Increase the Value of Your Rental Property
Renovating a rental property is a great way to increase its value so you can place the rental at a higher price point on the market. When completing renovations, you will certainly want to minimize the cost while maximizing the value increase in order to get the most bang for your buck. While the exact renovations necessary for your property will vary according to your market and the condition of your property, these simple home improvement ideas are likely to go a long way toward increasing the value of your rental property.
Improvement #1: Update Hardware
Simply updating the hardware on your kitchen and bathroom cabinets can help to make both rooms pop without spending a lot of money. Even better, this is an improvement that you can easily do yourself, thereby saving you on labor costs. If updating the hardware is not enough to achieve the new look you are after, consider refacing the cabinets rather than replacing them completely. There are even kits available that can help you repaint the cabinets quickly and easily to achieve a new, fresh look.
Improvement #2: Build a Backsplash
While you are working on making kitchen improvements, you might also want to consider building a backsplash if one does not already exist. With the kitchen being the first room that most prospective tenants look at, you will want to be sure to make a positive first impression. Your backsplash should go underneath and around your kitchen cabinets. To make the job easier, consider purchasing backsplash adhesives that simply stick to the wall so you don’t have to mess around with individual tiles and mortar.
Improvement #3: Install New Light Fixtures
Not only can light fixtures change the mood of a room, but they can also help to create a more modern look. Keep your eye out for sales on light fixtures and you will be sure to find some that are relatively inexpensive. In addition, if you are relatively handy, switching out an old light fixture with a new one is a job that you should be able to handle yourself and complete within a couple of hours.
Improvement #4: Open Up Some Space
If your rental property has restrictive walls, you might want to consider taking them out in order to create more open space. Not only are open floor plans a more desirable option, but it will also make your rental appear more spacious while offering more flexibility in terms of how space is used. Just be sure to check the structure of the unit to ensure the wall you are removing is not integral to the structure of the rental.
Improvement #5: Clean the Exterior
Before you bring potential tenants to view your property, be sure to power wash the exterior and to apply a fresh layer of paint if necessary. In addition to making your rental look fresh and clean, a properly maintained exterior gives the impression that the entire unit is well-kept. In this way, you can start building trust and confidence with your tenants right from the start.