What a lot of people don’t realize is that renovating your rental home to increase your rental income doesn’t have to mean that you need to spend your whole life savings on it. There are so many ways you can renovate a rental home and it will end up saving you money. You need to approach it the same way you would when renovating your own home.
Even though you have your personal preferences and details that you like, that doesn’t mean that the rental home needs to have that much detail. But rather than overlooking them completely, do your best to pay attention to small fixes and keep everything in great shape. That will leave the biggest impact.
1. Always Replace What’s Broken
The most important thing that will increase your rental income is fixing anything that is broken such as leaks, faulty appliances or malfunctioning doorknobs. Even though these fixes are small, cheap and simple to do, they’ll make your rental home so much more alluring.
2. Paint the Walls
There is no better renovation that will not only increase rental home income and also make everything look brand new and clean. Homes that have freshly painted walls will attract more prospective tenants, because the homes that have more aesthetic appeal will have increased rental income. But that is not the only plus for you. By painting every time someone leaves you will be able to keep track of any wear and tear that happened during their tenancy.
It is always better to stick with natural wall colors because it will make the rooms look more spacious and clean. When you have a neutral color for your walls, it is much easier to decorate as it will complement just about everything.
3. Deep Clean the Carpets or Update the Flooring
Sometimes there is no need to replace your carpets. Possibly all they will need is proper cleaning. If you get a carpet professionally cleaned it will make it look brand new. But if you want to make the rental home more modern you can update it. Logically, you should pick a flooring option that is easier to clean and maintain such as hardwood, tile or vinyl flooring.
4. Pay More Attention to The Kitchen and Bathroom
Aside from the bedroom, most people spend their time in the kitchen with their families creating new memories, or relaxing and unwinding in the bathroom. That is why you should pay more attention to those rooms. It still doesn’t have to be anything extravagant, just little fixes like swapping out the handles and painting the cabinet as well as getting new light bulbs and fixtures.
Those small renovations will give the place a whole new feel and look. Another thing that you can add to both bathroom and kitchen are granite countertops. They aren’t super expensive but they will make the rooms look more put together.
5. If Possible, Do Minor Landscaping
If you are renting out a home that has a yard or any kind of outside space, it is well worth the time and money to renovate it. All you will need are some low-maintenance potted plants and a lawn that is neatly trimmed. Even though it seems obvious, having an attractive exterior is definitely something that will increase the rental income.
If you already have an aesthetically pleasing exterior you will want to make sure that a tenant is left with appropriate equipment. You will need to provide them with a good-quality hose reel, a lawnmower as well as some freedom to plant things if they want.
6. Create an Open Floor Plan
If you want to make a drastic renovation, making an open floor plan is a great way to go. Open concepts are popular for good reason. It will make your rental space look much larger and brighter and thereby increase your rental income. This renovation project might require professional help just to make sure you aren’t knocking down any walls that are holding the weight of the building.
7. Add Some Popular Amenities
If you are looking to renovate a rental home, one way that will set you apart is to equip it with some popular amenities. That way, you will not only be able to ask for higher rent, you will also have more potential tenants.
Adding a dishwasher is always a good idea. Not only you will benefit, you will also be making a future tenant’s life easier. It will also bring a more modern feel to your house.
Adding more storage space is always a good idea. Everyone needs some extra storage space in their home. Make storage space where tenants will be able to store their belongings comfortably.
Creating a space for pets is always a plus. Nowadays more and more tenants are pet owners, so by allowing pets and creating a fenced-in space where they can be safe is worth it.
You can’t go wrong with adding a washer and dryer as well as an AC unit. The more amenities you add, the more value your rental home will have.
8. Keep Replacing Your Water Heaters
Probably one of the most important renovations that will benefit you the most is replacing your water heaters instead of trying to fix them. Because they are water heaters they will break and rust, which will cause more damage later on.
Some water heaters come with a warranty so you can replace or get them properly fixed, but after your warranty ends you should buy a new one. It is much better and cheaper to get a new one before it leaks and creates an even bigger problem.
Making small changes here and there will add up and make your rental property more attractive and will increase the rental income. Quality comes with a price and it pays off. Good and smart investments will always have great returns
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We hope you found this blog post on 8 Ways to Renovate Your Rental Home to Increase Rental Income useful. Be sure to check out our post on 7 Things You Need to Know Before Listing Your Property for Rental for more great tips!
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