Updating and redesigning your rental property is the best way to add value to it while enabling you to earn more in rental income. Obviously, it is ideal to update your rental property as much as possible in between tenants or on an annual basis. The reality is that most landlords simply do not have time to fully update their properties quite that often. That being said, it is important to understand which property updates bring the most added value. Check out the four most important attributes of your home to focus on in order to get the biggest bang for your update buck!
Replacing those old kitchen cabinets with new ones will impress prospective renters touring your rental property. According to Remodeling, minor kitchen remodels are among the projects that deliver the highest cost/value ratios. Cabinets can update the look of an entire kitchen and just might have first time visitors convinced you fully remodeled the space! Different cabinet styles and colors are available that will fit the design and budget of any home while giving your property the look it needs to succeed in the market.
The floors in your rental property have the ability to tremendously enhance its value or bring the value down. If you feel the flooring of your property is holding back its true value and rental income potential, consider replacing it. Updating the look of the floors in key areas of your property will modernize the space while enhancing its ability to appear new and clean. Choose between different types of affordable flooring materials including laminate, ceramic tile, and vinyl plank flooring, and more to achieve the look your rental property needs.
Along with the kitchen, bathrooms are thought by many to be the most important room in the house. Not only is the bathroom vanity often considered one of the most cluttered places in a home, it ironically also serves as a centerpiece to any bathroom. Update the vanity top, vanity base, or vanity lighting fixture to enhance the look of your rental’s bathroom. Taking some time and effort to enhance this part of the property will pay off in potential rental income due to the heavy use it will see on a daily basis.
Changing the lighting fixtures in the key areas of your home might be among the easiest and most noticeable updates you can make. Look to modernize the ceiling and wall mounts in your home to impress potential tenants as soon as they walk in the front door. Tastefully install 2, 3, and 4 light wall fixtures or update ceiling fixtures to enhance the style of any space in a functional way.
Updating a rental property is important to attracting prospective tenants and retaining current tenants. When tenants see that you have updated the property, they will appreciate the care you are providing for the home. This will create good will between you and your tenants which will increase the chance that they rent your property for the long term. Simple updates like the ones mentioned here will ensure your property is competitive in your local rental market without straining your budget. Visit Home Outlet to find products that will make updating your rental property easy and affordable!
The articles and other content contained on this website/blog are provided for informational purposes only and should not be relied upon for any purposes. While it is our goal to provide you with up-to-date, relevant and useful information on a wide range of topics, we make no representations or warranties of any kind, whether express or implied, concerning the reliability, suitability, completeness or accuracy of any of the information made available on this site. The articles and information contained on this site are not intended to provide legal, accounting or other professional or business advice and should not be treated as a substitute for the advice of a professional with knowledge of the facts and circumstances of your specific situation. By accessing this site, you agree that you will not seek to hold E.C. Barton & Company or any of its affiliates liable for any losses or unanticipated costs or assert any other claim based on your use of this site or on the reliance on the content contained herein.