3 Groundbreaking Renovation Ideas That Add Value to Your Rental Property
Purchasing a rental property is an exciting, yet stressful, motion to go through as a real estate investor. Oftentimes, rental properties trade hands from one professional homebuyer to the next. It’s not uncommon for landlords to sell their rental properties with existing issues to other landlords. Naturally, over time, you inherit problems within a house that you bought that need to be fixed. Many newer real estate investors feel like they need to fix everything imperfect item throughout their new rental properties. While repairing everything isn’t necessarily a bad idea, you can become entrapped in a renovation project that goes way above your head.
Today, we will review 4 groundbreaking renovation ideas that add value to your rental property and are worth completing.
1. Revamp the Kitchen
For many people, their kitchen is the focal point of their home — and it will probably be your future tenants. Regardless of how many times a week they cook, you want an awe-inspiring kitchen. If you’re willing to pull on your creative thinking cap, you can spruce up this prominent area of your rental property on a tight renovation budget.
Here are some things you can do to revamp your kitchen:
- New Countertops — Countertops are integral to your kitchen’s functionality and aesthetic. Indulging in new ones is an easy way to bring a new feeling of life into the room.
- Backsplash — Thanks to modern-day peel-and-stick wall tiles, you can easily change your backsplash in a day for very little money. With this renovation, make sure they’re designed for kitchens and you’re good to go.
- Upgraded Cabinet Handles and Doors — Use wallpaper, paint, or peel-and-stick products to upgrade your cabinet doors or shelves. Then, switch out the handles or knobs. You’ll be surprised by how much they affect the overall look.
Revamping the kitchen in your rental property adds value to your property. For landlords that plan to sell their properties, you can expect more value to your bottom line with an upgraded kitchen. SD House Guys, a professional homebuyer located in San Diego, prioritizes kitchens over all other rooms during a renovation. “Updated kitchens are enjoyed by tenants and make vacant units easier to fill. We usually see that money come back to us once we sell the home. It’s worth doing most of the time.” Here is where SD House Guys provides more information about how to sell a house in San Diego https://sdhouseguys.com/. Investing in a great kitchen remodel is normally worth the benefits to pursue.
2. Paint the Stairs
Stairs are often overlooked by people when they first walk through a property. That means there’s plenty of room for you to improve them and make them stand out. If they’re already carpet-free, a fresh coat of paint can completely change the style of the staircase. Shaun of We Buy Houses in Denver, a landlord in Colorado, uses this strategy as an inexpensive way to make a rental property more attractive. You can find more information about We Buy Houses in Denver here https://webuyhousesindenver.org/. They, like many other landlords, believe in doing renovations right the first time. It’s up to you whether you paint the whole staircase one color, make each step a different hue or create a strip down the center of the stairs. Pick a style that suits your staircase and go for it.
3. Change the Lighting
Everything from low-hanging pendants to spotlights can create attractive focal points in any room. A common method is to install lights above tables or countertops. If you’re doing this renovation, be sure the shade is a high-impact material for the best visual effect. Recycled glass or rattan shades are often the best, depending on the room’s aesthetic. When investing in real estate and fixing properties up, it’s important to not overlook smaller details, such as lighting. It can make the difference between a vacant and occupied rental unit, which affects your bottom line.
Recessed lighting is a great addition to a rental property as well. It’s not too pricey usually and adds value to your home. You can get creative with where you add new lighting fixtures throughout your house. If you have bookshelves, adding some lights to the back of each shelf can help your books and other ornaments stand out.