When it comes to renovating your rental property, it’s important to be methodical and careful with every dollar you invest. We’re sharing our best tips for improving your property to maximize your income potential.
Don’t Get Bogged Down In The Details
Renters aren’t going to notice the detail work and extra expense of certain features. By keeping the space a fairly neutral palette, it allows renters to easily integrate their own furniture and aesthetic into the unit. Lay the foundation for them by giving them a nice canvas to work with. Pick a suitable hardwood floor color or carpet color that will work with many different designs. It’s classic and will always be in style.
Focus On Flow and Consistency
Pick an overall style and color scheme, and stick to it. You don’t want to pick modern fixtures for the kitchen and then have the bathrooms be traditional. Instead, select your fixtures, appliances, tile, and vanities with one style in mind.
What is popular now, will be out of date in a year or two. Stick with classic fixtures and tile that won’t quickly become dated. A good example is subway tile, which is inexpensive and works great as a kitchen backsplash or bathroom wall tile. And since it’s so affordable, you can easily replace any damaged pieces when renters move out.
Clean Before Spending Money on Improvements
A good and thorough cleaning will make a space look almost new. Tenants aren’t going to care for the space as if it were their own, because it isn’t. This is temporary for them. You are adding value to your rental by spending money on a high quality cleaning service after a tenant moves out.
Put Money Into Kitchens and Bathrooms
If there are any rooms that should be upgraded, it’s definitely the kitchen and bathrooms. Tenants don’t want to cook or bathe in spaces from the eighties. There are many inexpensive, but durable cabinet and countertop options in the market today. Stick to materials like quartz for counters and cabinets that are easy to wipe down.