8 Best Renovations for Your Rental Property

Vacancies are every landlord’s worst nightmare. This is because a vacancy means you’re operating at negative cash flow. Attracting and retaining tenants is, therefore, an important skill any landlord would want to master.

To achieve this goal, you should make your Minnesota property comfortable, attractive, and functional so prospective tenants find it appealing. One way of making your rental property stand out is by increasing its value by making ROI-focused upgrades.

Not all upgrades are created the same, some provide more value than others. But, what renovations add the most value to a rental property? Renters are on the lookout for renovations that add to the overall look, feel, and functionality of a space.

The following are 8 renovations to your rental property:

1. Remodel the Bathroom

An updated bathroom is arguably on many prospective tenant’s wish lists. At the very least, you should consider updating the faucet, replacing the toilet seat, and sprucing up the cabinet hardware.

If the bathroom doesn’t have much space, then make improvements that maximize the available space. You could, for instance, install shelves or use a barn door. If you’re working with a bigger budget, then consider adding a full bathroom to the property. You may also want to add a new vanity if you have some space to work with.

2. Renovate the Kitchen

Similar to the bathroom, kitchen updates usually have a great return on investment.

You can begin by giving your kitchen a more cohesive look by matching the finishes of the microwave, dishwasher, refrigerator, and oven. Opting for top-of-the-line products isn’t necessary, but upgrading will improve the kitchen’s functionality. This can be and often is a huge hit with renters.

Other improvements you can do to the kitchen include:

• Investing in new countertops. If you have the budget, new granite countertops can give your entire rental property a newly renovated look. What’s more, granite countertops are durable and easy to maintain.
• Giving cabinets some attention. Before spending too much money on new cabinetry, try sanding and painting the existing ones yourself. Next, add some new hardware for an updated new look.

3. Paint the Property

Paint can go a long way in refreshing the look and feel of a property. What’s more, it’s an inexpensive upgrade. As this is a rental property, make sure to stick to a neutral color pallet. That’s because you want the property to appeal to as many prospects as possible.

If you already have a tenant, then consider allowing them to paint the property with their own choice of color. But only give this option to a tenant that has proven to be reliable and responsible. That is one who pays rent on time, cares for the unit, and has been renting long-term.

And even then, make sure to have specific policies and guidelines in place. In the policy, you can require the tenant to:

• Choose from a pre-selected color palette.
• Pay a deposit.
• Hire a professional to do the work.
• Repaint the property back to the original color when they move out.

4. Add Attractive Amenities

Make your property stand out from the competition by providing your tenants with unique amenities. Making your property stand out from the competition will help you fill vacancies quickly and even allow you an opportunity to increase rent. Some of the most popular amenities include off-street parking, in-unit air conditioning, storage space, dishwasher, and an in-unit washer and dryer.

5. Make Updates to the Curb Appeal

First impressions matter! The curb appeal of your rental property is what prospective tenants will see the moment they visit it.

While sprucing up your property’s exterior, make sure to keep it low maintenance. The last thing your tenant will want is something that will take much of their time to look after. The following are some ideas to help you step up your rental’s curb appeal:

• Add a small garden.
• Plant new grass.
• Install new bricks or pavers.
• Trim back shrubs and trees.

6. Fix the Floors

Doing simple things like replacing the carpet can go a long way in invigorating your rental property. Nothing ages a property more than a carpet that is stained, smelly, and outdated.

But the carpet isn’t the only option you have. If you have the budget, consider installing wood floors, they look nice and offer a cozier atmosphere. Another option you have is to install laminate flooring. These are durable, easy to install, and are relatively inexpensive.

7. Install New Light Fixtures

Old light fixtures may be dating your rental home. Installing new lighting can help not only to brighten up your home but also to make the home’s interior look contemporary. When shopping, stick to basic styles and designs. This will ensure that the new fixtures appeal to a wide range of prospective tenants.

8. Create More Storage Space 

Does your rental property have limited space? The lack of storage can be one of the top reasons why you may be having a high tenant turnover rate. So, take advantage of your home’s structure. The little nooks and crannies you may have overlooked may offer the best solutions for extra storage spaces.

If you find storage options that serve additional purposes like a coffee table with a storage compartment or a front entry bench with built-in cubbies for shoes you’ll be able to create more storage without compromising on space.

Summary

There you have it, 8 renovations you can make to your rental property to get the most out of it. Be sure to start by creating a budget then assess the areas that need the most attention or will offer the largest return.

If you need further help managing your properties, get in touch with MN Property Nerds!