By taking the time to renovate your rental property, you can boost your property’s rental income as well as its overall value. However, the problem is many landlords don’t have an idea where to start with renovation. Fortunately, there are a number of things you could do to have your income property’s overall value and anticipated rent increased within no time. If you want to get the most out of property investment, constant renovation is the key. Consider the following tips to help you improve your income property:
Flooring and Bathroom Fittings
When determining the quality and value of a home, the bathroom and the floor are the first things normally looked at. This is because it endures the most wear and tear from occupants moving in and out of the space. Tenants who are looking for a dwelling often look at this as the first thing when determining whether or not a home is fit for them to live in. So if your floor is not in a pretty shape, consider fixing it first before proceeding to other improvements. You could repair it to something to something durable, current and easy to maintain. Same to your bathroom, if the fittings need replacement, consider using high quality materials as this way, many prospective tenants will be attracted as homes that are in good shape with top-quality fixtures and fittings tend to draw many people.
Consider Energy Efficient Alternatives
The advantages of energy efficient appliances are many. These appliances are environmentally friendly, durable and above all cost effective. In the bathroom, install low-flush toilets to conserve water and save tenants’ monthly power bills. You could replace the bath tub with a low flow shower, bath tubs use up to four times more water than a standard shower.
The advantages of having a kitchen which is perfectly laid out, well proportioned and decorated are many. The kitchen is among the key areas to put first when it comes to rental property renovation. Before you start, you need to take a number of things into account. What are your desires? Do you wish to work with the existing lay out or start from scratch? Or do you just want to embellish the place with new cabinets and counter-tops? You could install a new and stylish kitchen sink, upgrade the flooring, change up cabinets and add back-splash to your kitchen space to make it look more appealing to prospective tenants.
Painting your rental property can surely add some life and revive it while creating curb appeal. Paint your front door, shutters or trim appropriately so as to add value and attract many tenants. Select a bold hue which can make your property stand out but ensure it blends well with the rest of the house. For interior walls, use low sheen paints as they have good cleaning properties whereas for the exterior walls, flat paints are a great choice as they tend to hide surface imperfections such as cracks which could discourage renters.
With all these great home renovation ideas at your fingertips, you can make the most out of property investment. This is because renters prefer homes that have curb appeal and are ready to pay high amounts for a home that is improved.