Renovating your investment property can be done in baby steps or by giant leaps and bounds. Whether you’re considering doing minor cosmetic updates like paint, fixtures and hardware, or want to tackle major structural renovations, your future tenants will appreciate the outcome of your attention to detail. Choosing which upgrades are the most important, and which will help you achieve the maximum financial return, is something to give a lot of thought to.

Most people who are renting a house or an apartment, want a space that they will feel comfortable in and that they can make feel like their own. Choosing to do one, or all five of these ideas will make your investment property more valuable to your tenants.

 

For many families, the kitchen is the heart of the home. Generally a significant amount of time is spent in the kitchen each day...cooking, doing dishes, and prepping lunches for the next day. Often people congregate in the kitchen to visit together and enjoy their meals. This space is one of the first areas that your prospective tenants will judge the property on. 

Matching appliances is a great start to giving the kitchen an updated and pulled together look. Even if the appliances aren’t brand new, having them all coordinate in the same finish will be visually pleasing.

Next, take a look at your cabinetry. Are the cabinets faded and dirty looking? Do they appear outdated by their color or finish? Often, a light sanding a fresh coat of paint in a light neutral color, will revive the cabinet look and give the kitchen a cleaner feeling. Adding soft close hinges or updated knobs and pulls is another easy idea to update the space.

New countertops are another upgrade that will visually make a big impact in the kitchen. Be sure to choose a durable material that will not be easily stained, scratched or burnt.

If you want to complete the whole look, adding new faucets and a backsplash is a great idea. Choose finishes that are easy to clean and durable to help save you time and money in the future.

 

New tenants will be pleased to see upgrades to the bathroom areas in your rental property. These upgrades go a long way towards making the space feel more spacious, as well as more clean.

Simple and generally inexpensive upgrades would be to replace a stained or chipped toilet with a new eco-friendly toilet in a white finish, painting the cabinetry, and installing a new sink faucet or vanity light. 

If you have a particularly small bathroom, look for ways to maximize the layout space and even the storage space. Most people want to have plenty of room to store their things which helps the area stay organized and nicer looking. Adding shelving over the back of the toilet or in an unused corner of the room, may serve as a valuable addition to store towels, linens or toiletries. Sliding doors take up less space than traditional doors and make the area easier to maneuver around in. 

Curb appeal matters. The first impression is often a lasting one, so be sure that your property is appealing from the moment your tenants first set eyes on it. 

First, make sure that everything is in good condition and fix any issues that need to be addressed. Peeling paint, cracks in the sidewall, loose handrails, or dead shrubbery, do not create a warm welcome. Paint the house, trim the bushes and make sure the lawn is well manicured. 

Once the maintenance has been done on the day to day wear and tear, think about what you can do to make the space more appealing. Plant some colorful flowers, paint the front door with a cheerful color, or add a brick design along the driveway. All of these details will help your property stand out from the rest.

Renters love hardwood floors. They are easy to clean, they don’t trap odors, as carpets can, and they look great with everyone’s decor. And if the small minority of people who prefer carpet complain, simply suggest they add their own area rug to the space, to achieve the softer effect of carpet. 

Paint is inexpensive, easy, and has the largest impact. The right color will not only transform the space, but it will also give the entire home a cleaner look, feel, and smell. Choose a color that is a light neutral shade in order to allow any tenant’s decor to easily blend. 

 

Choosing to update or renovate your rental property can be as small or as large of a project as you want it to be. Whatever upgrades you decide to tackle using these five ideas to make your investment property more valuable,  your property will become more marketable and you will see the difference in the long term  satisfaction of your tenants.