Owning and operating property is a constant battle to keep units in tip-top shape to make them attractive to current and prospective tenants. Tenants want a unit that feels new. They know they are not the first to occupy a space, but they want to feel like they are.
But where do you start? What renovations will attract good tenants, while also increasing the value of your property? The old cliché, “Kill two birds with one stone,” works perfectly. Focusing your efforts on two rooms will take your unit from average to awesome in no time.
The kitchen is critical in making your unit stand out to would-be renters. While other rooms may serve a variety of purposes depending on preference, the majority of tenants will utilize a kitchen. And according to Remodeling.com, kitchen remodeling projects have a cost value ratio of 74.6%—the highest of any room. The changes do not have to be drastic or cost a lot of money. Small changes like re-facing cabinets or investing in new and stainless steel appliances can make a huge difference. If a larger undertaking is needed, brand new cabinets, granite counter tops, kitchen islands and high quality flooring will transform your unit.
Don’t risk the dreaded “and then we walked into the bathroom” words from prospective tenants. It’s often the last place a potential tenant will walk into. Be sure you leave prospects with a good thought in their heads, that this is where they want to call home. This also does not have to be a huge investment; a new faucet, a refinished bathtub, elegant fixtures, better lighting, or new flooring will instantly give the unit a cleaner and newer feel. Which is exactly what a renter wants to feel when they walk into their potential new home.
A Place To Call Home
Keep in mind the people you are renting to are looking for a new place to call home. What are things you want out of your home? Probably that it is clean, new, and something you are proud of. So when making renovation decisions, see the unit as if it were your own home. Imagine you will need to cook, eat, shower, and sleep there. When it meets your living standards, it will meet your ideal tenant’s standards.