Your property’s rental income is directly proportional to its general appearance. If the property is in great shape, it will attract reliable tenants who are willing to pay a little higher rent than the average rent in your neighborhood. You, therefore, must invest in meaningful renovations if you wish to increase your property’s value.
If you own a family vacation rental and you want to attract visitors coming to spring break in Florida, you need to invest in modern bedrooms in order to make the rental appealing to traveling families. Also, your kitchen needs to be fully equipped and have a spacious dining area. Note that visitors go to spring break Florida to enjoy themselves, so you can go all the way to installing a private patio, a gym, a heated pool, and a playground in your vacation rental Florida. Invest in anything that makes the property functional and luxurious.
With that in mind, here are 11 ideas that can bring a big difference to your rental income:
1. Repaint
Give your interiors and exteriors a fresh coat of paint. The exteriors will attract potential tenants from the streets while the interiors will make them stay. If any of your walls is dirty and scuffed up, that can be a major turn off, no matter how strategically located or spacious the unit is.
2. Redo the bathrooms
Potential tenants will pass your property just because the bathroom is dirty or outdated. Invest in bathroom remodeling, by Installing better quality showerheads, toilets, and bathing tabs. Repaint the walls. Install shelves to make the bathroom functional. Replace the floor if it is worn out.
3. Add en suites
Modern private facilities – such as en suites–may attract wealthier tenants. These are tenants with clean credit history and who are willing to pay extra.
4. Redo the roof
If the roof is leaking, its appearance is deplorable, or if it is outdated, it is best that you redo it. You cannot afford to neglect a deplorable roof even if it is not leaking because when it eventually does, it can precipitate unimaginable damages both to the investment beneath it and to the tenants’ valuables.
5. Extend
Create more rooms if possible, or enlarge the existing ones. Most tenants with kids and pets are looking for a property that has at least 3 bedrooms, a spacious dining area, and a small yard. You can even add a deck and a patio if you find them financially viable.
6. Replace the floor
Put in a new floor not just in the bathroom but in the entire property. It is time to get rid of that standard grade carpet and replace it with tile, hardwood, stone, or such high-end materials. Tenants are looking for floors that are easy to clean and care for, and low-cost floors just don’t fit the bill.
7. Redo the kitchen
The kitchen is another part of the house that can make or break a renting deal. It is probably a bigger deal-breaker/maker than a bathroom. So, go ahead and give your kitchen a fresh coat of paint. Paint the cupboards and splashbacks. Install new and more functional hardware. Replace the old and outdated taps and sinks.
8. Install smart technology
Smart homes have grown in popularity over the last 2 years. If your property has smart carbon monoxide and smoke detectors, thermostats, lights, door locks, and garage door openers, among other smart devices, it certainly is going to be more appealing to tenants, which makes them more willing to pay more.
9. Add off-street parking
Properties in high-density living areas need to have off-street parking both for the tenants and their visitors. In a beachside suburb, e.g. most suburbs in Florida, for example, a parking space will add immeasurable value to your property. Tenants are always willing to pay more for parking space.
10. Change the windows
Big windows are appealing to tenants because they allow more light into the indoors, making it more conducive for houseplants and the temperatures more bearable. Also, you need to ensure that the windows aren’t leaking because leaky windows can inflate energy bills.
11. Is the property pet-friendly?
Some rental properties do not allow pets obviously due to the fact that pets can damage walls, floors, yards, and other parts of a rental property. But people love their pets and will pay anything to be allowed to bring in their fluffy family members. If you could make the property pet-friendly and then charge renters a higher price for it, you can bet that you will get better returns.
Conclusion
When renovating your rental property, you need to be careful not to overdo it. Just make enough investments to make the property pop and attract renters, but not too much to scare off potential buyers just in case you want to sell it in the future.
Author Bio: Lena Linetti is an architect based in San Francisco.
