Like people, houses age. It doesn’t matter how well you keep up with preventative maintenance or the level of wear and tear on the house, as it goes through time, your home will eventually need renovations and replacements. These not only serve to make your home more stylish, but they increase the overall value of the rental. Simply put, the more high quality work you put into a home, the more you are going to be able to charge for rent.
When it comes to making renovations, what changes are necessary? Add new skylights to the kitchen? Put in a new deck? Install a pool? All of these changes would certainly add value to a home, but let’s begin with the top renovations that consistently prove to immediately convince tenants to occupy the home, add value to the property, and allow a large cash flow.
Finish the Basement
Every where you look for rentals in DC you see both non finished and finished basements alike. The difference between the two? Other than looking better and being much more functional, a finished basement will allow a tenant more functional living space, therefore allowing you to charge a higher rent price.
Replace Kitchen Counter Tops
At this point in the 21st century we have hopes that everything laminate, has found a more useful function than covering counters. Upgrading kitchen and bathroom surfaces to more durable materials like slate, quartz, ceramic tile, and even stained concrete, adds a more luxurious and quality feel to the room.
Remove Carpet and Linoleum
Floor upgrades offer some of the highest return on your investment. Scrapping dirty, old carpet and linoleum floors in favor of tile, stone, or hardwood ads value instantly. Not only will your property appraise higher, but your caring, cleaning and repairing of the floor will become much less of a headache.
Increase Curb Appeal
Poor curb appeal (ie, messy landscaping or peeling paint) maybe causing potential renters to keep driving. A great starting point for your curb appeal refresher is the exterior paint. Chipped and fading paint on the exterior says the inside is just as neglected. Make sure all shutters, gutters, sidewalks and siding are all proper and clean.
The next step in creating curb appeal is installing aesthetically pleasing landscaping, and if you have the room for it, patios, decks or pools. Creating a yard or outside environment that renters can enjoy on their evenings or days off, can make it worth it for them to stretch that rental budget.
Everyone who is or has ever been a tenant can agree on one thing, they want clean, modern bathrooms! On each turnover a full paint job, deep clean, and repairing any defects to the tile, toilet and shower is vital. To give the bathroom a nicer feel, adding towel racks, upgrading hardware, and replacing faucets offer major upside.
The first thing a renter looks at when they enter a property, are the appliances. Old, antiquated appliances can make a massive difference in the rent price you can command. Replacing out of date appliances with newer, more energy efficient options reduce the amount of maintenance calls and lower the utility costs for the tenants. If the unit or home has washer/dryer connections, consider adding a set.
These renovations are just the tip of the iceberg to adding value to your home. They will, however, be the start to creating a better living experience for tenants at a higher rent rate – which means everyone wins!
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