As a rental property owner, keeping your rental occupied can take a lot of your time and effort in making sure that it remains habitable and appealing. One of the best ways to do this is through renovations.

Remodeling the space sounds costly but it doesn’t need to be. For starters, you can set a specific budget to achieve your goals as many materials or amenities can be found at various price points. So, you need to know your target market and invest in their needs.

To guide you in deciding on the best renovations and increasing the value of your property, we at Ridgewood Property Management have put together a list of the best amenities you can provide or improve upon.

Improve Your Curb Appeal

Start outside. This is the first thing people will see when they arrive at your property. So, you won’t get a second chance to make a good first impression. You can spruce up your curb appeal by:

  • Repainting the exterior wall
  • Resealing the pavement bricks
  • Landscaping trees and bushes
  • Adding low maintenance planters or flowerbed

Remodel the Kitchen

One of the most used areas in the home is the kitchen. So, improving it is a great selling point when you consider the needs of a long-term tenant.

large-white-kitchen-with-center-island

You can cheaply and easily level up your rental’s kitchen by doing the following:

  • Replace any cookware or utensils.
  • Replace old appliances with modern ones. The latest models usually help in saving energy. But they don’t need to be expensive.
  • Assess the condition of your cabinets. But you don’t need to take them down right away. You can start by sanding them. Also, repainting them will also give the kitchen a new look.
  • Replace faucets with high-efficiency models. This can help you save energy and can modernize your kitchen.
  • Adding a glass tile backsplash is also a good idea because it is easy to clean.

Update the Bathroom

The bathroom is one of the most used rooms in any house, so tenants will easily notice if something’s wrong with it. So, upgrading or remodeling the bathroom on your property is a great way to excite prospects.

Consider these ideas when remodeling the bathroom in your rental:

  • Replace the toilet seat.
  • Upgrade fixtures such as faucets and shower heads.
  • Install low-flow sinks, toilets, and showers to reduce monthly utility bills and minimize water footprints.
  • Improve the cabinet hardware to add more storage. It’s best to have enough containers for toiletries as well as extra towels.
  • Add toilet paper holders, robe hooks, and towel racks.
  • Maximize the space by using a barn door.

  • Use a big mirror and extend the countertop. This way, the space can be used simultaneously when preparing.

    bathroom-with-bath-and-closet

Replace the Floor

Hardwood flooring is a popular choice as it provides a modern look and is low maintenance. It is also easy to clean, which will be great for long-term tenants.

Carpets, on the other hand, are not recommended to be used in rental properties since they require more maintenance and can absorb smell. Installation of new floors must be done last except when installing appliances in the kitchen.

Upgrade Your Lights

You can easily balance beauty and function in your rental home by adding or changing lights. This upgrade can create a feeling of relaxation, leisure, and most importantly, comfort. Incorporate dimmers to save on electricity.

You can start with exterior lighting to highlight paths and driveways. Make the garden area stand out and promote your outdoor amenities.

Provide Great Amenities

Aside from the basic areas in the house, you can easily market and attract long-term tenants by adding extra amenities to your rental property. These can even increase the value of your property and give you an opportunity to increase the rent.

  • Outdoor living areas: Promote outdoor activities by adding a deck or patio. Additionally, Having a fire pit can also entice renters.

  • Build a fence: Make your tenants feel secure by adding a fence. This is perfect if your tenants are a family or have pets.

  • Dishwasher: Lighten your tenants household chores by adding a dishwasher. You can advertise this convenience to attract potential renters to stay on your property.

    person-filling-dishwasher-with-glass

  • Washer and dryer: if you want to market your house for long-term renters, having these two amenities is a must.

  • Air-conditioning: In some areas of the country, providing a working HVAC unit is a must. But in others, it can be a great boost to your property’s appeal.

  • Storage space: Help your tenants organize their belongings by adding storage in the house.

  • Parking: Entice interested renters by offering off-street parking. During winter when snow is thick, a covered parking spot can be a very good selling point. It’s good to have a carport or driveway so your tenants will have a place for their vehicles.

Bottom Line

Revamping your rental home can help you save money in the long run. You can deduct the renovation expenses from your taxes. Switching some of your appliances to newer models can improve energy efficiency and reduce utility bills. These upgrades add value to your property making it easy to market and help you maintain your high occupancy rate.

If you have any other questions regarding this or any other aspect of property management, contact us at Ridgewood Property Management today!