Whether you’re a property owner or manager, you want to make sure your resources are used wisely. Investing in the following smart renovations can maximize your property’s profitability:
Curb Appeal: First impressions are very important. Many prospective tenants will drive by a property and make a decision about whether or not to look further based on how things look from the outside. Make sure the house or apartment is clean and well maintained, including windows, landscaping, and doors, and, as always, a fresh coat of paint can do wonders.
Fresh Paint and Flooring: People want to live in a clean environment. A fresh coat of paint is an inexpensive way to make a home or rental unit feel clean and new. While slightly more expensive, new flooring can have the same effect.
Kitchens: The kitchen is the most lived-in area of a home, and renters see value in a nice kitchen. Countertops can be replaced relatively inexpensively, and a fresh coat of paint and new hardware can freshen up dated cabinetry. Older faucets are easy and inexpensive to upgrade. And, of course, make sure the appliances are working well.
Bathrooms: Always deep clean and repaint the bathrooms every time you rent a property. Upgrading fixtures such as faucets and towel bars are inexpensive ways to improve the bathroom. Make sure the shower/bath and toilet are in good working order. As with the kitchen, replace counters and flooring if they’re showing wear.
Basic Maintenance: The simplest “renovation” is keeping up with basic repairs and maintenance. Deferring maintenance will lead to bigger problems with more expensive fixes down the road. Staying on top of maintenance requests will lead to greater tenant satisfaction, leading to higher retention rates and fewer complaints when rent increases.[paraphrased from a Feb. 17, 2016 article in Rental Housing Journal]