Before moving in new tenants, you might want to remodel your property. Remodeling is a great idea to increase value and to fix any previous issues in your unit. Many tenants have a list of things they are looking for, and a remodel can help you to hit several of those.
KITCHEN
For many people, one of the most important places in the house is the kitchen. For several potential tenants, it could be the room in your unit that makes or breaks their decision to rent from you. When renovating the kitchen, updating the entire look can make it seem more modern and luxurious. It can be difficult to decide what to approach first when renovating the kitchen, but there are a few things that are more important.
Cabinets are a huge part of the kitchen and can easily become damaged or start to look dingy. While it can feel like the only option is ripping them out and putting in completely new ones, that can get expensive quickly. Sanding the old cabinets down and giving them a new paint job can do a lot to improve their look. To make them feel even more modern, replacing the hardware is a relatively inexpensive touch.
Consider replacing old kitchen countertops with granite or at a material that is durable and can resist heat, scratches, and stains. Stone countertops will last longer than laminate countertops, which will save you money in the future.
Having mismatched appliances can be off-putting to potential tenants as well. Matching finishes on the refrigerator, oven, dishwasher, and microwave help to give the kitchen a cohesive look.
Your sink is another place to make improvements. Replacing the faucet can help your kitchen look updated. Adding or putting in a unique backsplash is another little touch that helps in a few ways. Low maintenance and easy to clean, patterned backsplashes are aesthetically pleasing and give a focal point for the kitchen.
BATHROOM
Depending on how much you have set aside for a remodel, consider making sure there is at least one bath per bedroom. This is a major selling point for tenants that are roommates.
Some of the easiest bathroom improvements are similar to the kitchen – replacing the faucet and showerhead, as well as cabinet hardware. Even just updating the caulking in the bathroom and reglazing the bathtub can help a bathroom look new. Worn fixtures and caulking can look rundown and possibly turn away tenants.
Redoing the vanity to include more counter space is a good choice, particularly if the bathroom is on the smaller side. However, if you are unable to add more counter space to the vanity, storage space can be added by replacing the old vanity with shelves.
FLOORS
Convenience is the name of the game for the majority of potential tenants. Convenient homes are easy to clean, which can be difficult to achieve with certain types of flooring, such as carpet. Switching over to either wood or tile flooring will be easier to clean and more durable than carpet or laminate. This can ensure easier cleaning for potential tenants, and less damage for landlords to deal with at the end of tenancy. Wood flooring boasts these same benefits and also has the benefit of looking modern.
LIGHTEN AND EXPAND
Something that will help to improve a potential tenant’s first impression of your unit is the lighting. No tenant wants a rental without natural light. Having a dark space feels uninviting and turns off both old and young tenants. In order to create light in a space, you can upgrade the lights to be brighter and put in larger windows. Larger windows also help to make the space feel larger. If you want to create the illusion of more space as well, consider moving to an open floor plan.
SMALL TOUCHES
There are many little touches that can be added to the unit in order to make it more appealing. Repainting the walls in between each tenant can keep the unit looking fresh and new for the next one. Adding amenities such as storage space, air conditioning, outdoor living areas, washer, and dryer can also draw in tenants.
To update curb appeal, paint or replace the front door of your unit. This gives potential tenants a good first impression. If the unit has a walkway, consider pouring new concrete or installing new bricks or pavers. Landscaping also helps to perk up the outside look by trimming back trees and shrubs or planting new grass or a small garden area.
GEN Z
The next generation of renters, Gen Z, will have a strong connection to units that are convenient for them. The easier to clean, the more open to their lifestyle it is, the more likely they would be to take it. They are also attracted to green and advanced technological amenities. Water-saving faucets, eco-friendly appliances, and energy-efficient window panes can be added during your remodel. Make sure to stay open to the wants and needs of Gen Z, because they could be your next tenants.
