5 Best Renovations for Your Rental Property
As a landlord, you want to avoid rental vacancies. Vacancies lead to uncertainty in terms of income earnings. On top of that, when a unit is left vacant you still need to spend money on regular maintenance and repairs. Further, advertising expenses can also quickly add up.
As a result, landlords are constantly figuring out a way to retain their renters over a long time.
One of the effective ways for landlords to evade vacancies is by creating more value for their rental assets. They perform periodic renovations to enhance their property features and amenities.
Renting out your house or other property in Las Vegas is a great way to earn extra income and knowing the right renovations is the best way to keep your tenants long term.
Planning Your Upgrades
When planning property upgrades, it’s important to understand that the renters’ needs are specific compared to a typical homeowner’s. While you might spend on extra decor for your own home, when upgrading your property it is important to focus on function over aesthetics.
As a general rule, spend your time and money towards renovations renters will appreciate.
Renovating is about enhancing your Las Vegas investment property to respond to the renters’ needs. Study the top amenities tenants would want. Ensure that when you invest in property, your updates fit a functional purpose.
This ensures limited vacancies and gaps in rental income earnings.
Below are some of the areas to improve in your rental unit to get renters inspired to stay longer:
1. Redo the Kitchen
Make sure the kitchen is up to date. An updated kitchen is a staple in a quality rental property. Is the kitchen easy to organize? Is there enough storage? Do all the appliances match? These are the types of things tenants look for and appreciate.
You want a kitchen with a unified look so it appears more pleasant to the eye. Among the highly ranked amenities in a kitchen are stainless steel appliances. Remodeling a kitchen can be expensive, searching out the expertise of a property management can help.
Consider the following for kitchen upgrades:
- Applying a varnish coat or painting the kitchen cabinets can create a polished look. You can also replace the cabinet hardware.
- Investing in a granite countertop can peak potential tenant interest. It shows the tenant that the property is an investment that you want to upkeep.
- Replace kitchen hardware to avoid corrosion or leaks. What’s more, this is a cheap fix that tenants will surely appreciate.
2. Remodel the Bathroom
When going on a property showing, the prospective renters often want clean, well kept bathrooms. Thus, you have to elevate its look and maximize your bathroom space. If the toilet is beginning to get old, it is important to replace it.
Clean up calcium buildup caused by normal use of faucets. Figure out ways to create more storage so your tenants feel as though they have enough space to make the place their own.
Consider the following for bathroom updates:
- Place sliding doors if your space is cramped
- Replace bathtubs with walk-in showers to open up more bathroom space
- Install shelves
- Consider adding a vanity counter
3.Update the Curb Appeal
After picking the right location to invest in, you will want to start touring your house to tenants. However, before a potential tenant decides to tour the interior of your rental property you must first engage their interest through your property exterior. You can achieve this by focusing on your landscaping.
Consider the following to enhance your curb appeal:
- Offer a tidy garden area
- Grow shrubs and plants
- Plant new grass
- Repaint the exteriors
- Trim overgrown tree branches and remove the weeds
4. Improve the Flooring
Quality flooring in your rental is essential. You want to protect your floors from normal wear and tear as much as you can.
When tenants move in or move out floors can get damaged by the moving furniture. Although a number of property owners choose tiles and carpets to cover their rental floors, a lot of renters still seek hardwood flooring.
Even though it requires a significant investment on your part, the benefits provided by hardwood flooring can’t be ignored. It improves the quality of the unit.
What’s more, occupants like its low maintenance feature, unlike carpets that trap a lot of dust and need to be constantly steam cleaned.
Hardwood floors also don’t change color and gain character as they age. They last longer and can be a good investment if you look at its value over the years. It’s prone to less damage, saving you from costly repairs and maintenance.
5. Invest in Small Improvements
When renovating your rental home, it is important to have savings put aside, but there are also smaller cheaper improvements you can make.
You are not allowed to use your tenants’ security deposit to make upgrades. So keep in mind to only perform renovations that are a part of your budget. There are tiny upgrades that you can do, which can be rewarding to a renter.
Consider these small property updates:
- Layer your interiors and exteriors with a new coat of paint. This can polish the look of your unit.
- Install new lighting. This helps tenants feel as if the space is larger.
- Add more closets and shelves to create more storage.
- Replace door handles and make sure to prioritize door security.
- Hang blinds and curtains to manage the glare from the sun on your windows. It also provides privacy to the occupants.
Although small, these renovations can help catch the tenant’s eyes.
Why Is Rental Renovation Essential?
A lot of landlords shy away from renovating their rentals to avoid spending. However, upgrades result in long tenancies. It retains your competitive edge over newer and more modern rental spaces, adds more property value, and lowers the maintenance requests coming from the renters.
If you have questions about which renovations are best for your property, contact the experts at B&R Property Management. Our expert team can help you with all questions related to property management.