You’d be surprised at some renovations that may be smaller in scale but can cause a big payoff in the end. These smaller improvements will make the apartment more appealing to potential tenants on real estate listings and can even bring in higher quality tenants that will properly take care of your property.
Update the Kitchen
As the heart of the home, even the smallest of updates can transform a kitchen. Depending on your budget, the following updates will have the give you the most return.
- Updating appliances
- Refacing cabinets
- Updating hardware (cabinet knobs and pulls)
- Installing recessed lighting
- Replace vinyl flooring for tile
Minor Bathroom Remodel
Bathroom remodels are generally quick and easy and can totally transform an outdated space. Although on the expensive side and depending on the size of the bathroom, you’ll be able to replace the vanity, toilet, shower (and shower surround), along with the flooring for under $10,000. Up front, this cost is high, but these changes will have a great ROI.
Exterior renovations can cost a lot of money and take a lot of time. If you have neither, our favorite small renovations with big payoffs for your exterior include painting the front door, removing old awnings from doors and windows for a more updated look, and repair any damage to old railings and porch flooring.
Install a Security System
Most rental properties do not have any sort of security system in place, which can cause alarm for potential tenants that are worried about themselves and their belongings. Most security systems are very inexpensive and can make your property look more attractive to potential tenants.
Even by installing security cameras on the exterior of the property, you’re able to provide a level of security to your tenants at a low cost.
Landscaping – something that no one wants to deal with but if your property has great curb appeal and an up to date interior, finding quality tenants will be easy. Each spring, hire a team to go in and make any updates to your landscaping – remove old, dead bushes and replace them with new ones, edge and pull any weeds. A little effort will go a long way!
Having some sort of outdoor entertainment area is important to most tenants but depending on where your property is, this isn’t always possible. If you do have the space to install a patio area or a deck, it’ll be the best investment you can make for your property! It’s not only an easy way to set your property apart from others but tenants will be more willing to pay extra each month if it means having this additional space.
Are you ready to get some new tenants into your newly renovated rental property? Give Lamacchia Property Management a call today at (855) 213-3410 to learn more about our extensive list of services we offer.