Rental Property Renovations That Can Bring in Higher Monthly Rent
If you own residential rental property, you likely have a goal of maximizing your cash flow from your investment(s). One way to do that is by standing out from other properties that potential tenants are considering, but without breaking their housing budget.
The good news is that there are some rental property renovations you can implement for making your offering pop, while also adding longer-term value for you. The first areas to focus on are the kitchen and bathroom(s). Outdated flooring and amenities are typically a turn-off for potential residents.
With that in mind, a kitchen renovation should be at the top of your list. If your budget won’t accommodate a full update, though, some of the key areas to improve can include:
- Installing new countertops
- Replacing or refacing the cabinets
- Putting in a new sink and faucets
The same holds true with updates in the bathroom(s). Here, for instance, a new shower – including shower head and faucets – can be much more enticing than old and outdated items. Installing shelves in the bathroom(s) can provide tenants with more storage space, while at the same time not taking up a lot of room.
With any of the additions or updates that you make, it is important to keep in mind that you shouldn’t renovate an investment property the same way you would update your own home. So, it’s important to find that fine line between making your offering preferable to tenants or overdoing it in areas that won’t allow for an increase in equity and the amount of monthly rent you can bring in.
If you own residential rental property in the Orlando and/or Central Florida vicinity and would like to talk with a home renovation specialist who can help you determine the cost and timeframe of any updates you want to make – as well as to get some additional ideas – feel free to contact LP Design and Renovation by calling (407) 901-6215 or sending us an email through our secure online form at https://lpinspiredrenovations.com/contact/. We look forward to helping you get the most out of your investment.