Buying property to then rent out, takes a lot of research and personal know-how. Building a successful addition to your stream of income, requires you to be constantly on the lookout for cost effective upgrades, that will attract new tenants and invite renters to engage in long term partnerships. In turn, this should create stability for your bottom line, as well as their living situation, too.
Why upgrade a rental property?
Homes on the rental market need to compete for business just like those that are for sale, just ask your professional Venterra Realty team members. The market is absolutely booming, with both buyers entering the market with new properties, and renters constantly on the lookout for great value. The rental market, as a result, is competitive to say the least. With over 40 million American renters across the country, you need to make sure that your property offers something special that will be valuable for prospective tenants. Conducting routine upgrades like carpet replacement, appliance repair, and painting the walls must be a part of your yearly review of the property, regardless of whether you are continuing a contract with your current tenants or are seeking new renters as an old contract expires. Making standard repairs and installing upgrades in high value spaces like the kitchen or bathroom are both ways to show prospective tenants that you are a compassionate and interested landlord, that your tenants can trust.
Remodel the kitchen
Kitchens are a great place to begin when planning a remodel. Home buyers and renters alike relish at the opportunity to cook and make use of fantastic new kitchen appliances and features. Quality of life upgrades that are often reserved for luxury homes, make great additions to a rental property. Plus, many improvement projects can be done on a budget and last for years to come, more than recouping your upfront costs over time. Some of the major renovation projects that attract a wider audience, include large or doubled up sink space, granite or marble countertops, and rustic hanging space for pots and pans. All of which should make a home chef feel as if he/she/they have been transported to the coziness of a family cabin.
Repair trouble spots in the bathroom
Bathrooms are another major selling point for landlords. A high quality bathroom can draw in a large cross section of potential renters looking for a taste of the good life. By contrast, a bathroom scraped together or neglected is a certain turn off for most renters. The bathroom is one of those spaces that serve as a renter’s window into your approach to the property as a whole. As the homeowner, you can generally take a hands-off approach, letting issues spring up as they may. Or, you can act swiftly to repair minor issues, keeping your home in great condition. Bathrooms may not be the most cost effective upgrades in pursuit of a property sale, but your commitment to quality here provides renters with a vision of your overall interest in upkeep across the home. Hiring professional bathroom remodelers to fit a new bathtub, replace leaky faucets, upgrade bathroom cabinets, or install new plumbing is your best bet to show that the bathroom is your top priority, and so only high quality craftsmanship will do.
Conducting a renovation project on your rental property is a balancing act that pits cost against increased future earning potential. It can be difficult to evaluate the best way to move forward on renovation projects. But making these quality of life upgrades a top priority when hiring a general contractor, can net you a cost effective complete bathroom remodel, while also improving your ability to rent to the right people and charge a premium for your luxury home.