in low-maintenance or no-maintenance landscaping for your rental property can give it an extra boost when it comes to the local competition. There's no guarantee that your renter will take care of your yard, which can prove pretty burdensome if your home is in a neighborhood with a covenant or an HOA that mandates yard upkeep. Prevent any kind of future problems by looking at alternative options to grass and plants that have to be regularly maintained. By doing this, you prevent any kind of future issues related to landscaping, and potential renters will see a home that only needs minimal outdoor care, which is a win-win for both sides.
Privacy is really important when it comes to a rental property - your renters want to know they can feel safe at all times of the day and night. While it may not be something that immediately jumps to mind when it comes to renovating or updating, adding window treatments is a must. Privacy aside, window treatments also help keep heat in or out depending on the season. Again, you don't have to go wild and put in elaborate silk drapes, but adding basic shutters or blinds will help your property stand out from others.
Rental properties are popular across the country, but if you want to have a consistently rented property, you've got to know where to invest your money in order to get the highest return on your investment. Minor upgrades and renovations not only help boost your rental property's value, they also attract more potential renters. You don't need to break the bank when it comes to changing things up: invest wisely and always be aware of ways of keeping your home competitive for your local market to ensure consistent tenancy. If you'd like to know more about your local market, reach out: firstname.lastname@example.org
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