Investment property owners right now are part of a flourishing sector. Owners who manage their properties well can get a sizable return on investment (ROI), especially since these days renting out your property is a solid alternative to selling it.
Naturally, investors have to choose wisely when buying and renovating their houses, including picking the greatest properties. A wise real estate investor must decide whether to improve or renovate a property they are buying. This is sometimes the best method to maximize rental income.
If you’re a real estate investor thinking about remodeling, here are suggestions to improve the rental property’s appeal and income flow.
1. Update Your Curb Appeal
Examine the condition of the home’s exterior first. If the paint is chipped or an old shade, repaint the flakey areas or repaint the entire house and update the color. Pick exterior accents and hues that match the market’s expectations and trends.
Fix any sagging siding or misaligned shutters and repair any driveway or pathway. In order to be both aesthetically pleasing and low maintenance, landscaping must strike the perfect balance.
Enhance the curb appeal of your rental home with easy outdoor upkeep like:
- Putting in fresh grass.
- Including a little garden.
- Cutting back bushes and trees.
- Placing flower beds in the vicinity of the apartment complex.
A well-kept front yard will raise the value of your house as well. You might also think about laying new brickwork or pouring fresh concrete. Hire a landscaper to evaluate the property and provide recommendations on how to freshen things up.
2. Revamp the Kitchen
Kitchens are the center of a lot of homes, so they need to be functional and in good shape. It might be a good idea to refresh the area, making sure it is current, spotless, and well-organized, in order to increase the value of an investment property.
However, there’s no reason to pay a lot for major changes. Consider minor kitchen upgrades that have a huge impact to increase rental income possibilities without going over budget. For instance, painting the cabinets a new, fresh color could be beneficial.
Consider adding in contemporary, functional appliances. Look for durable, easy-to-maintain, energy-efficient appliances. Modernize cabinet hardware to give the room a more contemporary air.
Paint is the quickest and best technique to renovate many rooms. In order to create a room where as many people feel at ease and comfortable, use a paint color that is warm and neutral.
3. Refurbish the Flooring
A lot of homes have historically chosen carpets for their living spaces. However, carpets require a lot of maintenance and can easily get dirty and damaged.
It might be a smart option to replace your old carpets with high-quality flooring in order to boost rental yield. Consider the potential responsibility levels of the renters in these buildings when deciding on flooring, as well as whether or not the flooring requires particular maintenance.
Additionally, if you’re planning on selling the home in a few years, consider the requirement to increase the residual price. Buyers and renters alike may prefer a home with hardwood floors that are sleek and easy to clean.
4. Modernize the Bathroom
Bathrooms can be difficult to update. Since you have such a small area, it’s easy for these spaces to become cluttered, cramped or disorganized. It’s important that bathrooms are comfortable and functional for your new tenants. Installing shelves or cupboards to increase storage is one method to modernize a bathroom without taking up any floor space.
Another choice is to replace appliances like faucets and shower heads. Consider replacing the toilet with a newer, low-flow model if it’s outdated. Not only will these adjustments enhance the appearance of the space, but they could also reduce water usage. Prospective tenants will appreciate the elegant and practical bathroom that was created with these easy adjustments.
5. Add New Amenities
What distinguishes your rental home from what else is on the market? Here are a few extras and enhancements that can boost the value of your rental property, fill vacant spaces, and perhaps even increase rental rates.
- Air conditioning: Central air conditioning is a major plus.
- Dishwasher: In addition to convenience, a stainless-steel dishwasher has a sleek, contemporary vibe.
- Outdoor areas: Provide a space outdoors where people can enjoy good weather and host friends whether it’s a patio, verandah, balcony or porch.
- Storage space: Give tenants the space they need to conveniently store items like camping gear, gardening supplies, and outdoor recreation equipment.
- Off-street parking: Particularly in busy neighborhoods, having a parking space or garage might help attract a prospective tenant.
- In-unit washer and dryer: Many renters wouldn’t consider leasing a unit without a washer and dryer.
- Fenced-in yard for pets: With a lot of renters owning pets these days, the cost of adding a fence is always worth it.
6. Remember the Simple Updates
There are several straightforward renovations that are suitable for rentals in addition to more complex ones. One of the simplest and least expensive methods to change the appearance of your home, both inside and out, is with a fresh coat of paint. It can enliven a room and give it a cozier atmosphere, especially when combined with other upgrades.
Replacing outdated light fixtures with LED bulbs is another simple home improvement project. Replace outdated cabinet handles and doorknobs to give your house a new look. When considering rental remodeling projects, keep in mind the impact that these small updates can have on the appearance and atmosphere of your rental property.
Closing Thoughts
Offering a well-kept, welcoming, and current option to those looking to rent property in Raleigh might help enhance the home’s marketability and profit.
Take into account both the short- and long-term objectives for the property, since some restoration projects with higher expenses might not be profitable for people who intend to own it for only a short period of time.
If you’ve decided to rent out your property but are unsure of where to begin or if you’ve been doing it for a long time and want to assign duties, contact Keyrenter Raleigh today. We’re the leading property management company in the area and we can take on all of the property management duties.