Top 10 Home Improvement Projects That Will Boost Your Rental Property's Value
Explore the top 10 home improvement projects that will boost your rental property's value. Discover effective upgrades to attract tenants, increase rental income, and enhance your investment.
Being a landlord means you’re constantly on the lookout for the best rental value for your property. But when you find renters who pay their rent on time, it’s so easy to get comfortable with the status quo, and stop looking for more opportunities to boost your rental property’s value.
If you find yourself in this situation currently, or your rental property is in need of new tenants, then investing in the following 10 home improvement projects will help you earn better rent on your property in the long run.
Home Improvement Projects With Highest Return On Investment (ROI)
Remodeling Bathrooms
Clean and spacious bathrooms are one of the most important factors that contribute to a high rental. While you can focus on repairing certain aspects of your bathroom such as chipped off tiles, broken faucets and taps, and rehashing the toilet for a newer one, if your budget allows it then go for a full remodeling. A good looking bathroom fetches higher ROI than any other space in the house.
Start by dividing the space, use natural lighting to light up the bathroom during golden hours, change the bathtub if it’s old and beyond repair, get the whole floor cleaned, and some extra storage space by installing hooks, cabinets, and rods. You can add a shower curtain, and experiment with floating shelves to add a more cohesive look.
Renovating Kitchen
A smart kitchen is all the rage right now. Kitchen is one place in the house which is equal parts intimate and is also the best spot to showcase to a potential tenant. By adding modern touches and technology to the kitchen, you can improve the overall look of your home, and boost your rental property’s value.
You can start by adding new and improved kitchen islands, energy efficient appliances, sturdier cabinets, and changing the kitchen flooring if it has become old. Once you’ve worked on the important visual aspects of the aesthetic kitchen space, try adding a storage space, creating a separate space for the pantry, and focusing on new wallpapers for the kitchen.
Repainting The Exterior
An ill-painted property can disengage the tenants. Bright and neatly painted rental properties attract more potential tenants. Just like attractive interior designing, it’s equally important to keep the walls outside the home also in best condition. You can start by filling out spaces that have chipped, and add a fresh coat of paint to it.
Remember, you’re not painting it for yourself. Since you don’t know the distinct taste of your potential tenants, it’s better to stick to neutral colors rather than distinctively bright colors. The rule of thumb is to add a fresh coat of paint every couple of years, or every time a tenant moves out to keep the property looking fresh.
Adding New Lighting
Depending on how much sunlight the area where your rental property is situated gets, you can and must add artificial lighting to highlight the space in your property. It’s noted that good lighting can make even a small space appear larger and more open.
The best part about installing new lights is that they’re inexpensive yet make up a large part of your home improvement for rallying up the rental property’s value. To make the most of your lighting situation, invest in LED lighting and complement it with strategically placed mirrors to brighten up your rental space with a combination of natural and artificial lighting.
Redoing The Basement
A basement has a lot of extra space which can be used purposefully by larger families. If you plan to make use of your basement space by converting into some extra living space, you can easily jack up the rental value for your rental property. While many people tend to use the basement as a storage space, you can definitely add some personality to it.
It can also be an attractive place to explore for tenants who work from home and are looking for some extra space for a home office. As a landlord, you may not even have to do so much to make the space habitable. Just ensure the area is clean, and painted. You can leave the rest up to the imagination of your future tenants, as long as they’re paying you for the space.
Replacing The Roof
First impressions are truly the most important when it comes to rental properties. Since your potential tenants will be looking at the roof of your property first, keeping it in proper condition is essential for retaining current tenants, as well as boosting the value of your rental property for future tenants.
As a landlord, if you want to save yourself from paying too much for extra repairs or roofing costs, you must get it checked for leakages and any other damage. But for safety reasons, it’s recommended that you replace the roof after a few years. You can use architectural shingles to replace the roof as they’re thicker and last longer than three tab shingles.
Offering Energy Efficiency
Most tenants evaluate the lease extension cost that they have to pay based on the benefits that they get from staying in a particular place. Since energy efficient or green spaces use sustainable energy to run, they are quite lighter on the pockets of your tenants while paying utility bills, when compared to a normal house. By making your rental property a green space, you can demand higher rental value and retain your current tenants for long periods of time.
To make your rental property more energy efficient, focus on using natural sources of energy such as solar energy and wind to heat your home, run your water, and provide insulation. You must also make use of eco-friendly and sustainable material to redo certain components of your house. This is an investment that will give you returns beyond your comprehension, while renting as well as selling your property.
Including A Deck
A deck can really spruce up the whole look of your rental property, helping you fetch higher rental value. Since a deck opens up more external space for use, a lot more tenants are interested in a rental property. While building a higher level deck can be time consuming as well as expensive, you can install a simple deck on a low budget.
To build a ground level deck, all you need to do is get a carpenter or even get some carpentry tools and some strong wood. Since a ground deck doesn’t require any stairs or railings, you can easily add it to your home improvement projects for boosting your rental property’s value.
Adding New Flooring
Everyone prefers a modern design for their homes today, which is why modern flooring is all about using hardwood floors. While you can use a carpet on the floors, it’s easier to clean and manage a hardwood floor, even if something spills on it as compared to a carpet.
Just avoid starting with new flooring until you’re done with every other home project to avoid causing any scars on the flooring. It can also accumulate dust and dirt from construction in the house, so leave it for the very end. This way it won’t come in between your other home projects and will be new for the tenants to see before they move into the rental property.
Upgrade The Green Space
It’s important to keep the interiors of your rental property clean, proper and polished, but nothing says a property is high value like a well maintained backyard. Whether you have a lawn, a backyard space, or even a small home garden at your rental property, keeping the place prim and proper will attract tenants who have a green thumb, and enjoy living in a green space.
To keep the lawn area protected, you should invest in strong fencing, installing good quality lawn protection mats, use quality weed remover, and use sturdy steel gopher wire to keep pests like gophers and other burrowing animals away from your landscape.
It’s A Wrap
Home improvement projects are a great way to add some spark to your rental property and boost the interest of potential tenants. Whether you already have tenants or are seeking new ones, upgrading your property can help you earn higher rents in the long term. If you plan to earn more as a landlord, start investing in your rental property today!
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