by Justin Cory
on Wednesday, November 24th, 2021 at 9:31am.
While getting renters for your property is a crucial part of ensuring the success of your investment, keeping them long-term is the next big milestone in the leasing process. One method that’s guaranteed to attract and keep tenants is upgrading the amenities and renovating the property.
Rental renovations and improvement differ slightly from the renovations that you would do to your own home. This is because you need to consider amenities that improve the appeal and functionality of the space to your target demographic. You’re not designing the space based on your wants and needs.
So, what amenities and property improvements should landlords aim for? In this article, the reputable team at Cory Real Estate Services offers a few suggestions.
The Best Rental Property Renovations
To attract and keep tenants long-term you need to create a functional and inviting space. From our experience as a Clarksville property management company, several options are available when it comes to sprucing up or renovating a space. However, you should only consider renovations that add value to the rental space.
Here are the best renovations recommendations for your rental property:
People spend a lot of time in the kitchen therefore they want a space that’s not only functional but also pleasant to be in. That’s why you can never really go wrong with a kitchen renovation.
There are several options that you should consider when looking to update the kitchen. If you have mismatched appliances, you can invest in state-of-the-art appliances that create a cohesive look. Having a matching oven, dishwasher, microwave and refrigerator will instantly improve the appeal of the kitchen and also its serviceability.
Another notable kitchen renovation suggestion is the installation of new countertops. This comes highly recommended if you have an open layout. The new, durable countertop will be the centerpiece of the rental space.
Other inexpensive additions that you should consider include sanding and repainting the cabinetry, adding a new backsplash, and replacing the faucet.
The bathroom is an area of the home that should not be left as an afterthought. Creating a relaxing and clean bathroom aesthetic can be a more draw for tenants.
The market is always releasing new bathroom products and updating bathroom interior design plans. If you compare your bathroom to what is in newer builds, yours may look old and outdated. To keep your tenants in your space long-term, consider making a few changes to give the room a little facelift.
Adding a new vanity or a double sink can turn your old bathroom into a stylish space. Creating more counter space and storage options is also going to grab the attention of renters.
Depending on the layout of the house, you might have a smaller bathroom. If this is the case, you can consider the following options:
Replacing the bathtub with a walk-in shower as it’s more sensible and practicable.
Add more storage. The use of shelves will not make the space feel cramped
Make use of a barn door or pocket door
For those with a larger budget, you consider adding an ensuite to each bedroom. Not only is this a great selling point to add to tenants, but it also increases the value of your property.
Improving Curb Appeal
They say, you only get one chance to make a good first impression. The exterior of your property should not be neglected for fancier renovations indoors. After all, it will be the first thing that your future tenants will be enticed by.
The trick in improving your curb appeal is to make installations that are inexpensive and require little or no maintenance for the tenants or the landlord. Some of the external renovations that our team at Cory Real Estate Services recommend include:
Painting of the external façade and front door
Putting in planters at the front of the property
Installation of new bricks of pavers
Painting the fence
The installation of new floors is guaranteed to revamp the look of your interior space. The upgrade will make your property look bright and more lively. It’s recommended that you opt for hardwood floors because not only is this type of flooring relatively affordable but it’s also easy to maintain. It’s also more durable so you won’t have to worry as much about potential damages.
For those landlords on a smaller budget, you can consider making use of a carpet. While it’s a cheaper option, it comes with its own set of challenges. It’s less durable and it traps smells and stains easily. To maintain it in good condition, a carpet will require more maintenance and cleaning. As a result in the long term, it could be more costly.
There are plenty of ways to spruce up the appearance of your property. Before you make any changes, however, look into what your key renter demographic looks for and assess your budget. You want to ensure that any renovations made will ultimately increase the value of your property.
As a Clarksville landlord to performing these renovations and assessing your budget can be stressful and time-consuming. Rely on the trusted property management company in the area, Cory Real Estate Services! Let us help you reduce vacancies and maintenance costs all while generating more rental income.
We are a full-service property management company offering a wide range of services. Our team has experience handling all manner of property, from single-family homes and townhouses to multi-family properties. Our local experience, skill, and industry knowledge is guaranteed to protect and improve the value of your investment.
Contact us today to learn more about our services!