Renting out your home can give you a stable source of income, helping you cover expenses like mortgage payments, taxes, and repairs. In addition, renting out your property also keeps it occupied, allowing you to prevent wear and tear and vandalism that happen to vacant houses. Every house owner desires to receive higher rent for their property. But before they dream about receiving income, they have to ensure that their property is well-maintained. A renovated rental property has better appeal and desirability to potential tenants. Renovating your rental property allows you to demand higher rent and increase your property’s worth, especially in competitive markets like Lexington.
Having said that, not all renovations to your rental property bring equally fruitful results—some changes are more profitable than others. Below is a list of some excellent renovations for your rental property.
Replace or improve windows
Replacing, repairing, or improving windows in your rental property is one of the ways to upgrade it. Replacing your windows enhances curb appeal, enabling you to demand better rent for a better-looking property.
In addition, better curb appeal increases the value of your property. It is especially true for markets like Lexington, where the average home price is $286,820, with an increase of 4.1% from the past year, according to Zillow. And the average monthly rent in Lexington, as per RentCafe, is $1,162. Replacing windows in places like Lexington can help attract renters willing to pay more for a well-maintained property.
To replace your outdated windows in your Lexington house, search for experienced Lexington window replacement experts near me on the internet. A list of window remodelers working in your area will appear on your screens. In addition, you will get their contact details, reviews and ratings of the previous clients, location, and contact details. You can shortlist them based on their ratings, quality of work, and expertise and choose someone who agrees to transform your vision into reality.
Add or upgrade amenities in the house
Amenities can enhance the convenience of living in a rental property. They can also set your property apart from other competitors. So, add amenities that can attract tenants and increase the rental value of your house.
You can integrate a wide range of amenities into your rental property. For starters, make sure your rental property has high-speed internet. It can make your house attractive for those working from home or students.
Secondly, ensure your kitchen is upgraded with the newest appliances, such as a dishwasher, oven, refrigerator, etc. Choose stainless steel devices to give your house a more contemporary and upscale feel.
Thirdly, install a dryer and washer in the laundry. According to the National Multifamily Housing Council, 77% of potential tenants don’t consider leasing a property if it does not have a washing and drying unit.
In addition, contingent on the weather conditions of your area, having central A/C can be a huge selling point for people looking for a place to look conveniently.
Knock down walls to adopt an open floor plan
Open floor plans are trending these days, and why shouldn’t they? Open floor plans can benefit your rental property in many different ways. Firstly, by knocking down some walls, you can transform your house into an open space that flows seamlessly.
Walls between rooms act as barriers to natural light and air. Creating an open floor plan allows the natural light to penetrate deeper into the space, brightening up the entire area.
Knocking down walls separating various areas in the house gives the tenants more freedom to decorate their space to suit their preferences and lifestyle.
Furthermore, the lack of walls in the house can make your rental property more functional for your tenant by allowing them to use one area for multiple purposes.
Changing the layout of your rental and changing it into an open floor design is a great idea to make your house appeal to a wide range of tenants.
You might be able to attract young professionals seeking modern and flexible living spaces. Families with children may also prefer your property to keep an eye on their kids from different parts of the living area.
In addition, people with mobility issues may also like your house more than other properties in the area, as an open floor layout can help with movement and accessibility.
So, if you have the budget to remove a few walls from your rental property and make it entirely different, consider an open floor plan.
Upgrade the bathroom
The bathroom is often the focal point when potential tenants inspect a rental property. This is one of the very places in the house that sets it apart from other properties in the rental market. A clean, well-designed, and functional bathroom leaves a positive impression on the tenants. Therefore, remodeling this room of the house is crucial if you want to enhance your property’s rental appeal and value.
Bathroom remodeling projects you can undertake include the following:
- Change the toilet seat or the entire toilet.
- reapply a fresh layer of grout to make it look new and clean
- upgrade the faucet and other fixtures.
- Add or upgrade storage in the bathroom, such as recessed niches, cabinets, and shelves.
- Install a new and more modern mirror to add visual interest to the bathroom and make it look bigger.
- Repaint the walls or apply wallpaper on the wall, which has received the most wear and tear over the years.
- Adopt a layered lighting scheme in the bathroom to make various sources of lighting.
- Ensure the bathroom exhaust is working fine. If not, repair or replace it to improve air circulation, prevent odor buildup, and saves your bathroom from potential mold issue.
Upgrade furniture in your rental property
If you are offering a furnished house for rent, the furniture must not be outdated. High-quality furniture can make your property look more functional and attractive to the potential renter. Modern, well-maintained furniture also creates a cohesive and inviting atmosphere, resonating with a wider range of tenants.
A furnished house is also perfect for creating a striking and lasting first impression on your tenants. Looking at a furnished property with upgraded furniture may make them more likely to imagine themselves living there.
Also, houses fully decorated with the necessary furniture can be marketed as turnkey solutions. They can save tenants the hassle and expense of purchasing and transporting furniture.
Renovating your rental property can be beneficial in many ways. It can enhance the appeal and functionality of your house. Carrying out strategic renovations in a rental home also increases its renting potential and resale value. Some of the renovations for a rental property are mentioned above; you can pick options based on your target market and their preferences and budget.