One of the most important factors a rental property owner should consider when investing is the need for updates and renovations. These can be done to make the homes look more welcoming and modern, or they can be done to replace old components.
Most of the time, the decisions regarding renovations are made with a set-aside budget based on the property’s ROI potential and your set-aside fund. However, it’s important to consider the long-term benefit of the project and the budget when it comes to renovating.
Repainting
One of the most affordable ways to update a house is by painting it. However, it’s also important to consider the other surfaces of the house that need to be improved. Aside from the walls, various types of paint can be used on the floors, walls, and cabinets to give the home a new look. For instance, if the wood floors are old, they can be painted to give them a fresh and vibrant look.
Repainting the built-in furniture, such as cabinets, doors, and shelves can give the room a fresh and modern look. You can also add a new metal palette to the house by replacing old fixtures.
Replace Fixtures
One of the easiest ways to update a house is by replacing its metal fixtures. These are often overlooked because they are influenced by the style and trends of the house. Changing the cabinet handles, knobs, and drawer pulls can dramatically change the entire look of the house. You can also update the shower heads, faucets, and handles to give your kitchen and bathrooms a new look.
Update Floors
After the new fixtures and finishes, floors are a popular choice for rental properties. It works out for both the property’s owner and the tenant as the former gets a fresh and modern look, while the latter gets a more practical floor. According to recent trends, the focus is on child-friendly, handicap-friendly, and pet-friendly housing.
When it comes to choosing floors for rental properties, the two main factors that property owners consider are durability and tenant appeal. Having the right floors can help keep the house looking its best for a long time.
One of the most popular types of rental floors is laminate board, which is a type of wood floor that’s made from a combination of compressed and laminated wood. It’s very durable and offers better scratch resistance and moisture resistance than natural wood floors. These are also very affordable, making them ideal for both the lower and upper end of the market. You can choose from various colors and grain options.
Clean Everything
Most rental properties don’t need to be renovated or replaced where they are. To keep the house looking its best, start by deep cleaning the corners and ducts to remove all traces of dirt and odor. After that, use a combination of soap and oils to polish and restain the exposed surfaces.
If your rental carpets are still in good condition but are still not looking their best, try a steam cleaner. This method can leave them looking incredibly fresh and clean. It can be rented for the day or used for multiple properties.
To give your rental property a fresh and modern look, landscape it and power wash its pavement. Doing so can help keep the exterior looking its best. You can also brighten the entire area by removing several years of dust.
It can be hard to decide which renovations to make for your rental properties. Having the proper insight into the needs of the residents and the overall condition of the house can help property managers determine the best updates for the property. Working with a property management company can help boost the rent and attract more potential tenants. Another important aspect of this process is finding and marketing the property to potential tenants who will enjoy the new look.