At one point or another, you will have to tend to the cumbersome chore of renovating your rental in order to yield a greater ROI and attract new, long-term tenants. However, this task not only requires thorough planning and preparation, but it also requires you to take your property off the market for several days or even weeks until the project is finished.
Fortunately, once you put the freshly polished product back on the market, the rewards are bound to be greater than ever before. With these benefits in mind, here are the essential steps to help you renovate your rental property for a greater return on investment.
Boost the curb appeal
Many landlords direct their attention solely to interior improvements and renovation, when in reality the curb appeal of your rental is the first problem you need to address. After all, this is the first sight your future tenants will lay their eyes upon, so naturally you want it to be dazzling and mesmerising right off the bat.
Let the curb appeal sell the property for you by tending to some thorough landscaping, tidying up the pavement and the front lawn, tending to the fence, and removing the unsightly trash cans as far away as possible. Be sure to fix the address number, the mailbox, and any broken light fixtures around the property as well.
Rejuvenate the exterior
Moving closer to the house, you can now inspect the facade and the immediate surroundings for any damage, structural issues, and minor problems such as chipped paint, loose boards, squeaky steps, etc. One of the best way you can give the entire property a fresh look is to grace the facade with a new coat of paint, making sure you don’t skip the windows and wooden elements.
Painting the exterior shouldn’t take longer than two or three days depending on the size of the property; however, fixing damaged or corroded wood might require more time and effort. Before you apply a fresh coat, be sure you sand down the surface and fix any irregularities in order to get that clean, smooth finish.
Adopt the eco-friendly mindset
Environmentalism is no longer a fad, it has become a way of life that permeates every industry and is becoming increasingly popular with homeowners as well as tenants. Not only will adopting an eco-friendly mindset help your property attract mindful tenants, but it will also help you make long-term financial savings, as well. So be sure to equip your home with contemporary, energy-efficient appliances (the new generation of Maytag products is a perfect example), and don’t forget to introduce water efficiency features in the bathroom and the kitchen.
Introduce healthy features
When prospective tenants go looking for a property, they are not only looking for a place that looks and smells clean – they are predominantly looking to move into a healthy living environment. This is why creating a space that supports health and well-being in every sense is one of the most lucrative opportunities for your rental business.
The healthy changes you make needn’t be expensive, as you can simply introduce affordable undersink water filters in the kitchen to purify the drinking water, and air purifiers around the house in order to boost air quality. Simple additions such as these (paired with eco-friendly solutions) can drastically improve the market value of your property.
Elevate the aesthetic appeal of the interior
Naturally, the interior can use an aesthetic boost at this point, so the first thing you can do is to apply a fresh coat of paint here as well. While you might feel inspired to let your creative juices flow freely, you actually want to stick to a neutral colour palette in order to create an aesthetic interior that will appeal to any tenant. The same goes with furniture and spaciousness – stick to simplicity, soft and complementary hues, and allow your future tenants to build upon this neutral base with their own design taste.
The time never seems right to start your rental renovation; however, you will have to tackle this cumbersome task at some point in order to retain your market value and attract more affluent tenants. With these solutions in mind, you will have an easier time renovating your rental property and generating a greater ROI.