According to the National Association of Realtors, small and exterior-focused improvements are far more valuable than larger projects. Additional comforts and small renovations will look great on photos that accompany your postings on online real estate services, making the apartment much more attractive to potential tenants. Sometimes small renovations can guarantee a really big payoff – here are 7 renovations which are definitively worth considering.
The kitchen is one of the rooms of the apartment that potential tenants look to evaluate the condition and quality of an apartment. Although renovations in this room can be pricey, they typically have a good return in the long run.
That’s why adding new appliances, laminating countertops or switching cabinet fronts to some new design will bring you considerable turn on your investment – according to a recent study by Remodeling magazine, by 79%.
Some say that there’s no better way to increase the property value than by revamping the bathroom. It’s true that the costs are generally quite high, but a great bathroom can significantly increase the value of the property. According to the National Association of Realtors, those who decide to add new appliances, light fixtures or other details can expect to recover 51% of their cost at.
If we’re talking about house rental, replacing elements like garage doors, windows, front doors and siding is a great idea – it’s inexpensive, but it again increases the property value. The best of all, the average return on investments for outdoor replacement projects is 72%. When it comes to windows, consider replacing them with vinyl. You can also add a steel entry door or change your siding to fiber-cement or one that is foam-backed.
Another important point – as a landlord, you can expect potential tenants to be concerned about the safety features of where they are going to live. Installing a security system with a package of various home security devices is a great idea – most of them are quite inexpensive, but will make your property more attractive to potential tenants. Consider security cameras – they offer great protection for a reasonable price. There are also potential insurance savings you and your tenants can look into as an added bonus!
When you’re a landlord, small things can become big issues when taken out of your control. Blocked gutters can turn out to cause some expensive damage and you cannot count on your tenants to notice the problem until it’s too late.
Before renting out your property, give it a thorough check. Have a look at all major systems at your home – plumbing, electricity, heating and sewage systems. Check whether they could use an upgrade, repair or simple replacement. Those systems are something future tenants will depend on so they naturally will appreciate your effort in ensuring their comfort and safety.
Some things can be easily repaired instead of replaced. Think about carpets, for instance – many landlords follow a rule suggesting that carpets need to be replaced every few years, but the truth is that a great cleaning service can make an old carpet look like a new one.
How about repainting the walls? Before you buy paints, check whether fingerprints and scuffs can be cleaned with a Magic Eraser. Once you turn to your ceilings, you might be tempted to retouch them as well – but if the previous tenant wasn’t a heavy smoker or an extremely messy cook, they’re going to be just fine.
Revamping your property before renting out is a great idea, but only if you focus on those renovations and improvements that can bring you a considerable value with their price.
With a background in business administration and management, Marleen Clover works at Timeo. She’s a great fiction lover and is keen on gardening.
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