One sure way to attract more potential renters to your rental properties and retain those you already haveis to do a little remodeling to your rental units. Beyond the cost of making the renovations, the hardest part of the whole deal is trying to decide which of the many possible improvementsare going to be the most effective. Here are six cost-effective improvementsfor you to consider when the time comes to renovate your rental properties.
1. New Windows
Curb appeal is always one of the first thingsthe average realtor talks about when they are staging a house for sale. The same basic concept applies to preparingyour rental property. One good way to improve the curb appeal of your rental is to upgrade the windows. New double or triple pane windows are a great way to make you’rerental look good both from the inside and the outs, andthey can help your tenants save money by saving money on their utility bills.
2. A New Coat of Paint
Nothing makes a house/apartment/condo look better on the inside that a fresh coat of paint. Choose neutral colors as they tend to appeal to a much broader range of potential tenants. Make sure paint the trim. If you have an in-house maintenance department, you can save even more money by having them do the work for you.
3. Change the Flooring
Carpet is rapidly becoming passé in favorable of hardwood flooring. People love laminate flooring because it is so easy to keep clean. In fact,laminate flooring is even more popular than tile and linoleum. Engineered laminate flooring has many advantages over real wood, such as it doesn’t warp, expand, shrink, or buckle. Even better, it is waterproof making it a good choice for virtually any room in the house.
Installation is easy using nails, staples, even glue. There are some brands designed with interlocking tabs that snap together. Look for suppliers that can provide you with bulk pricing to help keep the costs down. If your property already has hardwood floors, consider paying to have them professionally refinished.
4. About That Bathroom
While investing in those expensive upscale fixtures for your bathroom upgrade, in a recent article in Remodeling Magazine, spending this kind of money isn’t like to give you a good return on your investment. A far better choice would be to invest in mid-grade fixtures that still look good but cost far less. The same theory goes for the rest of yourupgrades. For example:
If you are laying new tile, try to create a fun but straightforwardpattern. A design that will draw the person’s eye to the floor but not be overly garish is your best choice. Install low-flow toilets, showerheads, and fixtures, stick with porcelain tubs as they are much harder to break. The low-flow fixtures can cut water consumption by up to 30%.
5. The Most Important Room in the House
The most important room in the average home is the kitchen.You don’t have to spend a lot of money to update the kitchen, but every dime you do spend will help the unit’s rentability. Low-cost options include updating the appliances, refacing the cabinets rather than replacing them. Perhaps upgrading the sink and faucets. Be sure you check into any tax credits that might be available on your new appliances.
It doesn’t need to cost a lot for you to upgrade your rental units, but you should make sure the upgrades you make are going to add significantly to the value and rentability of your rental units.