If your rental property is vacant it’s the perfect time to do renovations
Let’s say your tenants of five years have relocated to another state and you have a vacant rental property on your hands. It’s a great opportunity to make the upgrades you’ve been wanting to do such as new flooring, painting, and energy efficient appliances.
Of course you will have some gap time until you get the property rent-ready, but let’s face it. It’s a lot easier and less stressful to show an empty property than it is if tenants are still living there. And most rentals usually show much better when empty.
If you’re financially able to forego the rental revenue for a month or two, depending on the time it will take for the upgrades, tackling these renovations can be done quickly and efficiently with the property fully accessible and tenant-free.
Let’s take a look at some of the possible upgrades that will add value and tenant appeal to your rental property.
New Flooring
Hardwood flooring is a great choice because it’s so easy to maintain and has classic style. So often carpet is used because it costs less, but it actually requires more care and steam cleaning is a must each time you have new tenants. Most tenants prefer hardwood floors as they are more hygienic and there is a wide range of cost options to easily align with your budget.
Change a Floor Plan
Create more space by choosing to knock down a wall or two. This can open up a room to create more space and light. There’s also the option to add more windows which always adds to the interior style. It’s best to consult with a professional builder first to be sure the foundation support is intact.
Renovate the Kitchen
Kitchens are usually the most popular room in any home, so a clean, bright, modern appearance has great appeal. Stainless steel finishes for kitchen appliances usually land in the top ten amenities among tenants. Coordinated finishes for the refrigerator, oven and dishwasher gives the kitchen a unified look.
You don’t have to upgrade to the most expensive items; there are many available appliances at mid-range prices. Kitchens can also be rejuvenated with freshly painted cabinets. Install a countertop with a durable material. Good countertops such as those made of granite easily resist scratches and stains.
Remodel the Bathroom
Bathrooms are carefully scrutinized by new tenants, so making improvements are well worth the time and investment. Shower heads and cabinet hardware are easy updates, or to enlarge the space, you can install:
- Walk-in showers instead of sticking with a bathtub that takes sizable room
- Sliding doors to save up space
- Extra shelves for storage of bathroom essentials
Curb Appeal is Inviting
What new tenants see before entering your rental home is the landscape. Their first impressions start at the curb. Don’t overlook the sway that curb appeal adds.
If the exterior looks well-kept with proper landscaping, the more likely the new tenants will want to see inside. Keep the improvements affordable and time-efficient so renters can easily keep up with the maintenance. Here are more improvement tips to enhance your curb appeal:
- Even a tiny garden should be showcased.
- Replace dying plants with new ones.
- Apply a fresh coat of paint to the rental exterior.
- Trim foliage and get rid of the weeds.
Why Renovate Your Rental?
Investing in property renovations from kitchen upgrades to bathroom remodeling creates more opportunity for increased ROI. Rental properties with modern upgrades are seldom vacant in contrast to older units. So, investing in renovations pays off in the long run.
Renovations help your property stand out from your competitors so you will attract more prospects, especially tenants who want better amenities.
When you include energy-efficient appliances and smart technology you will get the attention of renters who want better amenities, but also want to live efficiently while staying in a rental space.
Updates naturally increase your property’s value and if you decide to sell it in the future, you’ll be able to get a better price for it.
Whether you update while your rental property is vacant or not, the advantages of renovations add up to increased ROI and property that easily stays rented.
If you find that property management demands too much of your time, you can always contact Cousin James Management, the property management company that’s well known throughout North Texas.
In the 25 years we’ve been in business, we have amassed a valuable team of expert technicians and contractors who are proficient in their respective trades. We also have licensed real estate brokers who can help with any questions you may have. Contact us anytime, we’re here to help! Download our handy Tenant Screening Checklist to ensure you’re attracting the best tenants possible.
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