Vacancies can be a real challenge for landlords. Among other things, they mean operating at negative cash flow. So, to be a successful landlord, it is imperative that you have strategies in place to help you find and retain quality tenants and keep your property rent-ready.
One proven strategy for doing so is by investing in the right property upgrades. The right upgrades will ensure your Florida rental property is comfortable, attractive, and functional.
At Florida Property Management & Sales, we have put together this article covering the 6 best renovations for your rental property. These will ensure you are able to maximize your ROI as much as you possibly can.
Upgrade the Kitchen
Are your appliances in constant need of repair?
Do tenants complain of inadequate storage space?
Do the cabinets look outdated?
If you answered ‘yes’ to any of these questions, then an upgrade may well be necessary. Quality tenants want a kitchen that is in good condition, as well as pleasing to the eyes.
You can begin the renovation process by upgrading the appliances. Swap out the old ones with new, energy-efficient ones. You’ll also want to match the finishes, which can instantly help give the kitchen a more cohesive look. This doesn’t necessarily mean looking for the most expensive products.
You may also look to improve your cabinets. But a complete overhaul may not be required as installing new cabinetry doesn’t come cheap. If you’re on a budget, you can simply choose to sand and paint the existing ones.
New countertops can also give your kitchen a renovated look. Go for granite countertops for a sophisticated appearance. Other options include marble, quartz, engineered stone, and laminate.
Renovate the Bathroom
An up-to-date bathroom is always going to be attractive to potential tenants. Depending on its present state, you can go for a full or partial remodel. A partial, inexpensive remodel may include replacing the shower head, updating the faucet, replacing the toilet seat, or adding new cabinet hardware.
A serious bathroom remodel may involve doing things like converting the bathtub into a walk-in shower, installing shelves, or adding more counter space. It may also include adding a full bathroom for every bedroom on the property.
Enhance Your Curb Appeal
The exterior of the home is the first thing that prospective tenants will see. As such, you’ll want it to look as attractive as possible in order to give prospects a good first impression.
A wall-mounted mailbox, an entry door lockset, house numbers, and an overhead light fixture are all elements that can add style and interest to a home’s exterior curb appeal. Other things you could do include trimming shrubs, giving the garage door a lift, and pressure washing the pavements.
Luckily for you, most of these upgrades are inexpensive and you can do them yourself. Just make sure that any plants you add to the property are low-maintenance so you don’t add more responsibilities to your tenants.
Install New Floors
Hardwood remains the best choice for flooring materials. For good reason, hardwood looks modern and easier to maintain. The same thing cannot be said of carpets. They trap smells and require more maintenance.
When renovating your rental property, handle the flooring aspect last. That’s because other projects can produce a lot of dust and dirt, which can mess up the quality of the hardwood floors.
Repaint the Home
This is a relatively inexpensive project that can easily refresh the look and feel of your rental property. In fact, one study found that repainting the interior and the exterior of home results in an ROI of 107% and 55%, respectively.
Remember to keep the wall colors neutral in order to give your tenants more options to work with when decorating. An alternative to this would be to let tenants do the painting themselves. If you choose this route, protect yourself against any potential financial damage. You can require your tenant to follow certain rules in this regard.
- Only use professional services.
- Pay down a deposit.
- Only choose from a pre-selected choice of paint colors.
- Repaint the unit back to its original color when moving out.
It also goes without saying that you should only offer this option to a quality tenant. Avoiding tenants causing damage to your property should be a major priority for you.
Offer New Amenities
Great amenities will attract great tenants. The following is a list of amenities that are popular with tenants.
- Dishwasher: Tenants love anything that can add convenience to their lives. Go for a stainless steel option for a sleek, modern look.
- Parking: This can really hoot a potential renter, especially if your rental property is located in a busy area.
- Air Conditioning: The heat during summer and the cold during the winter season can sometimes be unforgiving. Offering tenants an air conditioning unit can really hook a potential renter.
- Storage Space: A functional home is usually on the top of many prospects’ list of priorities, especially those with families. Offering extra storage spaces will therefore be a big win.
- Outdoor Living Areas: Homes with a balcony or patio are more attractive to tenants than those without.
- Fenced-in Yard for Pets: Many Americans are pet owners. In fact, according to a survey done by the National Pet Owners Survey, the number could be as high as 70%. Offering a fenced-in yard will therefore make your property more attractive.
Bottom Line
These are the best renovations you can do to your rental property to maximize your return on investment. Create a budget and get started right away. But should you need expert help, Florida Property Management & Sales can help.
We’re a trusted property management company in Broward County, South Florida. Our hands-on approach and our technology-driven property management services will ensure peace of mind and maximum ROI.