Why Rental Property Renovations Are Worth It
Rental property renovations may seem complex, but they can also provide long-lasting advantages to maximize your returns. Renovations don’t have to break the bank and there are easy ways to refresh your property while staying within your budget!
Rental Property Renovation Idea And Some Considerations
Before we dive into a few rental property renovation ideas, it’s important to take every precaution into consideration. For example, doing any rental property renovations will include time and money. But the best renovations will help increase rent and that can help repay you in the long run. Here are some great reasons to get out there and start renovating!
Reasons To Renovate
1. Raise Property Value
The possibilities of rental property renovation ideas are endless, and they can go a long way to increasing property value. Renovations can make your property become more attractive to potential tenants who will be more willing to pay a higher rent. This can increase your monthly revenue.
2. Attract The Finest Tenants
Remodeling a rental property can provide great appeal to tenants, and by raising the rent you are more likely to attract more higher-earning and reliable tenants which can save you a lot of hassle. Our team at SLT Properties is the leading property management company in the Greensboro area. We’ll match your rental property with qualified tenants and take care of all the details.
3. Reduce Costly Maintenance
By upgrading appliances or adding features to make your property more energy-efficient, you won’t have to frequently dish out money for repairs in the future. After remodeling, SLT Properties can relieve the burden of simple and routine maintenance requests through our quality service to ensure your tenant always lives in comfort.
Where Should I Begin?
Finding a place to start can seem overwhelming, but focusing on only essential renovations that potential tenants might be looking for is a great plan to build upon. Here are a few simple tips that readers can use to get started with their renovation!
1. Replace Items Requiring Regular Maintenance
The best renovations to increase rent are replacing and upgrading items requiring regular maintenance such as dishwashers, washers and dryers, refrigerators, and stovetops which can be energy efficient.
2. Modernize The Kitchen
When remodeling, try changing out your countertop or add a coat of fresh white paint to your kitchen cabinets. Even adding an extra window can bring in a lot of brightness.
3. Remodel The Bathroom
Changing out the old bathtub with a modern standing shower or swapping the faded tiles and fixtures with gleaming ones can elevate that sense of comfort for your tenants.
4. Add More Storage Space
Creating new storage can maximize your space while helping your property maintain a look of tidiness and spaciousness.
5. Update flooring
Opting for easier-to-maintain floorings such as natural tiles, wood tiles, or laminate can save you money and are more durable.
Leading Property Management with SLT Properties
Each renovation, big or small, can provide not only visible changes to your property but can generate higher revenue for your investment and attract more qualified tenants to care for your property.