When it comes to making money on rental properties, there are a few important things to keep in mind.
First, you want to invest in a long-lasting home or apartment that will require minimal maintenance for you as the landlord. Second, you want to invest in renovations that will increase your property’s value, promising higher resale value and allowing you to charge higher rent costs.
Let’s look at a few smart rental property renovations worth investing in to increase your profitability on your units:
1. Remodel the Bathroom for Functionality & Make High-Impact, Cost-Effective Aesthetic Upgrades
No one, we repeat, no one likes a gross bathroom. This is often a huge determining factor for house or apartment hunters, and it’s crucial to have a clean and functional lavatory.
Begin by looking at the bathroom’s functionality. Dripping faucets need to be fixed, low water pressure systems increased and any damages repaired. These are the most obvious fixes and should never be neglected. Another necessity is proper ventilation to avoid the growth of mold in this moist space, so be sure to install a fan system.
Then, think about the functions your renters will need on a day-to-day basis. Install towel hooks or rods and replace subpar showerheads. People also want storage in or directly next to their bathrooms to keep towels, toiletries and cosmetics. If the bathroom has minimal cabinetry, counter space or storage, we recommend adding these features to satisfy new renters.
From here, make cost-effective yet high-impact aesthetic upgrades. For instance, one major feature in any bathroom is the mirror above the sink. Buy an eye-catching, uniquely shaped mirror and invest in good overhead lighting, since this is where your renters will spend the most time styling their hair, doing their make-up, etc.
When showing the house, choose a show-stopping shower curtain, but keep other decor simple. Since bathrooms are relatively smaller when compared to other rooms, it’s important to not overwhelm but still catch your prospect’s attention.
2. Renovate the Kitchen Cabinetry & Upgrade Major Appliances
Similarly to how no one wants to spend time in an unpleasant bathroom, no one wants an outdated kitchen.
The first thing many renters will look at is your kitchen’s storage— specifically, cabinetry. Give your renters ample space to store dishware, food, etc. but also make sure the cabinets are stylish and modern by replacing or repainting them and finishing them off with sharp-looking hardware.
Renter’s eyes are also drawn to the kitchen’s countertops. These need to be clean and durable, as they’ll be exposed to a lot of action for heavy cookers. If within your budget, marble or stone countertops are very attractive for any apartment or house and will last for many years to come. If not, opt for a material that’s resistant to heat, scuffing, etc. to avoid frequent replacement or repairs. In general, trends show that tile countertops aren’t that popular and may not be as easy to keep clean, so we recommend avoiding that material.
Lastly, increase your rental property value by upgrading the major appliances, like the fridge, dishwasher, stove and microwave. It’s important that these appliances all match aesthetically and that they’re clean. A good sink and faucet are another appealing resale feature, so consider adding a dual-bay sink, garbage disposal and a faucet with a spray head or filtration system.
3. Focus on the Floors by Cleaning Carpets or Choosing Hardwood
Carpeting can be an extremely inviting feature, but only in certain rooms and only if it’s well-kept.
If you allow animals, carpeting is definitely a risk— easily ruined by pet bathroom accidents. High foot traffic over time can also cause the carpet to wear and families with children risk staining or other damage. If using carpet in an intimate space like a bedroom, we recommend choosing a dark fabric at a medium thickness to mask dirt or natural wear. Before showing the place to possible renters, have any carpeting professionally steam-cleaned.
For other areas of your house, choose a durable flooring that’s resistant to damage. While hardwood is one of the most desired features of Florida homeowners, it can be an expensive addition. We recommend choosing engineered or composite hardwood instead. This “fake wood” looks just as stylish, but often handles moisture, chipping and other wear better than raw wood.
4. Replace the Windows
Your rental property’s windows are responsible for the building’s insulation. Older or worn windows without proper sealing can end up costing your renters more in heating or cooling costs— an unattractive feature for would-be residents. Replace the windows with ENERGY STAR® rated windows with improved efficiency and UV protection to increase your space’s appeal.
New windows can also help to increase your property value and are a great bonus for homeowners’ insurance providers, especially if they are rated to withstand storm weather or prevent burglary. As a Florida property owner, ensure the windows are hurricane-safe by learning more about the different kinds of impact glass types here.
5. Upgrade the Lighting Features
Proper lighting can go a long way in brightening up a space. Dark rooms are uninviting and poorly efficient floor or tabletop lamps can spike your resident’s electrical costs. You don’t want to tempt your renters to install their own overhead lighting systems either, as sloppy jobs are dangerous for those installing them, your rental property as a whole and other current or future renters.
Lighting fixture installation is not something we recommend the average property owner doing on their own. Hire a professional electrician to do the job right and keep your rooms lit for many years to come.
We’re Here for the Electrical Upgrades
You have enough to worry about when you’re upgrading your rental property— let our electricians handle the electrical. From installing lighting in every room to adding outlets, we’ll help you transform your units into highly coveted, modern spaces.
Fill out this form to learn more about our lighting installation offerings or give us a call at 239-935-5892, today.