Renovating your rental property will not only enable you to rent your place at a higher price, but it will also help you attract top-tier tenants and guests. However, when renovating your property, you should choose your projects wisely because some of them can bring nothing but high expenses.
Choose profitable improvements
When it comes to renovations, certain improvements can truly transform your space at a low cost while others will make you spend a fortune without contributing to the value of your property. Thus, you should choose remodelling projects that will increase your property’s value and enhance its aesthetic appeal. Minor remodels are typically more profitable than major ones, especially in the kitchen and the bathroom. Instead of renovating your entire rental property, you should introduce simple changes that will make a big difference.
Give the kitchen cabinets a fresh update
As one of the most important areas in your property, the kitchen should feature a modern, stylish look, and updating your cabinets will help you achieve this. You can even find special cabinet makeover kits that you can use without previously sanding and refinishing the wood. Instead, you can just apply the paint and the kitchen cabinets will be as good as new.
Style up the bathroom vanity
Your prospective tenants will also pay special attention to the bathroom of your rental, so make sure to make it spotlessly clean. As for possible remodelling ideas, you can give the bathroom vanity a makeover. You can find a world of inspiration for transforming old objects into chic bathroom vanities. However, make sure that your new piece fits into the general bathroom design for a cohesive, harmonious look.
Check the plumbing
Some of the most profitable improvements are those that will prevent major problems and issues. Plumbing issues can cause serious damage to your property, especially if overlooked or not fixed in a timely manner. However, when dealing with plumbing and drainage issues, you should hire a professional because there are strict regulations against unlicensed work in some countries, such as Australia. For instance, experts for blocked drains in Sydney are not only fully trained, but they also use special high-tech equipment that will provide you with the best results. This way, you’ll be able to prevent any problem that may result in unnecessary expenses and major property damage.
Fix electrical issues
The same goes with electrical issues and installations – it’s better to perform a thorough inspection and fix any possible problems in a timely manner. Of course, consulting with a professional electrician is advisable in this case, as well. They can identify possible electrical issues, such as overloaded power points, circuit overload, exposed wiring, etc. Leaving these issues unfixed can cause major property damage, including residential fires.
Update the floors
The floors in your rental property will affect not only its appeal but also its hygiene. Whether your rental features laminate, hardwood or tile flooring, your tenants will appreciate it more than wall-to-wall carpeting. Aside from being more appealing and stylish, such flooring materials are much easier to clean and maintain. Thus, you should consider removing your carpeting and installing new flooring solutions instead. If you already have beautiful hardwood floors, you just need to reveal and polish them. On the other hand, if your dated flooring seems a bit worn-out, you can apply a fresh coat of paint and you’ll give your rental property a new flair instantly.
No remodelling project is easier and more affordable than repainting the interior. This simple update is a DIY project that doesn’t require some special training or even previous experience. Yet, it will completely transform your rental and create a fresh, new atmosphere for your property. You can even experiment with new colour palettes and create feature walls painted differently. This simple change can bring a surprisingly high return on your investment, so make sure not to skip it.
With these simple and low-cost renovation ideas, you’ll be able to style up your rental property, increase its value and appeal to premier tenants.
by Cooper Klein