5 Ways to add value to rental property
Updated: Nov 25, 2020
Not all home renovations are the same in the eyes of your tenants. Some bring more value than others, and all these factors affect the willingness to pay rent for your house.
Although aesthetics has its place, when it comes to rental appeal, features and usability are also important. Below are some of the best upgrades with this in mind to increase your rental yield and attract good tenants.
A well-designed kitchen with low maintenance materials is essential to attract and retain tenants. Similarly, renovating your kitchen is one of the key ways to add value to your home and increase your rent. If your kitchen looks old and dilapidated, then only the ticket might be a revamp. Here are a few things to think about:
Choose a hard floor: kitchens are a place of heavy traffic, vulnerable to slips and spills. Too long, the floor never stays clean — especially when there are little ones around. Avoid light-colored tiles and grout, as the dirt will show up sooner. Instead choose something that is hard to wear, like sheet vinyl or porcelain tile.
Replace countertops: Select a material of mid-range that will last but will not break the bank. Great choices include stainless steel and quartz countertops.
A renovation of the bathroom after the kitchen is a tried and tested way to add value to your house, while raising your rental yield, and appeal to potential tenants.
Go for a darker flooring or patterning. Pristine white bathrooms look nice, but more often than not, they don't stay that way, making them unviable for rentals.
Do not skimp on the ventilation & waterproofing. Water and moisture can penetrate your walls and/or floors and cause serious harm. Not only does this cost you in maintenance, but it can also result in lower rental rates for your tenants as you fix it or, in the worst-case scenario, a vacant house. Rule of thumb: waterproof and adequately ventilate your bathroom to prevent later expensive repairs.
Adding an extra bedroom will open your home up to a new pool of tenants you would not have had access to before. There are a number of options for adding rooms — whether it divides a large bedroom into two, extends the property footprint to include a new room, or adds an ancillary lodging on the grounds.
Here's a list of stuff tenants want to help you fill vacancies and maybe even give you a chance to increase the rent.
Dishwasher: Anything that could add convenience to a tenant 's life won't go unnoticed. Add this and match with other stainless steel appliances to offer a sleek, modern look.
Storage space: Renters are also looking for long term stay in their home. Give them the space they need to store their belongings comfortably.
Air conditioning: This is a big win to have central A / C. If tenants in warm months can avoid the painful heat, they will keep renewing their lease.
Paint, Update & Easy Fixes
Here are just a few touch-up projects you can do to make your rental property feel easier.
Paint: Keep the walls neutral, so that prospective tenants can work with a blank canvas. You may also consider offering the renter's choice of color to paint the walls, whether it is the entire interior, a specific space, or an accent wall.
Update: Install new light fixtures to modernize the space and make the rooms brighter.
Easy Fixes: There are also fast and simple fixes to repair cabinet handles, doorknobs, and blinds. Or change them out for new ones entirely.
Planning to renovate your rental property? Then contact best Home Renovation Contractors in North Haven, CT