Rental Property Renovations to Increase Value

From small fixes like updating hardware to larger projects like knocking down walls, there are many ways to spruce up a space for tenants. But what renovations add the most value to a rental property? Renters place a lot of weight on the look, feel and function of the kitchen and bathroom. We’ll start there and work our way through other suggested improvements to increase the value of your rental property.

Update Curb Appeal

The outside of the building is the first thing your future tenants will notice, so be sure to make a good first impression. Landscape the front lawn, but keep it low-maintenance and inexpensive so it doesn’t require much attention from either you or the renter. Or something as simple as replacing or painting the front door can be an eye-catching change that gives the property an updated look.

Up your curb appeal with simple outdoor rental property maintenance like:

• Planting new grass.
• Adding a small garden.
• Painting the entire exterior.
• Trimming back trees and shrubs.
• Installing planters in front of an apartment building.
• Pouring new concrete or install new pavers or bricks.

Paint and Update Easy Fixes

Here are a few touch-up projects you can do to easily improve the feeling of your rental property.

Paint: Keep the walls neutral to give potential renters a blank canvas to work with. You might also consider offering to paint the walls the renter’s choice of color, whether that be the entire interior, a particular room or an accent wall.

Update: Install new light fixtures to modernize the space and brighten the rooms. Updating cabinet handles, door knobs and blinds are also quick and easy fixes.

Add Popular Amenities

What sets your rental property apart from other landlords’? Here's a few amenities and improvements to improve rental value, fill vacancies and possibly even give you an opportunity to raise the rent.

Dishwasher: Anything that can add convenience to a tenant’s life won’t go unnoticed. Make this and the other appliances stainless steel to provide a sleek, modern look.

Storage space: Renters also look for function in their home. Give them the room they need to store their belongings comfortably.

Air conditioning: Having central A/C is a big win. If tenants can avoid the painful heat in the warm months, they will.

Off-street parking: Having a driveway or carport, especially in busy areas, can really hook a potential renter. Covered parking spots are big sellers in snowy climates.

Outdoor living areas: Whether it’s a patio or balcony, provide a place to sit outside and enjoy the weather when it’s nice.

Fenced-in yard for pets: Agadoni says 75% of her renters have been pet owners, so the cost of adding a fence is always worth it.

Washer and dryer in-unit: According to the National Multifamily Housing Council, 77% of renters wouldn’t consider leasing a unit without a washer and dryer.

Need help? Stop by Monnick Supply in Framingham and Marlborough.

Source: dumpsters.com