As a homeowner with rental properties, my guess is you already know the importance of home improvements. There are many benefits that come with taking such a step.
First, you get to retain your tenants. Second, you will increase property value. Energy-saving measures could help you to cut down on bills. The list of benefits goes on.
Keep in mind that home improvements are not just about making any modifications to your property. There are specific things to consider as well. For example, you should do these renovations with the renter persona in mind.
Below we look at specific steps you can take in an effort to make home valuable improvements to your rental property.
Your target renter persona largely influences the type of home improvements you should make. Keep in mind that renters are looking for the same quality as home buyers. Renters are also willing to pay more for extra features e.g. a patio, carport, storage shed, swimming pool, a big lawn complete with a garden and pergola. With that in mind, here are some home improvements to consider:
Updated Floor Plan
A good floor plan is essential. Renters will want durable flooring, probably wooden, with a smooth finish. Carpets are generally not a good fit for rentals unless the renters prefer one. They’re hard to clean, attracting stains and odour.
Updated Kitchen And Bathroom Plans
Everyone knows that a kitchen is the heart of a home. You should therefore include a moderate renovation plan that ensures the best use of space and resources. When you’re renovating your floors, you can create more space by removing internal walls or partitions. This leaves room for you to add extensions.
The kitchen also needs to be spacious. Fit in much-needed electric appliances e.g. fridge, dishwasher or washing machine. Install stainless steel sinks with a double compartment and fix good taps to match the look.
Bathrooms are also an area of concern for most renters. Ensure the bathroom is spacious enough, with a separate toilet and shower section. In addition, treat floor and wall tiles with slip-resistant to create traction. As for the theme, the neutral colour scheme is best.
If your property has a lawn, you can make the most of exterior renovations. Home improvements on the outside add a lot of appeal to the property. Some examples include landscaping, regular lawn mowing and gardening.
You can also construct a driveway. But if one exists, ensure there are no cracks or potholes. Speak to a home renovation expert for more ideas on what exterior renovations to make.
Remember To Consider The Renovation Guidelines
It’s always best to check with your state or council before conducting major renovations. Specific major and minor renovations will need council approval before you carry them out. You can always check with your Local Planning Authority for more information.
Are these the only home improvements you should make? Definitely no. However, the areas we have discussed are a great place to start. You can always speak to a home renovation expert for more ideas on what renovations to make.
Please contact us with any questions or ideas. Let’s see where this takes us. And everyone please stay safe!