Rental properties are some of the best ways to make long-term income; while paying off a property, you can eventually sell for a great return. Although it would be great if you could rent it out as-is, a lot of properties need work done to get it to the ranking of high-value.
These are some of the best high-value remodeling ideas for any rental and how they’ll help you build your wealth and your property’s value.
A Small But Powerful Kitchen Remodel
The kitchen of any rental property is going to carry the property a long way or make it so renters lose all interest. The most important thing you can do is make it clear that this is a clean, inviting, and spacious room where they can share time with family and cook the food that powers them through their days.
You’ll get a higher return on investment doing a small remodel, so consider changing important things like the counters and appliances before you try updating cabinetry or changing out massive details. Carefully consider your options, like caesarstone vs cambria, when you’re looking at updating. The difference between the two can be expensive.
Build Outdoor Lounging and Entertainment Spaces
One of the top things renters are looking for in 2023 is an outdoor space where they can get fresh air, entertain guests, or simply lounge outside to relax after a long work week. If your property has a yard, you may think it’s set: but this isn’t enough anymore.
Outdoor spaces like a deck, patio, or even a balcony can be awesome things that will draw renters in and help them envision their lives on your property. If you decide to go with a deck, remember that you’ll have to do maintenance on it every one to two years to keep it sealed. This added work and expense might help form your choice.
Give Your Property a Roof Renters Will Trust
Renters want to know that they’re moving into a property that feels safe, secure, and trustworthy. If they look at your home and see that the roof is older or has shoddy patching done, they’re not going to feel safe moving in.
Updating from a wood shake roof to slate gives your rental an updated look while also creating a secure and trustworthy property that renters won’t fear moving into. Make sure to mention what parts of the property are updated in your listing.
Invest in High-Quality Flooring
The floors of a rental see far more traffic than those of any other residence. People might move in and out every year, you’ll have to host tours more often, and if there are many people renting one home together, you’ll have to deal with high daily foot traffic.
Get flooring that will work for a long time while still looking awesome. Recently vinyl and linoleum have both seen massive improvements in how they’re made and how they look. This is an affordable option for any property owner.
Update Your Siding to Add Curb Appeal
How old is your siding? Does it give your property the look you want, or does it age it and make it look unsafe? If your siding is newer and looks dirty or dusty, you can consider power washing it, just make sure to follow professional advice and avoid spraying up between slats.
If your siding is older and needs a change, it’s a good idea to go with sturdy siding that looks awesome and will handle any weather.
Steel siding has become increasingly popular in residential properties since it can handle any weather or temperature and can still be painted and created to suit any aesthetic taste.
Remember Your HVAC System
No renter wants to have to pay sky-high heating and cooling bills. When you’re updating a property, check your HVAC system, along with your doors and windows. Quickly make repairs if you find any issues or air leaks.
When renters find out the system is more energy efficient and that you’ve taken steps to help them save money on their monthly bills, they’re going to be far more willing to rent from you even if you up the price to cover it.
Create Warmth Throughout the Rental Space
A home should feel warm and welcoming, so it’s a good idea to create that feeling in any rental property. Adding a modern white stone fireplace will let potential renters picture themselves cozy and relaxed next to it.
Make sure to schedule yearly maintenance or cleaning if it’s in use, or consider making it an electric or gas fireplace to avoid that altogether.
Every Rental Property Can Be Boosted to the Next Level
Whether this is the first time this property has been rented out, or you’re upgrading a house that has struggled to get rented in recent years: these changes will shift everything. Consider some of these updates for your next rental property.
Sam Willis is a freelance writer that loves sharing his knowledge and expertise on commercial real estate. He lives in Atlanta, Georgia where he enjoys spending time with his wife and researching real estate trends in his free time. Sam’s work as a freelance writer can be found on Building Product Advisor, a new construction industry resource.
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