Roughly 34% of American households live on some form of rental property. With so many rental properties in the US, property owners stand to make quite a hefty sum if they play their cards right.
However, making money from a rental property will likely involve more than just buying it and raising rental prices. Rental prices have been rising drastically over the last few years, so you should offer more if you want to attract renters.
Rental renovations might be just what you need to bring in more tenants. We’ll discuss some of the most popular renovations in this article.
-
Front Yard
The first thing anybody will see of your property is the front yard, so putting a little more work into the front yard will help make an excellent first impression.
You’ve probably been told that first impressions are essential and valid to a certain extent. However, first impressions won’t hold up forever, especially if subsequent encounters contradict them. Prospective tenants won’t see the property for very long, at least not at first, so a good first impression is vital.
There are plenty of simple ways to spruce up your front yard, and they’ll all add at least a bit of property value. For instance, a few flowers and a freshly mowed lawn will create an inviting atmosphere for guests.
-
Flooring
Floors are another way to win people over quickly. In most cases, the previous owner will have taken care of the property, so most of it shouldn’t need too many renovations.
If you feel like maintenance isn’t enough and would prefer to put in new flooring, that’s great, too. We would advise you to keep track of your budget, though. It’s easy to start a renovation project and then let the costs get out of hand until a good ROI is impossible.
-
Go Green
With environmental concerns being such a significant issue, it may be no surprise that more eco-friendly properties are selling for more. People often worry about how to make their homes eco-friendlier at a reasonable price, and there are ways to do just that.
One such method is to install LED lightbulbs in place of halogens. If you’re thinking of replacing any furniture, see if you can find bamboo pieces instead wood. Bamboo grows much faster and is, therefore, infinitely more sustainable.
Rental Renovations for Your Bottom Line
If you’re looking for ways to get a good return on investment on your rental property, the right rental renovations can help. We’ve discussed a few common renovations in the paragraphs above, but your options are limitless.
If you want to know more about rental properties, especially near Santa Rosa Beach, Florida, visit our site. We can show you available rental properties and offer our services as a property management company.
If you need our services, contact us. We’re happy to help.
