With the new year now underway, many property owners in Las Vegas find themselves thinking about renovating their rental properties as a means to attract new tenants or to keep the current tenants happier. We joined with other Real Property Management owners to compile a list of smaller renovations that go a long way in the eyes of renters. They include:
Kitchen Renovations
While gutting the kitchen for a complete remodel may not be on the top of your to-do list, the good news is that with a few small tweaks, you can still give it a fresh feel that makes it more attractive to tenants. Consider making one or more of these improvements:
- New Appliances: Keeping all appliances in the same color palette is a must and adding the latest technology will be more appealing for most tenants.
- Kitchen Countertops: Believe it or not, granite is not appealing to every renter that will come through your property. What they do want is countertops that are durable and match well with the quality of other finishes in the home.
- Cabinet Choices: New cabinets make a huge impression on potential tenants regardless of color and embellishments. Cabinets should offer ample storage space for smaller kitchen appliances and dishes; when space allows, each kitchen should have a pantry.
- Flooring Choices: New flooring need not be of a quality that you would put in your own residence, do explore hard surface flooring (tile, wood laminate, etc.) as tends are showing more and more tenants prefer these to carpets.
Flooring
Installing flooring options like hardwood or porcelain tile allows for higher rent charges and does have advantages over carpet, mainly that they typically don’t have to be replaced as frequently. If your budget allows between tenants, this is one upgrade that makes a huge lasting impression on tenants. Resist the low cost alternative of carpet as it only pushes a proverbial can down the road.
Bathroom
When it comes to having a functional bathroom, it’s all about storage. Both the vanity and medicine cabinets should have ample storage space, and if space allows, should include a linen closet in close proximity to the bathroom.
Other bathroom renovations that make a huge impact include changing smaller shower and floor tiles out for larger, more modern tiles. Porcelain tiles are more durable, and can be made to mimic the look of hardwood, stone, and even marble.
While it may be a challenge to fit more storage space throughout your rental property, property owners in Las Vegas have found that tenants would rather give up some space for furniture in exchange for storage space. It may also benefit you to provide some sort of shelving system that makes the closets feel more organized.
Painting
Putting a fresh coat of paint may not be included in many property managers’ list of renovations yet we included it for the impact it on tenants. This is a requirement during any tenant turnover. A fresh coat of paint makes has an incredible impact without a significant investment in money nor time.
Though some of these renovations may seem basic, The Real Property Management Peace team has found that rental properties that feature one or more of these restoration items are more appealing to tenants, increase rent and tenant longevity plus help them take pride in their living spaces.
We always include these types of renovation investments as part of our Annual Property Review so Owners-Investors can create a plan for their rental property(s). If you would like your own custom property plan that includes our Renovation Recommendations coupled with our Wealth Optimizer planning evaluation that will maximize your property return potential; contact us today!