Rental properties are important and costly investments that need great care. From time to time, rental properties do wear and tear and lose their appeal and value as well. However, as a rentals owner you can always get around and give them a facelift that will enhance their value in the market place. With the aid of a good real estate and property management business like Pyramis Company, you can undertake some key and strategic renovations works that will make sure that you have sought-after property in the market. This article therefore seeks to share out some of these renovation works.
Painting is a great face lift strategy. This is because before someone moves into your property to lease they will first look at it. The impression that they will have from the appearance of the property will greatly influence the kind of decision that they will make.
Make sure that you repaint the house with fresh and inspiring modern colors that will not fade or get outdated too soon. This is a key investment that will pay for itself within a reasonable span of time.
Add an extra bedroom
Adding an extra bedroom means that you are increasing the capacity of the house to attract more rent. This is a simple and easy process that is rewarding in the long term depending on the location of the property.
The kitchen is another strategic place that you can target and improve the market value if the property. This is because the kitchen occupies a pivotal place and role in the economy and running of every house. The quality of your kitchen alone can be a reason enough to turn away a potential tenant to your property .That is why it is estimated that at least 2% of the market value of a residential property goes to the kitchen.
You need to give your kitchen a renovation style that is acceptable to a greater majority of the potential tenants. Make sure that the fixtures and materials that you use in the renovation is relevant and appealing to the quality of the renters in the area. The average cost of renovating an average kitchen is in the range of between $7,500-$20,000 depending on its size, type of surfaces you elect to install and the quality of the appliances that you will install in the kitchen.
Upgrading the bathroom
The bathroom is another key area of focus that needs to be attended to. In fact, the bathroom is the second most important room in the house after the kitchen. If the bathrooms are renovated well, they are a great addition of value to a rental property. Remember that a modern bathroom is more than just a convenience room, no; it also offers other services such as entertainment, relaxation, light exercising etc.
In the current market, you can aim to spend at least 1.5% of the total property value on the bathroom. If you are on a lean budget and you would like to save some bucks, you can consider going for cost-effective improvements and changes. To achieve this, you can choose to spray the tiles and fixtures of the bathroom. There are low-cost modern tiles available in the market and you can capitalize on them to get a decent and affordable renovation for the bathrooms.
Upgrade the front façade
The front façade of your property is the first part of the house that people will see, including potential tenants. If this place is well taken care of, it boosts the confidence of prospective tenants. Remember that first impressions count so give adequate attention to this area. Additionally, you can carry out the renovations of the front façade by yourself as long as you have gifted technical hands.
Remove internal walls
Another form of renovation works that will add value to your property is the removal unnecessary walls that are not carrying any supportive weight in the house. You can pull down such walls and create rooms that look bigger and better. It may cost you some bucks to do this but in the end the whole process will pay off.
Upgrade the landscape
Another area of focus during value-adding renovations is the landscape. You can improve the landscape of the property by making highly affordable changes. Some of these little modifications will include the installation of a garden bed, adding bark, pebbles, and plants.
Additionally, you can plant grass and improve on the pavements to make sure that the landscape has the best appeal that will capture a potential tenant. Other renovation works that you can undertake include cutting back and reducing foliage, installing a perimeter wall around the plants and beds. All these simple and cost-effective works will go a long way in ensuring that your property remains a hot cake in the market.