Investing in real estate is a terrific way to build wealth as a rental property can provide you with a reliable stream of income and, as well as a help protect you against inflation. With such a valuable asset, its important to keep it in pristine condition with great long term tenants.

So, rental renovations are necessary when the features of property become outdated or when certain parts of the property cannot be repaired.

When renovating a property, something to keep in mind is the interests of the tenant. Even though the end goal of this process is to preserve your property’s value, rental properties renovations are your opportunity to upgrade your rental properties and make them more appealing to renters.

In this article we, at Peak Residential, will take a look at some of the best rental property renovations you can make that will keep your property competitive in the rental real estate market as compared to other rental properties by increasing its property value or rental value.

Update the Kitchen

An up-to-date kitchen is one of the most attractive amenities for renters. Families spend a large amount of time cooking and sharing meals in the kitchen, so a great kitchen can easily be the centerpiece of the entire house.

An updated kitchen will definitely provide you with a great return on investment and increased property value simply from the interest it generates with the renters. A simple way to upgrade the kitchen is by replacing the old and worn-out appliances with new ones that match.

You could also replace some of the fixtures and install a glass tile backsplash. Renters like materials that are durable and easy to clean. This will also help to minimize your property repair costs when a tenant moves out increasing its value as well.

Bathroom Renovations

Renters tend to look for space and functionality in their bathrooms. This can be achieved with a few key adjustments or repairs. For example, you may want to consider replacing the bathtub with a walk-in shower to increase space and reduce water consumption.

Another adjustment to you could make to your bathroom is replacing the normal doors with a pocket door or a barn door to create more space. Installing bathroom shelves can also help to reduce clutter and make the place more attractive.

Bathroom fixtures can also be updated to complete the fresh look. Additionally, replacing items such as toilets, showerheads, and faucets can also be replaced with new ones to make the bathroom look more contemporary.

Replace the Floors

Hardwood flooring is desired by renters because of the look and how easy it is to clean it. But you could also consider installing hardwood laminate floors which are a less expensive option but still attractive.

Generally, we don’t believe in carpeting a rental home. The material is high maintenance, and it is known to trap odors. Flooring materials that are easy to clean can also help to reduce your property maintenance costs.

Re-Paint

Fresh coat of paint can make the property look as good as new and capture the interest of potential renters. When repainting the interior walls, we advise using neutral colors to give the tenants a chance to imagine the space as their own.

We also advise using the same color for each rental unit so you can minimize repair or renovation costs by doing a simple touch-up rather than repainting the entire walls.

Other minor upgrades and renovation to the interior of the rental units can include modern light fixtures. These fixtures can make the space look more contemporary and so more attractive to prospective tenants.

Create an Open Floor Plan

An open floor plan can make a house look bigger and also improves how easily people can move and makes the interior of the property more seamless.

If it is within your budget, you may want to consider taking down a few walls to open up the space. However, you should first consult a professional to avoid damaging a load-bearing wall.

Renovate the Property’s Exterior

Renovating a property’s exterior can significantly improve the chances of the property getting noticed by more tenants in the market. The term, curb appeal is commonly used to describe how attractive property is when viewed from the outside.

You can improve your property’s curb appeal by taking a few simple and cost-effective steps such as landscaping. By mowing the lawn and trimming any shrubs, you’ll make the place look more attractive.

When it comes to cleanliness, you should also collect any trash or debris around the property and dispose of it. To remove the dirt off the walls, you should consider spraying them with a pressure wash. 

Invest in Popular Amenities

Amenities help to improve the quality of life of the tenants and a good balance of amenities tends to attract more renters to your property.

Some of the most popular amenities in the rental market include dishwashers, a washer and dryer, outdoor spaces, air conditioning and heating, and adequate storage space.

So, by providing these amenities, you can offer comfort and convenience and that will make your property stand out from the rest.

Bottom Line

Rental property renovations may seem like a daunting task, but it can provide an amazing return on investment, increase property value and helps minimize tenant issues or complaints. When renovating a rental property, it is important to always put the needs and interests of the tenants first.

If you need some assistance in managing your Sacramento property, reach out to us at Peak Residential Inc. We’ll provide you with premier property management services and optimized rental renovation projects that will maximize the returns on your investment.