Are you thinking about renovating a rental property?
Whether you’re operating as a landlord or a rental manager, ensuring you have profitable properties is a priority.
As such, you want to make sure that you avoid renovating a rental property that costs more to fix up than it’s worth. Otherwise, you’ll find yourself losing money.
To make things easier for you, we have written a guide. Keep reading if you want to find out more.
Replace the Windows
Most realtors understand the value of curb appeal when they’re trying to sell properties. Therefore one of the best things you can do to renovate a rental property is to replace the windows.
By doing this, you will be making a positive impression on potential renters. Newer windows also tend to be more energy efficient. This means that you will enjoy long-term energy savings as well.
Add a Fresh Coat of Paint
If you have not painted the walls of your rental property for more than two years, you should consider adding a fresh coat of paint. It is a good idea to use colors that are neutral rather than bright and bold.
If you want to save money, you can hire your in-house staff to complete this job. On the other hand, consider hiring a residential property management company to help you out if you don’t have time to do it yourself.
Update the Flooring
Even though it can be a lot of work to switch up the flooring, it will be a great investment.
Consider installing a floor that is easy to clean, and that is durable. And keep in mind that engineered wood will resist temperature and humidity.
If you are not sure whether or not it is a good idea to update you flooring of your rental property, consider hiring a property management company to help you out.
Remodel the Kitchen
By remodeling your kitchen, you will boost the appeal of your rental property. Contrary to what many people think, it does not need to cost a lot of money to remodel your kitchen.
Consider replacing old appliances with models that are more energy efficient.
Add an Outdoor Space
You can increase the appeal of your rental property by adding an outdoor space. If you don’t have renovation experience, you should hire a rental property management company to help you undertake this type of project.
One of the most important things you’ll need to do if you are adding an outdoor space is to build an awning. You should also look for the right kinds of outdoor furniture.
Start Renovating a Rental Property Today
People often make the mistake of thinking that renovating a rental property is expensive. The truth is that there are many cost-effective ways to make big improvements.
Do you need help managing your rental property? If so, we are here to help you. Don’t hesitate to reach out today once you are ready to get started!
