If you’re a homeowner looking to update your living space or an investor seeking to add value to a rental property, renovating your property is a smart and rewarding decision. Long-term tenants are more likely to stay if you keep up with your property renovations.
With so many renovation options available, it can be overwhelming to decide which upgrades will give you the biggest return on investment.
That’s why we’ve put together this guide to help you navigate the world of renovations and highlight the top seven upgrades you should consider. From minor cosmetic changes to major structural improvements, we’ll cover a range of projects that can transform your property and enhance your overall living experience.
So, whether you’re planning to sell your home, increase your rental income, or simply add more for your tenants, keep reading to discover the best renovations for your property.
Best Renovations For Rental Units
Kitchen
The kitchen is often the focal point of any home, and it’s one of the most important areas to consider when renovating a rental unit. A kitchen remodel can be a significant expense, but it can also yield a high return on investment. Some of the most popular updates to consider include new appliances, cabinetry, countertops, and lighting.
When choosing new appliances, look for energy-efficient models that will save your tenants money on their utility bills.
Quartz or granite countertops are popular choices because they are durable and easy to maintain.
Updating the lighting in your kitchen can make a big impact, so consider adding pendant lights or under-cabinet lighting to brighten up the space.
Bathroom
The bathroom is another key area to consider when renovating a rental unit. A bathroom remodel can be a significant expense, but it can also add significant value to your property. Some popular updates to consider include new fixtures, flooring, and lighting.
When selecting new fixtures, choose ones that are both stylish and functional. Consider installing a new toilet, sink, and shower/tub combo to modernize the space.
Tile is a popular flooring choice because it is durable and easy to clean. Finally, updating the lighting can make a big impact, so consider adding a new light fixture or installing new light switches that include a dimmer function.
Curb Appeal
The exterior of your rental property is the first thing potential tenants will see, so it’s important to make a good impression. Updating the curb appeal of your rental property can be as simple as repainting the exterior or as complex as landscaping the entire property.
When repainting the exterior of your rental property, choose colors that are neutral and will appeal to a wide range of potential tenants. Consider adding a pop of color to the front door to make it stand out.
For landscaping, consider adding plants and flowers to add color and texture to the property. Finally, consider adding outdoor lighting to highlight the property at night.
New Floors
Installing new flooring can completely transform the look of your rental unit. Hardwood floors are a popular choice because they are durable and timeless. Laminate flooring is another popular choice because it is easy to install and maintain.
When selecting new flooring, consider the durability and maintenance requirements. Some types of flooring, such as hardwood, require regular maintenance to keep them looking their best. Other types of flooring, such as laminate, require minimal maintenance.
Paint
A fresh coat of paint can make a big difference in the appearance of your rental unit. Not only can it brighten up the space and make it look more modern, but it can also help protect the walls from wear and tear.
When choosing paint colors, it’s important to keep in mind that neutral colors tend to be the most appealing to potential tenants.
Fixtures
While major renovations like bathroom and kitchen remodels can have a significant impact on the value of your rental property, smaller updates can also go a long way in enhancing the space.
Consider updating fixtures, such as light fixtures, faucets, and door handles, to give the space a fresh look. These easy fixes are relatively inexpensive and can make a big impact on the overall appearance of your rental unit.
Amenities
Adding useful amenities to your rental unit can be an excellent way to set your property apart from the competition and attract high-quality tenants. Some popular amenities to consider include in-unit laundry, central air conditioning, and a dishwasher.
In-unit laundry is a highly desirable amenity that many renters are willing to pay extra for. By providing in-unit laundry, you’ll save your tenants time and money by eliminating the need to go to a laundromat.
Central air conditioning is another desirable amenity, particularly in hot climates.
Adding a dishwasher to your rental unit can save your tenants time and make their lives easier, making your property more attractive to potential renters.
When entering the tenants homes to change fixtures make sure you abide by the Fair Housing Act and respect their space.
Before You Go
Making the right renovations can not only increase the value of your property but can also help you secure higher rental income and retain tenants for longer periods.
If you’re considering renovating your rental property but feel overwhelmed by the process, we encourage you to consider hiring a property management company like Keyrenter Boise. With their expert knowledge and experience, they can help guide you through the renovation process and ensure your property is in top shape.
Keyrenter Boise offers a range of property management services, including property maintenance, tenant screening, rent collection, and more. They are committed to providing their clients with personalized and professional services to ensure the success of their rental properties.