Unlike improvements in your own home, rental property improvements need to achieve a balance between investing enough to boost the value of the property and attract top tenants, and spending too much money on all the wrong things without seeing a return on your investment.
If you’re looking to increase the value of your investment property, consider making some of the upgrades below:
Putting in new flooring in certain areas or throughout your rental property is an excellent way to boost its value. Replacing old carpet with higher-end materials like laminate, tile, stone or even hardwood will not only add value, but it will make caring for, cleaning and repairing the floor so much easier for tenants and landlords.
Plumbing fixtures like faucets, taps and sinks can get old and rust, not to mention look out of date. For fixtures that are around 10 years old, landlords should consider changing them out for newer, more modern options like chrome or brushed nickel.
Although painting an entire rental property can get pricey, especially if you hire professional painters, upgrading the paint in just a few areas can make it much more appealing. Homes with rooms painted in bright colours typically aren’t attractive to tenants as they want to be able to make the home fit their style. Try using calming neutral colours instead like greys or even traditional whites and creams which will create a sense of uniformity throughout the home.
4. Add more storage
Tenants love clever, thought-out storage, so why not make your property more attractive and add more! From built-in shelving to closet organising systems, tenants will appreciate a home that provides enough space to store their stuff.
5. Kitchen countertops
For many landlords, it’s tempting to leave countertops in place if they are in good condition. Unfortunately, the inexpensive laminate countertops so often seen in rentals are especially prone to showing wear and tear.
Installing countertops made of granite, slate, quartz, or other solid surface material will boost the look of any kitchen and bathroom and last for many more years.