Investing in real estate when it comes to rental is different that it is for flipping houses. Landlords need to worry about maintaining interest in their properties, instead of simply selling them. Part of this process is improving your properties over time, so your tenants stay interested and you attract new ones. However, deciding on what to improve in your properties can be somewhat difficult. This is because you have to consider the potential return on investment and how it’ll affect the rent price. Generally speaking, going overboard on the home improvements can have the opposite effect. If your property is too expensive, you won’t be able to attract tenants. So, in order to help out, we’ve put together a list of home improvement tips for landlords.
Invest in the bathroom
One of the best home improvement tips for landlords we can give is to invest in the bathroom. This is because the bathroom can make or break a property for potential tenants. There are a lot of things tenants are willing to put up with, but there are two things they won’t put up with. One of those things are issues in the bathroom; the other are problems with the kitchen. So, when considering home improvements for your rental property, consider investing in the bathroom. A new heater, shower, or other fixtures will go a long way in the eyes of your tenants. Additionally, when it comes to finding new rental properties to invest in, we recommend working with a real estate agent. However, you should know how to find a reliable professional you can trust before taking their advice on which property to invest in, in the long run.
Invest in the kitchen
As we already mentioned, tenants will not put up with problems in the kitchen. So, when considering home improvements, have a look through the kitchen and see what could potentially be improved. If the kitchen doesn’t need any big improvements, you can also consider a general glow-up. Simply making the kitchen look better can go a long way toward making the property more valuable and attracting tenants. Of course, whatever you do, you should make sure everything is done by professionals. This is because amateurs can cause a lot more damage than good in these situations. Additionally, think ahead about protecting the items and furniture which are in the kitchen during the process. Experts from Centennial Moving recommend using a short-term storage unit to store these things while the process is ongoing. After all, every damaged object is something you need to replace, which is obviously bad.
Bring in some new appliances
Better appliances are always a bonus in the eyes of tenants, so they’re generally a pretty good investment. Of course, if the appliances are fairly new, then the return on investment might not be too high. And, remember, you can also replace one or two appliances every now and again. However, even if the appliances are new, remember to have them checked every year. It’s a legal requirement for landlords to make sure the gas and electricity appliances in their properties are safe to use. If you ignore this, you can run into potential legal issues, so don’t take the chance if you can help it. Additionally, if you’re considering investing in a new property, you should learn how to approach the examination of your potential residence. At the end of the day, you need to make sure a property is actually worth the investment before deciding to buy it, after all.
Do repairs where needed and keep up with maintenance
One of the simplest home improvement tips for landlords is to just stay on top of maintenance. While this isn’t exactly a home improvement, your tenants will appreciate it just as much. After all, having the peace of mind that the property is in good shape is invaluable for tenants. So, remember to check your properties for signs of damage every now and again. Additionally, keep in touch with your tenants, as they will usually inform you of needed repairs as well. Also, remember to perform regular maintenance even if there are no visible signs of damage. Prevention is just as good, if not better, in the long run, as some problems can be fairly expensive to repair. And if you ever decide to sell a property, you’ll likely need to tackle some repairs before selling it anyway. So, staying on top of maintenance is a good idea in general.
Keep up with modern trends
Most tenants prefer to stay in properties that feel modern. As such, keeping up with current trends is very important. This can be something as simple as custom windows and doors or cupboard doors, or something as big as changing the flooring. However, it’s usually something very simple that makes the difference between outdated and up-to-date. So, keep an eye out and make sure your property is always up to date if you want to keep it profitable. Additionally, a fully up-to-date home will attract tenants much more effectively than an out-of-date one. And if the reason you need to bring a property up to date is that you’re considering a new investment, remember to consider all factors that affect the price. This can effectively guide your decisions when deciding what property to invest in, and making the right decisions is incredibly important overall.
Home improvement tips for landlords – closing thoughts
All in all, as a landlord, you need to worry about attracting and maintaining tenants constantly. The best way to keep tenants interested in your property is to keep it updated with upgrades. These upgrades don’t have to be particularly big, as long as they make sure the property is still in line with your competition. Of course, remember that improvements that are too valuable can have the opposite effect of what you want. If your property gets too expensive, no tenant will want to stay in it, so remember to be careful. We hope that this list of home improvement tips for landlords helps you out, and we wish you a good day.
