If you own properties that you rent out, from time to time, when tenants cycle through, you want to do some economic and affordable home updates. It helps with attracting new renters and also helps to increase the appeal and value of the house. However, you don’t want to spend a lot of money on upgrades that will only be ruined or worn out when the next renter moves through.
Check out these renter-friendly options for upgrading and modernizing your residential building.
1. Install an Air Conditioner
Air conditioners are pretty standard in homes today. It used to be considered a luxury item, but now in the United States, about 75% of houses have them. Installing a central air conditioning system is energy efficient, and it is a selling point when advertising your rental property to potential tenants.
In addition, you can often get more rent monthly if the properties have an AC unit, and the equipment is reasonably affordable to maintain or repair if needed.
2. Update the Kitchen
The kitchen is one of the central focal points of the property and likely one of the first rooms that renters will come and look at. If it’s outdated, consider spending money to get it up to a more acceptable appearance and functionality. Some options are installing new flooring, updating appliances, or adding new countertops and cabinets. It costs about $75 a square foot for quartz countertops, so if you want to go with something a little fancier, make sure to consider that price point when planning your budget.
3. Add a Fresh Coat of Paint
Did you know that after an interior room is painted, up to 88% of individuals would rather be at home enjoying the look and feel of the new space? If you’ve ever painted a room in your house, you’ve likely had this experience.
Painting the interior rooms at your rental property are significant home updates that will surely attract renters. Remember, when people pay for rent, they’re looking for a space they want to be in, not one they’re trying to escape from.
4. Modernize the Bathroom
Updating a bathroom in a rental property can be a great way to increase the value and appeal of the property, leading to happier tenants and potentially higher rent. Some popular updates include new flooring, fixtures, and tiles, updating the vanity, and improving the shower and tub.
However, it’s essential to remember that the updates should be practical and appealing to a wide range of potential tenants.
5. Put in New Flooring
New flooring is always a way to draw in potential renters because it makes the inside of the property feel brand new. When choosing new flooring, thinking about durability, ease of maintenance, and price is crucial. Top options for rentals include laminate, vinyl plank, and tile. The materials are affordable, easy to clean and maintain, and relatively durable.
Standard carpet is also a reasonable solution for new flooring, but it may not be as durable or easy to care for as other choices. It’s also important to remember that new flooring may need to comply with any local regulations and laws related to rental properties. Check with your local building codes for the specifics.
Completing some of these more affordable, straightforward, and quick updates at your rental property will make it more inviting and comfortable. You can typically put a higher price tag on the unit. However, even without considering the money, home updates are necessary every few years.
Knowing what to do and where to start is sometimes the biggest challenge. Take these into account when planning your improvements.