When you are a landlord or property manager, attracting ideal qualified tenants can oftentimes be a tedious and stressful endeavor. However, ensuring that you rent your rental property out to the right tenant is of the utmost importance and should always be your main focus when reviewing potential tenant applications. In order to attract responsible and trustworthy tenants, it is vital that your rental property is well maintained and kept up to date with regards to key areas of focused. Before you list your rental property on the market, it is a good idea to remodel your rental property in order to get it ready for incoming tenants. Here are 5 pro tips for remodeling your rental property that should help you through the process.
Apply Fresh Paint and Update Fixtures
This is perhaps the easiest, and cheapest, project you can tackle with your rental property to immediately improve value and curb appeal of your rental. Start by aiming to update all simple fixtures such as doorknobs, blinds, curtains, cabinet handles, etc. Once that is finished, replace all of the light fixtures within the rental property in order to increase the overall light within the unit and give the property a cleaner look and feel. When doing all of this, try to repair fixtures before opting to replace them in order to save money.
Next up, make sure to apply fresh paint to the interior walls of the rental property. This step should always be done before renting out your property to a tenant. Stick with painting the walls neutral colors in order to allow your prospective renters to imagine for themselves what the property could look like if they were to be living there. Depending on the condition of the paint on the exterior of the rental property it could also be a good idea to repaint the exterior, but this is oftentimes not as necessary and up to personal preference.
Install New Flooring
Believe it or not, flooring can oftentimes make the difference between a prospective tenant deciding whether or not they want to rent a particular property. The right flooring option can make the difference between a good rental option, and a great one to certain tenants. It is a good idea to opt for hardwood flooring when possible as it is the easiest flooring option to maintain and produces a nice clean, modern type feel for your tenants. Make sure to complete any other renovations before installing new floors in order to prevent any potential damage to the new flooring during the renovation period.
Renovate the Kitchen
The kitchen can make or break a rental property’s appeal to a wide variety of renters, so it is a good idea to really put some time into a kitchen remodel if things are lacking in that area. Make sure that the kitchen has matching appliances and a consistent feel throughout that shows a common theme. When doing a kitchen remodel, some areas of focus should include:
Upgrading countertops. Opting for granite countertops is usually a great investment and also a safe choice for its wide appeal and sleek demeanor. Some forms of marble countertops can also be chosen but should be done so with proper research and knowledge of the type you are installing.
Upgrade kitchen appliances. As previously mentioned, it is a good idea to make sure that the kitchen appliances all match and are in terrific condition before renting out your property. Mismatched kitchen appliances give off a very unorganized and neglectful feel to potential rental applicates.
Repair or replace any damaged cabinets. To save money you should always attempt to repair before replacing. If the cabinets are generally in good condition, show them some basic love and repair any outlying damage. You can also sand down and repaint cabinets to upgrade their feel and make them more presentable.
Remodel the Master Bathroom
People typically spend a large amount of time in their bathrooms. A bathroom is often the first thing people use in the morning and the last place they visit at night before going to bed. As such, renters typically want to be “blown away” by bathrooms within their rental properties and often make their renting decisions based on bathroom presentation, space, and appeal. It is ideal to remodel all of the bathrooms in your rental property before renting it out, but if you need to focus on just one than the master bathroom should be it. Add new showerheads, replace all faucets with matching sets, replace the toilet seat and possibly the entire toilet, and update cabinets. If it is in the budget, it is also a good idea (and wise investment) to convert any bathtub’s into walk-in showers when remodeling your rental property. A bathroom remodel should be done with care and should be a primary focus as it will increase your rental property’s appeal and overall value.
Add Popular Appliances and Amenities
Offering the right appliances and amenities within your rental property can increase overall value while also attracting more qualified applicants. There are several appliances and popular amenities to consider adding:
HVAC unit. While these units are required in certain places, they are still considered optional in others. As a landlord this should not be an option, but rather a priority. Tenants want to know they will be comfortable during both warm and cold seasons.
Fenced-in yards for pets and children. This is a huge selling point to renters with pets and/or children. A fenced-in yard provides valuable security and privacy to renters and provides parents with peace of mind.
In-unit washer and dryer. Multiple surveys conducted have shown than most renters will not consider living somewhere without a washer and dryer within the unit. This is typically an easy installation and will greatly increase your chances of landing your ideal tenant.
Patio or balcony. Depending on the type of rental property you have, consider adding one of these outdoor recreational living areas. Renters love to know they have a space to relax outside that is both comfortable and private.
Storage space. This is invaluable to a lot of renters. Most tenants tend to accumulate more personal property than they know what to do with. Giving your tenants an ample amount of space to store their beloved items will separate your rental property from the competition.
While there are many appliances and amenities to consider adding when you are remodeling your rental property, these are generally a good place to start. Aim to make informed decisions based off of practicality and wise investment practices when deciding what appliances and amenities to add.
Need Help? Hire a Property Manager
Remodeling your rental property can be time consuming and confusing. Even for the most experienced landlords, this process can be overwhelming if done alone. An experienced property manager can help guide you through this process by helping you make informed decisions, connecting you with discounted contractors, and ultimately helping you find the ideal qualified tenant to rent your property.
Skyline Property Asset Management & Consulting LLC
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