Major makeovers aren't necessarily the best choice when renovating your rental property
Making some savvy renovations to your rental property can be a good return on investment in terms of value and rentability. But adding unique designs with lots of elaborate detail, as you would for your home, might not be the best choice when gearing it up for someone else to live in. The best rental renovation projects are the ones that keep it simple, up-to-date, and functional—and they don’t have to break the bank.
Read on to discover some of the best renovation projects for your rental property.
We usually spend a lot of time in the kitchen, and it’s one of the rooms that makes the biggest impression on prospective renters. Unless the space is wholly outdated or unusable, simple, inexpensive changes can make a massive difference to its appeal and functionality. Instead of going for a complete kitchen remodel, you could consider one (or more!) of the following:
Replacing or painting kitchen cabinet doors
Replacing scratched, outdated countertops. This is one area that’s worth investing in. Granite is popular in terms of its durability, heat resistance, and look. If you can’t afford a granite slab, you could go for remnants, prefabricated pieces, or even granite tiles.
Opting for timeless and clean colors—white is a good choice
Replacing or adding lighting
The bathroom is another room worth focusing on. A soap scum-stained tub, dated shower curtain, and lopsided vanity unit won’t appeal to prospective renters.
Again, if the bathroom suite is in good condition, simple and inexpensive changes can make a big difference. Some ideas include:
Replacing an old shower curtain with a more durable and hygienic shower door
Installing a vent if mold and mildew build-up is a problem
Replacing an outdated or impractical vanity unit
Adding a modern, sleek faucet and matching hardware
Replacing the flooring in your rental can be a pricey project. If you have scratched or discolored hardwood floors, buffing or sanding is much less expensive than replacing them and can often produce fantastic results.
“Flooring is a big thing. We recently bought a house that had carpet throughout,” says Bob Tschudi, a Raleigh, North Carolina-based general contractor. “The first thing we did was remove the carpet, which revealed tongue-and-groove hardwoods below. Then, we refinished the hardwood floors, giving the place a much more attractive look.” If you have decent carpets in your rental, but they’re musty or stained, have them professionally cleaned by a local pro so they look like new. If they’re truly worse for wear and need to be replaced, it’s best to opt for more desirable and easy-to-maintain hardwood or laminate flooring.
When you do have to replace something, it pays to invest a little extra to get a finish that will be long-lasting and low-maintenance. If you opt for inexpensive vinyl rather than a better-quality laminate or even hardwood flooring, chances are you’re going to have to replace it sooner. And in general, carpet is something to avoid.
If you have to replace your bathtub, you could opt for a more expensive acrylic tub rather than a fiberglass option, as it isn’t porous and is less prone to scratches.
Getting creative with storage options can make small properties more appealing for prospective renters. Even simple solutions like closet organizers, bathroom vanity units, or fitting open shelving in the kitchen can be plus points.
Your favorite color might be purple, but you don’t want to go splashing this shade all around your rental property. Stick with neutral paint colors throughout, as this will appeal to a wider range of renters. They can then put their own stamp on the place with accessories and other finishing touches.
Neutral shades also make the property appear bright and clean. Giving the place a paint job is an easy way to freshen it up without spending a lot of money.
Adding or upgrading appliances or convenient household amenities can make a home more appealing to potential tenants. Maybe you want to consider fitting a dishwasher, upgrading to a washer-dryer combo, or even fencing in your yard to make the space more practical for families with pets or children.
It might be a considerable expense, but if you live in a state with hot summers, installing central air conditioning could be a worthwhile project.
“In the house that we recently bought to turn into a rental, we found that the main wall between the kitchen and the living room was not structural, meaning that we could remove it without harming the integrity of the house,” Tschudi says. “So with a little work, we were able to remove that wall and turn a compartmentalized floor plan into an open concept, which is very attractive to renters.”
If the windows in your property are due for an upgrade, you don’t need to opt for anything overly fancy. Keeping them simple means they’ll be less expensive and easier to repair or replace should the need arise. But you should look for ones that are energy efficient. This can be a significant selling point, as it’ll help your tenants keep their heating bills down.
Although you don’t need to consider any elaborate landscape design, a functional, low-maintenance outside space is still a selling point for attracting new tenants.
Small changes can make a big difference, and some things to consider include:
Replacing or repainting a tired front door
Pruning back trees and shrubs
Adding some pots containing hardy, bright plants
