Are you looking to maximize your rental income? Would you like to increase your property's value, improve the satisfaction rate of your renters and differentiate your rental property from other competitors?
According to https://www.dumpsters.com/blog/renovating-a-rental-property these seven things, from creating an open floor plan and upgrading appliances to just cleaning up the exterior can revamp your space and add value to your rental property.
1. Remodel the Bathroom- Installing shelves or cabinets increases storage space and replacing old hardware gives an updated look.
2. Renovate the Kitchen- Increase the kitchen’s functionality with better appliances and add a backsplash for a more modern touch.
3. Update Curb Appeal- Planting new grass, trimming back trees/shrubs or installing planters will strengthen the outside aesthetics...the first thing people notice when renting.
4. Paint and Update Easy Fixes- Neutral walls give potential renters a blank canvas to work with and installing new light fixtures help to brighten rooms.
5. Install New Floors- Hardwood is a popular material because it looks modern and it’s easy to clean
6. Create an Open Floor Plan- Open concepts and adding more windows will make the interior feel bigger and bring in more light
7. Add Popular Amenities- Anything that adds convenience is a step in the right direction.Things like outdoor living areas, air conditioning and adding a washer and dryer in-unit can maximize your rental income.
Creating a budget and applying these renovations can help you get the most out of your rental property and is the best way to maximize your rental income.
Do you need help redeveloping a rental property? Find out more about managing rental properties, and find helpful advice on maintaining your rental investments on the Illume Property Partners website. Contact us today.