Renovating your rental property can translate into higher rental income and low tenant turnover. Additionally, renovations add value to your home and reduce its depreciation. In this article, we’ll focus on some home renovation ideas to spruce up your rental property.
Every tenant wants a clean and attractive kitchen. A kitchen makeover is one of the best home renovation ideas because not only does it increase your home’s appeal, but can also significantly increase its value. Granite countertops, freshly painted cabinets, and modern appliances are some of the kitchen renovation ideas you can check out. The kitchen floors and ceramic tiling should also be attractive and easy to clean.
A bathroom makeover is a worthy investment on your rental property. Replace old, chipped or stained toilets, sinks, and bathtubs. Ensure there is adequate lighting and an extractor fan for circulation. Floor tiles can be cleaned or replaced with tasteful vinyl or ceramic options. Consider investing in a vanity sink for a luxurious touch. A fresh coat of paint and bigger mirrors also help a bathroom look sophisticated. If all bathrooms have bathtubs, adding a shower cubicle to at least one of the bathrooms is a good idea.
Enhancing Curb Appeal
First impressions last. The front of your rental home should, therefore, be well maintained and inviting. Replacing worn or broken stone cladding is a good place to start. Broken garage doors, house number signs, fences and front doors need to be repaired. Painting walls, windows, and doors also make a big difference. If there is a lawn, ensure it is well manicured. Consider enlisting a high-pressure cleaning service provider to remove molding and stains on the curb, walls, and roof. These simple home renovation ideas will catch the attention of prospective tenants and property values.
Upgrade the Heating
A central heating system upgrade ranks highly on the list of home renovation ideas. If the heating system is adequate, you can improve its efficiency by eliminating drafts around windows and doors. You can also add some more insulation.
Eco-friendly houses have higher market values than their non-green counterparts. Installing energy saving appliances and systems is a worthy renovation idea that will also save money on utility bills. Examples include a solar heating system, low-energy light bulbs and eco-friendly washers and dryers.
Adding extra rooms
Although adding rooms to the property requires a more extensive remodeling budget, it will also increase its value. You could add a bedroom, a bathroom, a garage, a home office, a kitchen pantry or a granny flat above the garage for extra value to your tenants.
Creating Storage Space
Adding storage space is another clever way to increase the value of your rental property. Whether it is a lockable pantry under the stairs, an entertainment system wall-unit, hidden nooks in corridors or cupboards in the bathroom, every little space should be well utilized. You can also create large storage spaces in the basement, attic, and garage of a rental house.
Flooring is an integral part of interior décor. Replacing dated carpeting or worn out floorboards and tiles are some home renovation ideas to change the appearance of a home drastically while increasing its value. If you are working on a tight budget, you can get the carpet professionally cleaned to look good as new. Wooden floors can be sanded, buffed and polished to look newer. There are also multiple flooring options available now that allow you to carry out full upgrades at affordable costs.
Installing new windows not only enhances the aesthetics of your rental home but also helps increase energy efficiency. However, if the property has a dated look, replacing the windows might ruin the appeal. In this case, repairing windowpanes and handles, painting and sealing off leaks may be a better way to renovate the windows while maintaining the rustic feel.
Lighting is an essential element of home décor. Replacing light fixtures provides an easy and instant upgrade to a room’s décor. Choose lighting that is room appropriate and also energy efficient. Upgrading the light switches can also help add a modern touch. Consider sensor switches for frequently used rooms.
Wall fencing is a preferred feature for higher-end rental properties. Fences provide privacy and security for your tenants. Adding a fence to your home can, therefore, increase its value. Choose a fencing style to match the home’s exterior finish.
Outdoor living space
If you have some space in the front or backyard, creating an outdoor living space can greatly enhance your home’s value. The outdoor space can be a wooden deck or an outdoor entertaining area in the garden. It has to match the style of the property and be accessible from the main house as well as from the entrance.
Regular landscaping helps your home look well maintained and attracts good tenants. However, a garden makeover can significantly change your home’s exterior appeal. Modern landscapers can provide ideas for how to transform the garden into a functional and beautiful space. The changes must, however, be easy for the tenant to maintain at a reasonable cost.
Some property features are an integral part of its appeal. Restoring these features helps give the home an authentic but well-maintained look. Examples of such features include decorative molding, stair banisters, original fireplaces and paneled doors. Cleaning, painting, polishing and repairing these unique features should be the focus of your home remodeling project.
Plumbing & Electrical wiring
Updating your plumbing and electrical wiring is a worthwhile long-term investment that adds to your home’s value. These upgrades will help in avoiding damaging leaks and saving energy and costs on electricity. Consider adding extra sockets to a room for extra value. For the plumbing system, you could replace an old gravity based system with a more reliable pressurized system.
Some of these home renovation ideas are DIY. However, investing in reputable contractors for the larger renovations is a good idea to ensure you get quality work done. If you are unsure or too busy to carry out the renovations, a property management company in The Woodlands can help plan and supervise them for you.