To safeguard your income as a property owner, it is essential to attract and retain high-quality long-term tenants. Achieving this goal requires ensuring that your property is equipped with the desired amenities that renters seek in their homes.
When renovating your rental property, focus on incorporating these highly sought-after home features that will help you attract and retain quality tenants:
- Wood Flooring: Having quality wood flooring in your rental property gives you a competitive edge, as it creates a significant impact on tenants. Authentic wood flooring is the ideal choice, albeit expensive, ranging from $3.00 to $8.50 per square foot. Alternatively, laminate plank flooring offers a similar look at a fraction of the cost, starting from as low as $0.89 per square foot. Refinishing existing wood floors is also a great way to improve the perceived value of your rental to prospective tenants.
- Updated Kitchen and Bathroom: While every room in the house is important, an updated kitchen and bathroom have a tremendous appeal to renters. Consider investing in a tiled backsplash, updated countertops, and cabinets to impress potential tenants. Opt for affordable yet stylish white subway tiles, which cost around $250 to $1,000, or if your budget permits, consider a mosaic glass tile backsplash. Installing granite countertops may not yield a substantial return unless you can charge above-market rent. However, you can provide the feel of granite using a granite countertop paint kit or laminate from retailers like Lowes.
- Molding: Adding molding to your rental property can enhance its luxury and intricate detailing. While molding can be costly, installing it yourself can help save money. Crown molding is a popular choice, and you can also consider options like wainscoting and chair rail. If budget is a constraint, faux crown molding made of plastic or faux wood can provide a similar effect without breaking the bank. Tenants are unlikely to examine the molding up close, so the faux option is a practical solution.
- Spacious Closets: Storage space is always a priority for renters. Consider expanding a bedroom by moving a wall to create a walk-in closet. Alternatively, install a shelving system in existing bedroom closets to clearly define and optimize the space. Creating a closet system can be as simple as adding a double-up adjustable closet rod for around $10, along with several shelves and a shoe rack. This minor investment, costing less than $100, will greatly enhance storage and impress potential renters.
- Update Brass Finishes: Brass finishes can give a dated and neglected impression to renters, reminiscent of the ’80s. To modernize your property and increase its perceived value, replace brass doorknockers, doorknobs, lighting fixtures, and cabinet handles/knobs with pewter or brushed nickel finishes. This small update can make a significant difference in how prospective tenants perceive the unit.
Implementing just one or a combination of these updates will immediately enhance the aesthetic appeal of your rental property. However, when all these updates are implemented together, the results can be remarkable. Not only will you attract more renters, but your property value will also increase.
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