No matter what type of rental property you’re dealing with, what most investors are looking for is a way to maximize the rent and to keep the tenants as long as possible. To achieve that, you need to put more time and effort into home improvements than before. In other words, a fresh coat of paint on the walls and a clean carpet just won’t cut it. You need to put some thought into rental property upgrades that won’t cost you a fortune but will raise the value of your property and pay off in the long run. Here are some useful ideas on how to improve your property value and get the best return on your investment.
1. Replace your plumbing fixtures.
Upgrading all faucets, both in the kitchen and the bathroom, will undoubtedly give your property a more polished look. Faucets, sinks, and sprayers tend to get dingy and out of date quickly. What’s more, they can make the entire room look repelling. Since we’re talking about kitchen and bathroom which are the rooms most associated with hygiene and cleanliness, old faucets may turn down potential tenants even if everything else in the apartment is brand new. Investing in new plumbing fixtures will give a new look to your rental property and also boost your home’s value. There’s a great variety of options to choose from. Depending on your overall decor style, you can go for a classic chrome finish or something more refined like oil-rubbed bronze or brushed nickel.
2. Upgrade the floors.
When it comes to floors, there’s a battle between carpets and wooden floors. No matter how strong the pro-carpet arguments are, the wooden floors always win. First of all, there’s a wide range of options to explore. From laminate, hardwood, bamboo or plank to faux wood, you can make your choice depending on how much money you’re willing to spend. Wooden floors are absolute winners when it comes to maintenance since the carpets need to be cleaned now and then. Not to mention that one stain can ruin it forever. Another great thing about the wooden floors is that it’s fantastic for people who have allergies caused by carpet dust. When it comes to kitchen and bathroom, ditch the linoleum and replace it with ceramic tiles. It will be a major turn-on for renters.
3. Give your walls a fresh coat of paint.
Nothing brightens up space more than freshly painted walls. Not only will it remove the dirt and stains on the walls, but it will make the room brighter and livelier than before. When it comes to choosing the right color for your rental property, the general rule of thumb is – the brighter the better. This is especially true for countries like Australia that have more than 300 sunny days per year where people want to incorporate that natural light into their homes. If you’d rather leave the job for the professionals, look for some local qualified painting services that will offer high-quality workmanship and affordable prices. By doing this, you’ll make sure that the job has been done perfectly plus it’ll leave you more time to deal with other important things.
4. Make more room for storage.
If you want your rental property to stand out in the sea of offers, you have to think like a renter. One of the things that will put your place high on the list of desirable rental properties is storage. It is undeniably one of the top priorities for renters, so investing in it will boost your property value. If your budget and space allow you, install permanent shelving in the garage. Built-in shelves or in-wall storage will attract the renters and it will give you the possibility to maximize the rent. Even some small and simple ideas can make a change. We suggest you add some hooks to key areas and install closet organizing systems. This will make the whole property more put together.
5. Invest in new countertops.
Upgraded countertops will boost your kitchen’s appeal and increase the value of your property. Depending on how much you’re willing to splurge, there’s a great variety of options to choose from. Granite is always a good choice, but if you want the more high-end product then opt for quartz or marble. The more you invest in your countertops, the more durable and functional they’ll be.
Investing in your rental property doesn’t have to be a splurge. The key is deciding what to invest into so that you can maximize your rent and keep the tenants for a longer time. Following these tips will get you clued up about all the important improvements you need to make to achieve that goal.