When renovating a rental property, it can be tempting for landlords to transform it into their dream abode. Around 86% of landlords think they know what tenants want in a rental property, but not all are clued in. The most savvy investors understand that most tenants want a “blank canvas” for them to make their own.
In this article, discover some tips and tricks for renovating a rented home to make it as appealing to tenants as possible. It touches on establishing a clear budget and the most impactful areas to focus on. Once the renovations are complete, you can list and market the property online, ensuring you reap the full rewards of your investment.
Budget your renovations
Before launching into multiple renovation projects, list the areas that need an upgrade and highlight those that are a priority. Decide whether you can carry out the renovations yourself or need to employ the services of experienced and licensed tradespeople.
If it’s the latter, reach out to a few tradespeople for quotes before making your final decision. They should also be able to assist with understanding any building standards you may need to comply with and securing certifications.
Then, estimate what each area will cost and determine what you can afford or are willing to spend. Remember, always add a little buffer room to your budget, as the cost of renovations invariably blows out as unexpected problems arise. When budgeting for your renovations, weigh the costs against the rent you are likely to receive to ensure the investment is worth it.
Update the kitchen
A modern kitchen adds much value to a rental property, particularly if equipped with contemporary appliances. If the cooking area needs to be updated, consider focusing your attention here by repainting the existing cabinets or doing a complete overhaul. Look for a durable kitchen countertop that will withstand scratches and stains, and consider adding an easy-to-clean backsplash. If you’re updating the appliances, create a cohesive look by opting for the same brand.
Remodel the bathroom
The next most important area to focus on is the bathroom, which can be expensive to renovate if it requires new plumbing. Some bathrooms require only simple changes, such as a new toilet seat or updated tapware, while others might benefit from transitioning an old bathtub into a walk-in shower with a powerful head. When remodeling a bathroom, maximize the space while providing plenty of storage for toiletries and towels.
Freshen up the exterior
Whether you’re appealing to home buyers or prospective tenants, the outside of the property is the first thing they see. As such, you want to make a good first impression and ensure the apartment or home has “curb appeal.” This could be achieved by repainting the front door to create an eye-catching feature or transforming a drab front garden into an inviting space. Planters filled with greenery are a welcome addition to exterior spaces that are already paved or concreted.
Replace the flooring
While carpet offers warmth underfoot, it easily stains and traps smell, making it less appealing in rental properties. If an existing carpet has seen better days, consider pulling it up and replacing it with floating laminate flooring or polishing the existing hardwood below. Look for flooring options that will be durable and will withstand scratches and scrapes. For wet spaces, install waterproof flooring, such as tiles or linoleum.
Add a splash of paint.
Sometimes, a fresh paint color is all you need to turn a tired and dated room into a modern and inviting space. It’s best to keep the walls a neutral color with rentals so tenants can easily make the space their own. If you want to give the rental a bit of personality, consider adding a feature wall with a contrasting color or an application of wallpaper.
Install new fixtures, fittings, and amenities.
Installing new light fixtures, blinds, and door knobs is a small but effective way of elevating a rental property, and these are all things that can be done without the expense of tradespeople. Things like dishwashers and washing machines are a little more costly, but they will make life more convenient for tenants. Renters also love properties with lots of storage, so add as much as is logistically possible in the available space.
List and showcase
Once your property is ready, it’s time to list it online via a rental website such as Rentola. It’s a great resource for landlords and tenants alike, allowing them to connect when searching for rentals in Birmingham, London, and beyond. Create a description detailing your property to rent and post it with high-quality photos, then wait for the inquiries to roll in.
With the most private property rentals in Birmingham and the United Kingdom, Rentola gives you the best chance of finding your dream tenants. It’s a user-friendly resource continually being added to and expanding its reach. No matter where your property is located, it can easily be showcased via an online rental platform, ensuring your renovation investments are rewarded.
