Did you know that 46% of renovating households said that their renovations were at their budget? Most houses in the U.S. were built before 1980 and needed updates at one point or another.
If you are looking to rent your property to make your house more appealing to renters, there are tips on how you can do this at a low cost. Keep reading, and we will walk you through 5 property renovations to attract the best tenants.
Before you decide to rent your home, you should consider some critical questions. You want to make sure that you and your family think this is the best decision and decide if you will attract tenants.
We will walk through some tips on what you need to do your research on before deciding to buy a rental property or rent out your property.
- Demand: You want to see if the location you’re looking to rent out your home is in high demand for real estate investors.
- Law: Check to make sure the law in your real estate market allows you to rent out your house.
- Cost: You need to consider the costs of becoming a landlord that include property management, advertising, maintenance, capital gains tax, and insurance.
- Finding Tenants: You need to strategize as to how you’ll find tenants and market your property.
You want to take the probability that you’ll make an income from renting and can handle the work into account.
Next Brick is a Seattle local full-service property management company. Check out our rental properties and how we screen potential renters.
5 Property Renovations to Attract Tenants
There are many simple property renovations you can do to improve your property. This will help make it more attractive for potential renters.
We are going to go through 5 renovations that won’t break the bank.
1. Modernize Kitchen
Everyone loves an updated kitchen. If you can spend some time freshening up your kitchen's look in cost-effective ways, such as updated cabinet handles or an attractive faucet.
2. Update Flooring
Carpet is unattractive to renters and isn’t always easy to keep clean. A cheaper option than jumping to hardwood floors is laminate flooring, which looks stylish and is durable.
3. Modern Light Fixtures
Survey your property and see where you can add in modern light fixtures without having to rewire anything. This will give your property a more modern look and feel.
4. Paint Touch Ups
You can repaint your walls in each room to give everything a fresh look, whether you use the same color and find colors that open up or brighten your space. You have many options and can do your research to see what looks best.
5. Updated Outdoor Space
Updating the outdoor space doesn't have to break the bank, but it adds significant value to the property. A beautiful backyard/garden feels like an additional room for tenants to relax making the property more attractive.
Now that you have tips for simple property renovations, you are ready to update your property and make it more appealing to potential tenants.
Do your research and make sure you create a budget and stick to it, so you aren’t losing money on these projects.
Start choosing your renovations or contact us today if you are looking to rent a property.