Renovations are a great way to increase the value of your rental property, attract renters and diminish vacancies. For these reasons and more, you should consider renovating your property.
However, when renovating, it is important to invest in upgrades that will help enhance the value of your property. It’s a good idea to analyze which amenities matter to renters in order to assure the best returns. This can help ensure that potential residents will appreciate the refurbishing, leading them to renew their tenancy.
Additionally, it can also make your rental property stand out from others in your Phoenix neighborhood.
Here are some of the best renovations to take on for your rental unit:
Kitchens are probably the most utilized area in the home for dining and food preparation. Renters will appreciate kitchen upgrades from modern appliances to functional amenities.
Select kitchen appliances with the same style and colour. You don’t have to necessarily select the most high-end appliances since there are affordable options that can perform in a similar manner or offer the same features, such as energy efficiency.
Here are areas to focus on in kitchen improvements:
Consider Your Cabinets
You have the option of sanding and repainting your cabinets, rather than splurging on new ones. You can also spend less by just changing the finishes and hardware for a more, cohesive and contemporary style.
Inspect Your Countertops
Granite countertops may be popular for a great reason but there are also other kitchen countertop materials that are sturdy and resilient to damages brought upon by normal wear and tear.
Add Low-Maintenance Fixtures
Little upgrades can contribute a lot such as installing a backsplash and a sleek faucet. They make the maintenance easy. In the case of faucets that have sensors, it’s more hygienic and for the tile backsplashes, they’re relatively easy to tidy and also improves the aesthetic of the kitchen area.
Remodeling your bathroom is a great way to increase your property's value and attract tenants. Thus, it’s important to pay attention to the condition of your property’s bathroom prior to and after a tenant's occupancy.
Some small but effective changes that tenants appreciate can be changing the toilet, replacing the shower and changing the faucet and bathroom shelves.
Start by assessing the size of the bathroom. Is there room to expand the space? Does it need more storage cabinets? If it’s a tiny space, then consider expanding the bathroom to make it more comfortable for new tenants to use.
Here are some ideas to improve your bathroom:
Install A Walk-in Shower Instead of a Bathtub
A shower area will take up less space and will let you create more storage cabinets inside the bathroom
Consider adding more shelves, a vanity or a counter. It can help reduce clutter and tenants prefer more storage for a more orderly space.
Upgrading Your Curb-Appeal
A lot of people will pass by your property's front yard, and as a property owner you want to make a good first impression. To improve your property's curb appeal, consider landscaping your property's front lawn.
Maintaining your property’s landscaping needs can be time consuming. You may also consider hiring a landscaping company.
Among the ideas you can try for curb appeal improvements are the following:
Update the Front Door
This is an easy task and it can improve your rental’s security. Alternatively, painting another coat can also enhance the exterior of your rental.
Tangled and overgrown weeds give off an unkempt appearance for your entire property. This can turn off prospects from booking a property showing. They might conclude that the way your curb appeal looks is how you maintain the rest of the rental home.
Add Interesting Foliage
Certain plants can draw attention to your property, so adding them can make your rental more attractive.
Improving the walkway
People want to see a front walkway that’s neat and tidy. You can improve your walkway by adding more concrete or just by keeping it clutter free.
Placing lights in the front area can draw attention especially at night. You can choose solar lights to further save up.
Renovating your property can be an efficient way to not only maintain your property in the long term, but it’s a decision that can also attract potential tenants and help keep your residents longer.
You might find it costly to upgrade appliances, paint walls, remodel your kitchen and bathrooms. It does take effort to enhance the curb appeal. Consider reaching out to Taylor Street Property Management to help you ensure that your Arizona renovation investment will pay off.
We can help you assess what needs renovating, connect you with trustworthy renovation teams, and also keep records of past maintenance on your property.