Reinvesting back into your rental property is a great way to attract more tenants and improve its value. If you want ideas on what to update in your rental property, here are some examples of changes you can try.
1. Renovate your kitchen
Renovating the kitchen is an excellent choice if you’ve been looking for a way to update your rental property so that it can increase in value.
By renovating your kitchen, you can attract tenants who are specifically foodies or those who like to cook from home. You can make that into a marketable point for your rental property. People looking for a decent kitchen in their rental property might be willing to pay more if they see you have an up-to-date kitchen.
While you don’t have to overhaul the kitchen completely if everything is sanitary and working well, you can replace the kitchen appliances. Replacing kitchen appliances with their more technologically advanced options can improve the kitchen. Plus, these modern appliances are going to be more energy efficient overall.
With better modern kitchen appliances, they don’t need as much maintenance on your part since they’re newer.
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2. Repair or replace the roof
A roof repair or replacement is one change in your rental property that can help improve its value.
Ideally, if your roofing is so damaged that it needs repairs or replacement, you should have dealt with it as soon as issues arose. If you don’t address roofing issues immediately, they can lead to housing disrepair, which will cost you much more than repairing or replacing the roof.
Also, if you don’t maintain the upkeep of your rental property’s roof, it can lead to further damage. For example, water damage from leaks due to a poorly maintained roof is one of the most common problems that can arise. That can lead to an unhealthy home and damage the other parts of your rental property.
3. Renovate the bathroom
Another room in your home that could benefit from renovation would be the bathroom.
Only some people cook often, so renovating a kitchen is a personal preference. However, every tenant will use the bathroom at least once a day, so a bathroom is an excellent choice if there are any rooms in your rental property that you have to give more TLC to.
Check out the different water fixtures in the bathroom. Your toilets, sinks, showers, and bathtubs should all work well; if not, that’s an opportunity for change.
Another part of your bathroom that you can improve besides the water fixtures is the storage. If you have a lot of storage in the bathroom and in the shower itself, it enhances the comfortability of using the bathroom overall.
4. Update countertops and cabinets
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Speaking of the bathroom storage options, updating your cabinets and countertops is a great way to improve the look of your rental property.
Given how many rooms use counters and cabinets in any property, updating all of these together can immediately change the room’s look. Check the doors to make sure that none of them are too loose or squeaky.
Another great way to update the cabinets and countertops is to change their color or appearance. Sometimes, the room can look as good as new just by repainting the cabinets.
It would help if you addressed any stains and chipping on the countertops. If the damages are too significant, it’s time to replace them.
5. Restore your hardwood floors
A significant change you can apply to your rental property to improve its value is restoring its hardwood floors.
Since floors span a room entirely, replacing just the hardwood floors can change the room’s appeal. If you think your floors look old and old, or if tiles are lifting, consider replacing them. On the other hand, if they look like they need a little help, you can restore the hardwood floors to revive their previous glory.
What’s excellent about restoring or replacing your hardwood floors is that they have a higher return on your investment than other property improvement projects.
If you plan on replacing your floors with hardwood flooring, ensure you get a sturdier variety for high-traffic rooms on your property.
6. Install new windows
New windows are a great way to change the appearance of your rental property’s exterior and interior.
If you have older windows, they might be hard to open and close. They also need to improve at sealing your rooms off when closed. That means your HVAC might not be as efficient as it can be because your windows don’t have a strong seal. That lack of efficiency can lead to poor temperature control indoors.
Heat can escape your rooms faster because windows can’t keep them in. That can be tough during colder months. Alternatively, heat can come in faster during the warmer months, so even if your air conditioning is working to cool the room, it’s fighting against the heat your windows are letting in. By installing new windows, you can prevent that from happening.
7. Enhance the lighting
Better lighting can make your rooms look brighter and more welcoming. If potential tenants visit your rental property and you have great lighting, it can look fresher simply because it’s more colorful.
Aside from that, poor lighting can deter potential tenants. For example, if they turn on a switch during a visit and the bulbs are flickering or won’t turn on, that might give them the impression that you don’t maintain your rentals. That’s why it’s a good idea to check out the lights around your property and the switches and ensure they work.
8. Repaint the walls
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One of the most affordable changes you can make to your rental property that can still significantly affect its appeal is repainting the walls.
Having freshly painted walls in your rental property can make the room look entirely, even though it’s just the walls you repainted. If you feel extra decorative, you can add wallpaper to particular walls to make accent walls.
9. Install new shutters and curtains.
We’ve mentioned before that you can install new windows to improve your rental property. Another more straightforward change that can beautify your windows is the window treatments you’re using.
Updating your shutters and replacing your older curtains can make windows look better. Leaving your shutters unchanged even when they’ve deteriorated can make the rest of your property look shabby, even if it’s not. That’s why installing new shutters is a worthwhile investment, not to mention affordable.
10. Upgrade your flooring
If your floors have noticeable degradation, consider upgrading them. Again, use durable materials if you’re replacing flooring in high-traffic parts of your rental property.
If replacing flooring in your kitchen and bathrooms, you should also look for moisture-resistant materials.
Don’t invest too much in expensive flooring materials when choosing the material. Just look for durable options that are easy to maintain as well.
Conclusion
These changes can improve your property’s value by upgrading it, making the appropriate repairs, or making it more efficient. They should also make your rental property a better place for current and potential tenants.
