7 Things to Include In Your Remodeling Project to Attract Tenants
Finding reliable renters and retaining them is an important skill to master for landlords. The ideal rental should be comfortable, functional, and aesthetic so it can attract high-quality tenants. Bonus points if you can leave room for tenants to make their own changes.
Home renovation has its own set of challenges, especially if you want to stick to a tight budget and schedule. So we consulted top home remodeling experts and dwindled down ideas that will maximize your rental property's appeal.
Provide Room for Extra Storage
Storage is always an issue for tenants, especially if they're looking to stay at the place for the long term. Try to find out if there are places for a built-in shelving unit or an extra closet. Some landlords also redesign the basement space to work as an extra storage room, but don't forget to make it more presentable.
Remove Items That Need Ongoing Maintenance
An important aspect of renovations is cleaning up after items that require ongoing maintenance. Take a cursory overview of your electrical wiring, appliances, and plumbing that have a high frequency of repairs. The cost of hiring a specialist to repair them over the course of several years is too much. It's better to simply replace them with better alternatives and save money.
It's also more convenient for your tenants because they won't have to deal with disruptions commonly associated with repairs.
Spruce up the Kitchen
They say that the kitchen is the heart of your home. And it's true when you think about it - it's where your tenants will be making delicious food to nurture their mind, body, and soul. And it's also a place where they'll hang out - and mornings might be the only time in the day when they get the opportunity. So your goal is to create a space that all family members will enjoy.
One move that will always yield good returns is the modernization of the kitchen with cosmetic improvements such as new light fixtures, aesthetically pleasing faucets, and cabinets. A simple cosmetic makeover can help you fetch high-quality prospects for the long run.
Wood Flooring is All the Rage
Wood floors have picked up steam and are trending like never before. Younger renters, more specifically, millennials, have an obsession with wood flooring and will definitely find your place more appealing if you can replace the outdated flooring styles such as shag carpeting and linoleum with something more modern.
Add More Lighting
The easiest and most cost-effective trick in the book is to make your rental brighter and lighter. So invest in all three types of lighting, ambient, task, and accent. Get rid of all the clutter because cramped spaces are a huge turnoff to young and old renters alike. Another way to brighten up your property is by opting for lighter colors, installing more windows, and finding a better configuration for lighting.
Get Those Granite Kitchen Countertops
Granite is a popular addition to any kitchen remodeling project and will add incredible value to your rental. Besides making your kitchen look premium and luxurious, granite requires very little ongoing maintenance. The material is water-resistant, so it's a great option to work within the kitchen, unlike other materials that degrade over time.
Upgrade the Bathroom
Did you know that a minor bathroom remodel could give you a 102% return at resale? The bathroom is a space that offers solitude and helps you unwind from the stresses of the day with a nice shower. It's a safe space that needs more attention than other rooms in your house.
So it's important to make sure that your bathroom is comfortable and more spacious. Add as many functional features as you can without breaking the bank for the convenience of your renters.
Wrapping Up - Home Remodeling Ideas for Rental Properties
The ultimate goal of your rental property is to make it more appealing to prospective tenants. An important first step is to narrow down your choice of renovations that strike a neat balance between functionality and aesthetics. Follow the above seven rental modeling ideas to find the best results with tenants.