Rental properties are a gem, but only when you are generating revenue. A vacant property is among the landlords’ worst enemies. When a property is vacant, it is not generating income and costing you since you still have to maintain its top shape. Vacant rooms also exude a terrible image since more potential tenants avoid properties that have been vacant for an extended period, expecting that there must be a problem. Well, today, it is easier to attract more tenants. For example, you can go here, list your property, and reach an extensive pool of potential tenants.
Attracting the best tenants is one thing, and keeping them is different. Improvements can’t be emphasized enough as you strive to win and retain the best tenants. Tenants, especially those looking for an extended lease, want as good amenities as homeowners get. Following your property type and the tenants you desire allows you to consider the improvements you should invest in to keep your rental business profitable. Among the best home improvements that all landlords should consider to up their business includes:
Flooring receives the most wear and tear in any rental property. Nonetheless, don’t just think about durability; consider the aesthetic appeal. Hardwood/wood-like planks, for example, might seem costly, but they withstand substantial abuse, are easy to maintain and offer an irresistible aesthetic appeal. Investing in quality flooring can elevate a property, capturing more potential tenants. A hack that more landlords continue to employ is tiling. This goes beyond the floor, as you can also consider tiling the walls. Tiling, more so in areas with plumbing, like the kitchen and bathroom, makes it easier to avoid concerns like mold infestation. Tiling the walls also keeps them fresh since, unlike paint, they last longer.
Whether a potential tenant is passionate about cooking, the kitchen is among the first checkpoints. This makes it a necessary space to improve, and you don’t have to break your bank. Tiling the floor, updating the cabinets, such as a fresh coat/replacing the doors, upgrading the fixtures like the faucets, or investing in a timeless kitchen backlash such as a penny, picket, or hexagon tiles, does the trick. A warm, welcoming, and functional kitchen can improve the quality of your home without costing too much. A kitchen cabinet respray may be the perfect solution for you.
To get more ideas and inspiration, you can visit a kitchen renovation showroom and explore the newest trends in kitchen design and get some great ideas. You can also get advice from experienced professionals on maximizing the use of the space in your kitchen and getting the most out of your kitchen renovation budget. By doing so, you can ensure a successful kitchen renovation project.
If you haven’t already, dual sinks are a must-have. Modern bathrooms offer a lot more, not just a place to take a quick shower. Make it spacious for that extra storage space and consider the lighting. Also, consider anti-mold measures. For example, use anti-mold paint since the bathroom is a hotspot for infestations which can cause your rental business a lot of money.
Upgrading bathroom fixtures will help transform this room from dated to modern. Upflush toilets with macerating pumps are popular nowadays because of their water efficiency while saving space. Bathrooms are also hotspots for mold growth so you’ll want to ensure that you put in measures to prevent this. For example, you can use a special type of paint that prevents the growth of this fungus. This will save your rental business a lot of money in the process.
Invest in amenities
Practical amenities can help you win more tenants. A washer and dryer unit, dishwasher, and air conditioning, for example, can attract more clients, making it easier to vet and lease your property to the best. Following your budget and property type, you can also provide extra space for storage or a home office, fenced and pet-friendly outdoors, or a great balcony/patio that kicks the outdoor experience a notch higher. It is all in the experience; the better and home-like a rental property feels, the better the tenants and who’ll stay longer, meaning you won’t have many vacant spaces.
Modern homes are no longer a futuristic idea. You can help your tenants by modernizing easily overlooked items such as light fixtures and blinds. This won’t have to cost you a fortune, yet it makes the space more lively, modern, efficient, and cost-effective.
It is your responsibility, as a landlord, to tend to repairs and maintenance to keep the property habitable. Nonetheless, it helps if you went the extra mile and did more than maintenance. With minor improvements, you can attract more tenants, keeping your real estate business profitable. Having the right landlord insurance policy in place is vital for owning a rental property
Iskra Banović is our seasoned Editor-in-Chief at BlueFashion. She has been steering the website's content and editorial direction since 2013. With a rich background in fashion design, Iskra's expertise spans across fashion, interior design, beauty, lifestyle, travel, and culture.