8 Best Renovations for Your Rental Property

Hundreds of properties are listed for rent every day. If you want your rental to succeed, you need to make it stand out from the rest. Renovating your property is a great way to do this! After all, renters prefer well-cared-for homes, and renovations show that you care about the condition of your rental.

When you upgrade your rental, you’re more likely to find a great tenant to sign a lease agreement!

While it may seem like a big investment, renovating your rental property is worth it. Renovated properties have a higher value, and renters prefer them. Plus, upgrades can significantly reduce your maintenance costs.

In this article, we’ll dive into the best cost-effective renovations you should invest in. Keep reading to learn more about how renovations can increase the return on your investment!

Benefits of Renovating Your Rental Property

Renovations can be expensive and time-consuming. However, your rental property is an investment that’s worth taking care of! The benefits of a renovated rental property include:

  • Higher rent rates: Even the simplest renovations can boost the value of your property significantly. This allows you to charge a higher rent price in for your rental listing.
    a person holding several hundred dollars in us currency
  • Increased rentability: Most renters want to live in a well-maintained space. Thoughtful upgrades will help you find high-quality tenants quickly.
  • Equity growth. Renovations and upgrades help grow the value of your property over time.
  • Boosted renter satisfaction: Renovations show your renters that you care for your property and their well-being. This can make them want to stay in your rental for the long term.

Must-Do Renovations for Your Rental Property

You don’t need to conduct huge renovations to increase the value of your property. Starting with simple upgrades is enough. Here are some of the best renovations you should focus on.

A New Coat of Paint

Painting your rental's interior and exterior walls can significantly improve its appearance. But, you have to be wary of the colors you use, as your goal is to attract as many renters as possible. Neutral colors are a safe choice. Alternatively, you can offer new and existing tenants a chance to pick the paint colors they prefer as an incentive to rent from you.

Upgrade the Kitchen

One of the main selling points of a rental is the kitchen. So, make sure to give some love to this room! For instance, you can:

  • Update the cabinets: You could invest in new cabinetry. But, more often than not, a fresh coat of paint can go a long way.
  • Ensure all appliances work: Invest in durable appliances and maintain them properly to ensure they work correctly. This will help improve your tenants’ rental experience.
    A modern kitchen in a rental with stainless steel appliances white marble countertops white cabinets and a large center island
  • Get new countertops: Splurging on granite countertops can significantly improve the value of your property. However, if you want to let your tenants have a say in the aesthetic of their home, peel-and-stick countertop covers are a great and affordable option.
  • Focus on the details: Small changes go a long way. Replacing cabinet hardware, painting the walls, or adding a new backsplash can give your kitchen a new look and feel that tenants will love!

Light It Up

A dimly lit property won’t look good in pictures or in person. If you want to attract tenants, it’s important to ensure your rental is well-lit. Invest in curtains or blinds that allow natural light in.

Then, think about ways to improve the lighting on the whole property. For instance, you can add new light fixtures, invest in high-quality bulbs, and paint the ceilings white.

Remodel the Bathroom

A nice-looking bathroom won’t go unnoticed. Even simple improvements, like replacing a toilet seat, getting a new shower head, or painting the walls, goes a long way. Some cost-effective ways to make a bathroom look better include:

  • Painting the walls
  • Changing the lighting
  • Installing shelves and other storage
  • Adding a bathroom exhaust fan
  • Adding a full bathroom for every bedroom on the property.

Update the Floors

New flooring can completely change the look and feel of your rental! Ditch the carpet and go for nice-looking flooring. Hardwood or ceramic tiles are both great options due to their durability and easy maintenance.
a landlord installs new flooring in their rental
But, if you’re on a tight budget, you can opt for alternatives such as vinyl, cork, or bamboo flooring.

If you already have high-quality flooring like hardwood in your rental, you can wax the floors to make them stand out!

Offer Amenities

Renters are willing to spend more money for convenience. Amenities such as a dishwasher, storage space, a fenced yard, air conditioning, and an in-suite washer and dryer can make your rental stand out!

Enhance Curb Appeal

In real estate, first impressions do matter. If the exterior of your rental property looks like it needs some love, renters might not want to come inside. So, make sure the area is clean and looks well cared for.

A fresh coat of paint can go a long way. Making sure that the driveway looks good is also essential. Power washing the walkway will make it look brand new. And if you have a front lawn, make sure to mow the lawn frequently. Additionally, you can invest in landscaping services to keep everything nice and neat all year round.

Bottom Line

Renovating your rental property is a big investment, but it can help you increase your passive income and build your wealth over time. Some of the best renovations landlords should invest in include remodelling the kitchen, adding new light fixtures, renovating bathrooms, and changing up the flooring.

If you need help renovating your rental property in Newport News, VA, contact Redsail Property Management today! Our team can help make your property look great while reducing your stress and driving cost efficiencies.