June 11, 2019
Which Rental Home Renovations Have the Best Return?
If you’re looking to try to increase the rent on your property, lower the vacancy rate and add more value to your property, then renovating your rental is a smart move. However, no all rental renovations are equal. You don’t want to invest tons of money and not get the added appeal to tenants or resale value. So, how do you choose which ones will get you the most return on your hard-earned dollar?
Here are the top renovations you should consider when it comes to getting the most bang for your buck. Check out these suggestions.
You’ve heard it on every decorating and flipping show – invest in bathrooms and kitchens if you want to sell a home. Well, the same goes for rentals. Prospective tenants want nice kitchens and bathrooms updates.
In a bathroom, a few small things like modern lighting, a fresh coat of paint and replacing or fixing up trim can do wonders. Yup, don’t underestimate what a coat of paint can do. According to Moneysense this often overlooked quick fix delivers a 165% return on investment.
If you want to invest more, a new faucet and taps, new or refinished cabinet fronts and a new floor can make a big difference without costing a ton of money.
Before doing any major investment, like that soaker tub for instance, think about the time to recovery as well as the expected lifespan of the product. And, don’t forget to account for the type of building or market. To cut to the chase, as long as the renovation outlasts the payback period and increased rent is sustainable, your reno will pay itself back.
For kitchens, much of the same advice follows – good lighting, a fresh coat of paint, new or refinished cabinet fronts and a nice faucet can really update this centre of the home.
Additionally, countertops can make a huge difference in perception of value, and they don’t have to be expensive marble. There are some beautiful solid surface countertops and if you are a higher-end market, you may want to consider quartz.
However, if your appliances are old and out of date, your best bet is to give those an upgrade before investing in countertops.
Okay, flooring isn’t always a cheap fix, but it is an investment that will last and be appealing to renters. So, the factors to consider here are: cost, durability, neutral colour/design and which room will it be going into. Although carpet has fallen out of fashion, it can still be a good choice for bedrooms, where comfort underfoot is still a very nice touch. Keep in mind, carpet usually has to be replace every five to seven years.
For living rooms and dining rooms, hardwood is considered an upgrade to most renters. And, it lasts for years. If it’s not in your budget, take a look into commercial grade laminates. You want something that looks good and has excellent longevity.
Invest in a Rental Property Inspection App
So, now that you’ve painted and laid down some awesome new floors, it’s time to stay on top of your property inspections to ensure the value of your rental. The best way to do that is a rental property inspection app. It puts everything in one place and allows you to perform all types of inspections conveniently with any mobile device. It helps you take better care of your property with less time and effort.