What time of year could be better than the summer for rental property owners to consider renovating their homes? Answer: there isn’t one. Warmer weather and increased demand in the real estate market mean that strategic upgrades can lead to higher rental rates, and ultimately, a 5-star rating for your rental property. But which renovations should you consider when attempting to boost the property’s value and attract potential tenants? Oh, and not to mention, enhance your rental’s curb appeal and maximize your return on investment? We’re here to help.
1. Curb Appeal Transformation
First impressions really do matter, especially when it comes to rental properties. A well-maintained exterior with a fresh coat of paint, clean and fresh landscaping, and a welcoming entryway can significantly influence a potential tenant’s decision to rent your property. You might even consider adding potted plants and installing attractive outdoor lighting fixtures to create an inviting ambiance. Repainting the front door in an on-trend color can make your property stand out among the rest and make a positive impression on potential renters.
2. Upgrade the Kitchen
The kitchen is often considered the heart of a home and for good reason. Nobody likes to cook in an outdated, poorly functioning kitchen space. A well-designed and modern kitchen can significantly increase your property’s value and its appeal to prospective tenants. Instead of a full-scale remodel, though, we suggest you focus on cost-effective upgrades such as:
Replacing old or outdated cabinet handles
Installing a new, aesthetically pleasing backsplash
Upgrading appliances to energy-efficient models
Adding quartz or granite countertops that provide a luxurious touch (without breaking the bank!)
3. Refresh the Bathroom
Bathrooms are another critical area of the home that make or break a rental property’s appeal. People (some more than others) spend an awful lot of time in the bathroom, and they want it to look visually appealing! Make the bathrooms more appealing by:
Replacing outdated fixtures with contemporary options, such as sleek faucets and modern shower-heads
Adding a fresh coat of paint
Putting in new mirrors and countertops
Updating lighting fixtures - it can go a long way in transforming the look and feel of the bathroom
Making sure to address any plumbing issues and ensure proper ventilation to prevent future maintenance problems…which means way less frequent unhappy phone calls from your tenants
4. Energy-Efficient Features
Energy efficiency is not only a huge buzzword, but it is a top priority for many renters because it reduces utility costs and contributes to a more sustainable lifestyle. Invest in energy-efficient appliances, LED lighting, and a smart thermostat to showcase your commitment to eco-friendly living. Furthermore, upgrade windows and insulation to help maintain a comfortable indoor environment and to improve your property’s energy efficiency rating.
5. Flooring Upgrades
High-quality flooring can make a sizeable difference in how tenants perceive your rental property. Hardwood floors, luxury vinyl planks, or stylish tiles are all excellent choices that are easy on the eyes and add value to your home. Durable and easy-to-maintain flooring is particularly attractive to tenants who are looking for a hassle-free living experience (aren’t we all?). If budget constraints are a concern, consider replacing only the high-traffic areas, such as the living room and kitchen, with premium flooring.
6. Enhanced Outdoor Spaces
We live in a beautiful area, and when the weather is cooperating, people love being in the outdoors as much as possible. Take advantage of the summer season by sprucing up your property’s outdoor spaces. A well-maintained backyard or balcony can be a major selling point for prospective tenants. Think about adding:
Attractive outdoor seating
A small garden with herbs, flowers, and/or vegetables
A barbeque area to make the outdoor space more enjoyable and functional
A privacy fence or screens to give your tenants a sense of seclusion and comfort
7. Smart Home Integration
Whether you’re on the smart home train or not, it’s likely that prospective tenants will find the technology enticing. Embrace the technology trend by incorporating smart home features into your renal property. Smart locks, video doorbells, and security cameras can enhance safety and convenience for your tenants. Additionally, smart lighting and thermostats offer energy-saving benefits while providing tenants with the ability to control their environment remotely.
8. Additional Storage Solutions
It’s not a great feeling when you make a move and realize you don’t have enough storage space for all your Central Oregon gear! Not to mention, your everyday necessary items. Renters often appreciate ample storage space in a rental property. Look for opportunities to add extra storage, such as installing built-in shelves or cabinets. Utilize creative storage solutions like under-the-stairs storage or wall-mounted racks to optimize available space.
There’s no time like summertime to invest in renovations that will increase your rental home’s value and earn you that highly sought-after 5-star rating from satisfied tenants. By focusing on enhancing curb appeal, upgrading key areas like the kitchen and bathroom, incorporating energy-efficient features, and creating inviting outdoor spaces, you can attract high-quality tenants and maximize your rental income. Additionally, smart home integration and ample storage solutions add a modern touch to your property, further increasing its desirability. Remember, a well-maintained and thoughtfully renovated rental property will not only attract tenants but will also lead to long-term success as a property owner. Happy renovating!