If you’re a landlord, you know that it’s not easy to get the highest return on your investment. One of the best ways to increase your rental income is by renovating a unit with high-end upgrades, such as new appliances and updated kitchen cabinets. But aren’t renter’s insurance, fees for the best property management software, and other expenses enough to make this a bad idea? Not necessarily—and here are some ways renting out can help offset those expenses!
When it comes to rental renovations that will increase your ROI, having precise measurements are crucial. Use Hover’s vinyl siding estimator to get accurate measurements and ensure a seamless and cost-effective renovation project that maximizes your return on investment.
Bathroom and kitchen updates
Both the bathroom and kitchen are important to renters. The bathroom is usually one of the most expensive renovations you can do, but it’s also one of the most popular upgrades. Because of this, consider updating your bathroom when you’re thinking about renovating your property.
According to the experts at MRI software, “Kitchens also tend to be high on renter’s wish lists since they help make a home feel more like home.” So if you have enough room in your budget for a kitchen update, consider taking advantage of this opportunity.
The exterior of your rental
If you’ve got a rental property, chances are high that your tenants have been complaining about the exterior of the house. The front door probably needs replacing, and it’s in dire need of paint. The siding is likely cracked or rotten and could be replaced with vinyl siding to make it look new again. If there’s still time left on your roof warranty, now might be the perfect time to get a new roof installed so that it doesn’t fall off during a storm and damage other parts of your house.
New windows
One of the most effective ways to save money on utility bills is to reduce how much energy you use. If you are considering a rental renovation, one investment that will pay off in terms of both aesthetics and efficiency is installing new windows. If you’re planning on buying a home or renting out your current home for the long term, it is worth investing in double-paned windows that are Energy Star-rated.
During colder months, these windows can help keep your living space warm without having to run the furnace as often. When summer rolls around and those same rooms need cooling down, those same windows will provide insulation from the outside heat so that air conditioners don’t have as much work to do.
Flooring
The floor is the first thing you see when you walk into a room. It’s also one of the most important elements in determining how much your property will be worth, so it’s essential that you choose durable, appealing materials for your rental property flooring.
First, make sure your tenant has easy access to cleaning supplies and equipment if they need to clean up any spills or messes that happen on their own time. Next, look for materials with high ratings from the Carpet and Rug Institute (CRI), which rates floors based on durability, stain resistance and appearance, among other things. Finally, look for affordable yet long-lasting options like laminate wood floors or vinyl plank tile—both can be easily cleaned with soap and water!
Whether your rental is new or old, there are plenty of ways to update the property and make it more appealing to potential renters. These renovations can be done quickly and affordably, so there’s no excuse not to make your next property shine!
