Many rental property owners cringe at the idea of renovating a rental property because it can often be an expensive undertaking. However, rental property rarely needs to be completely renovated.
ICC Property Management suggests that renovating a few critical areas is all that is required. Your rental property is a significant investment. It only makes sense to invest in improvements that will increase the return on your investment.
ICC’s Three Goals Of Rental Property Renovation
- Choose renovations that will ensure your rental property will appeal to the largest population of potential tenants.
- Focus on renovations that will allow potential tenants to envision themselves, making a home in your property.
- Invest in only those renovations that will provide a good return on your investment.
ICC Property Management advises that if you make a few strategic upgrades to your rental property, you can benefit from:
- Higher occupancy rates
- Higher rents
- Ability to attract a better class of renter
3 Renovations That Will Boost Your Roi
- Upgrade The Kitchen And Bathroom
ICC Property Management suggests increasing the kitchen and baths functionality with some renovations to improve the aesthetics of your rental property:
- Renovate cabinets. Don’t spend a lot of money on all new cabinetry, just sand and paint the existing ones. Add new hardware for a modern look.
- Invest in new countertops. If you can afford it, new granite countertops give the kitchen and bath a newly-renovated look. At the very least, choose a durable countertop material that can withstand heat, scratches, and stains.
- Add some low-maintenance features and fixtures. Replacing the faucet and add a backsplash in the kitchen. Glass tile backsplashes look modern and are easy to clean. Replace the faucet, sink, and toilet in the bathroom.
- Icc Believes You Up The WOW Factor With Wood Flooring
Tear up old, outdated carpeting and replace it with hardwood or engineered hardwood flooring. Hardwoods give a fresh, modern high-end look to the property and are easy for tenants to maintain.
- Change Out The Interior Lighting
ICC knows that a well-lit room is inviting and sheds light on the beauty of the property that you’re renting. Choose modern lighting that’s bright but appropriate for the room: soft lighting in the bedrooms, bright lighting in the kitchen, and bathroom. Add controllable dimmer switches or ambient light that is energy efficient and offers tenants shading options.
ICC’s Simple, Inexpensive Ways To Make A Townhome Or Condo More Welcoming
- Add A Fresh Coat Of Paint
A coat of light-colored paint is a classic and well-loved way to make a rental property look good. Paint is a low-cost and not time-intensive way of making a rental property look clean and inviting. ICC advises to go for neutral tones that allow tenants to bring their decoration to the space.
Great colors for rental properties:
- Don’t Forget The Curb Appeal
The outside of the building is the first thing your future tenants will notice, according to ICC, so be sure to make an excellent first impression.
- Mow and edge the front lawn.
- Trim back trees and shrubs, and spread new mulch.
- Install flowered planters in front of a townhouse or condominium building.
- Pour new concrete or install new pavers or bricks in sidewalks and patios.
ICC property management can assist with every aspect of managing rental property, from handling tenant disputes and non-payment of rent, being available 24/7 for emergencies of all sorts, providing insight on landlord-tenant law, facilitating routine maintenance and, of course, renovation projects.