For homeowners who rent their properties, the time between one tenant’s departure and a new tenant’s arrival is a time when you earn no money. Once an old tenant vacates, however, you have the opportunity to renovate a home and make it more appealing for your next lessee. If you increase the property’s value through a major renovation or addition, such as building a new deck or installing new appliances, you can generate more income by charging a more competitive rent. Consider the following five ways you can spruce up your rental property.
Install a Deck, Patio, and New Appliances
Some renovations are an excellent investment, and the boost to your property value means a boost to the income you can generate. For example, a new deck or patio will offer space for entertaining and is a fantastic way to attract potential tenants. Pools and hot tubs are other possible additions, although they may require extensive landscaping and renovation.
Make sure your tenants are comfortable inside as well. If you have an old air conditioning unit, consider an air conditioning replacement. You’ll be able to advertise greater year-round energy savings, and your tenant can rest easy knowing that the unit is in pristine shape. A new washer and dryer is another perk that would look great on your property listing.
Amplify Your Curb Appeal
Take a step back and look at your property from the street. What do you see? Should you repaint or replace the doors and windows? Are the gutters loose, or has the mailbox seen better days? Carefully consider curb appeal, which is the first impression your property makes. Some minor landscaping, such as planting flowers and trees in the yard or adding planters for a garden, can also be effective.
Check the Kitchen and Bathroom
Next, carefully inspect the bathroom and kitchen, as these spaces are priorities for many homeowners. Smart appliances, such as a new refrigerator or stove, are good investments, but you should look at the smaller details, too. Are the cabinets in good shape? Are the tiles in the bathroom cracked, or do you need to redo or repair the caulking around the tub? Make these small changes to keep potential tenants focused on the positives of your rental property.
Know Your Ideal Tenant
If you have an ideal tenant, keep this person in mind when you’re making renovations. For example, families or people who host many parties will likely prefer a large yard with a privacy fence and an updated kitchen with space for entertaining. If you’re working with a smaller space ideal for a businessperson, a newly renovated den with built-in shelving is appealing.
Focus on Efficiency
Finally, do a walk-through of your home and consider its energy efficiency. A more energy-efficient space will lower your tenant’s monthly bills — or yours if you cover some utilities — and the energy-efficiency promotion will look excellent in your property description. A professional energy audit will help you pinpoint where you’re losing energy and the best ways to fix these problems. Other additions, such as a smart thermostat installation, will equip tenants to stay on top of their energy consumption.
A deck or patio is a major addition, but maybe a few small changes are all that’s needed to revitalize your rental property. Use the time between tenants to spruce up your property and capitalize on your investment in home ownership.