If you’re looking to get the most bang for your buck with a home remodel, initiating a project on your residential rental property may be the way to go. While you may not get to personally enjoy the home’s upgrades, spending a little money on an investment property can pay off in the long run if you approach the project with the right mindset. Remodeling with an eye on the market and a careful budget may mean greater rental income in the future or at the very least, fewer, shorter property vacancies. To keep your property competitive in the rental market, consider these four categories of value-increasing rental property renovations.
Renovations to Differentiate Your Rental Property
One of the key things a rental property remodel can help you achieve is differentiation from competing properties in the area. Budgeting a little money now for features you know are important to tenants can significantly add to your bottom line in the long run. Look at updating important areas like the kitchen or bathrooms to appeal to tenants aesthetically and functionally.
Another way to make your property stand out from the rest is to focus on your property’s first impression. Making sure that your rental property has curb appeal in the form of an attractive front porch or exterior landscaping can play a huge part in determining if your property sparks interest or not.
Renovations to Upgrade Amenities
A sure way to attract and retain quality tenants is by furnishing your property with quality amenities. Think about the items your tenants will use week in and week out and consider upgrading them so that they are enjoyable to use. Installing new, cutting-edge appliances can give you an edge over competing properties. Things like quality dishwashers, ovens, kitchen sinks, and on-site washers and dryers are huge points of interest for tenants. Outdoor living spaces and fenced outdoor areas for kids and pets can also be simple and cost-effective upgrades that may make a tenant choose your property over another.
Renovations to Make Your Property Versatile
The best rental property renovations keep things simple and give your tenants leeway to make the space their own for the time that they’re there. One of the most appealing ways to do this is through creating an open floor plan. Opening up the main living areas of your rental will create an area that feels delightfully spacious, making your property feel larger, brighter, and more inviting than a property divided into several small sections. An open floor plan gives your tenants options for arranging their space and making it their own, which in turn opens you up to a larger pool of potential tenant matches when vacancies do happen.
The Finishing Touch
Never underestimate the attraction power of a well-maintained property. Details as simple as giving walls a fresh coat of paint or updating light fixtures to maximize energy efficiency and available light are relatively inexpensive fixes that can increase your property’s appeal exponentially. As you consider the larger renovations you’d like to undertake, budget for some of these smaller improvements and finishing touches as well.
Ready to increase the curb appeal of your residential rental property? Contact us to see how we can help you complete your project on time and under budget.
With years of experience in both commercial construction and residential construction, Alpha Omega Contractors is your go-to construction company in Southern California. Our experts take on projects ranging from residential kitchen remodels, bathroom remodels, and home renovations to commercial construction upgrades and improvements. As a trusted Orange County contractor and Los Angeles County contractor, we help bring your home remodel wish list and home renovation dreams to life. Whether you need help with a residential floor plan or an upgrade to your medical office or retail space, our team of general contractors, designers, and design-build experts will collaborate with you from the initial stages of pre-construction through to putting the finishing touches on your dream remodel project on time and within budget.
Learn more about how to transform your house into your dream home.