Real estate has skyrocketed lately. Finding an affordable home to buy is much more complicated than it used to be.
The supply is low and the demand is high in the housing market. Renting is an excellent way to wait out the market. If you’re looking to rent out some space, spruce it up to make it more desirable for your tenants.
Single-family rentals are becoming increasingly common due to the exceedingly high price of homes – and renovating your property is an ideal way to attract good occupants. Little things can go a long way, like a fresh coat of paint.
Making upgrades to your rental space can make you more competitive in the rental market.
Whether you have a house or an apartment, renovating and remodeling projects will increase your investment and return.
The kitchen is a game-changer for some renters, especially families that cook every night. Updating appliances and color schemes could be the difference between making a connection and failing to impress.
Let’s start with the cabinets. Cabinets take up the majority of a kitchen, as in they’re the thing that stands out most. Ugly cabinets could ruin a perfectly good area. You could save tons by sanding and painting them yourself. Backsplashes and countertops are great ways to remodel your kitchen if they fit into your renovation budget.
To maximize your return on investment (ROI), make sure you set a budget for your kitchen renovations. It can quickly get out of hand if you don’t have a budget for a maximum ROI and a renovation ROI. Materials can get pricey, but you can choose more budget-friendly options for kitchen remodeling.
If your bathroom has a green bathtub from the ‘70s, dish out the cash to nip that in the bud. No one wants to rent a house with a green shower or bathtub. While that’s more on the pricey side, there are cheaper renovation ideas for remodeling the bathroom.
The floors are important if they aren’t already some sort of water-resistant type. Water from the tub can get underneath those nooks and crannies and cost you an arm and a leg to repair. Make sure you do your research and caulk appropriately around your tub.
Inexpensive aesthetics can do wonders for your bathroom remodeling as well. Adding a fresh color to the walls or hanging a pretty shower curtain can brighten your bathroom.
The vanity in your bathroom is the main focal point of the room. It’s where you do all the things. They are also outrageously priced at home improvement stores.
Shop around flea markets or garage sales and find an old hutch or dresser to use as a vanity. Pinterest has some awesome inspiration on what to look out for. An antique-looking vanity can wow your potential renters and make your spot stand out against others on the market.
3. Transform Your Basement
Does your rental space have a basement? Instead of offering a rental with a plain basement that will most likely be used for storage, jazz it up a little (or a lot). Basement remodeling can be anything you want it to be. It’s a blank canvas! You can transform it into almost anything.
You could create a space for socialization with a cute dining area that could host parties. You could turn it into a game room or a library. Basements make great fitness areas because they remain cooler than the rest of the house and provide separation.
Whatever stage you set with your basement in your rental space, renters will appreciate that extra initiative to make their storm shelter fun and inviting.
4. Yard Improvements
Before renters ever even step foot inside, they’ll notice the yard. While it doesn’t have to be magical like a scene out of “Alice in Wonderland,” you do need to keep it mowed at the very least. No one will want to rent a place that has grass grown up to their kneecaps.
Landscaping can be extensive, so keep it low-key. Place some planters on the front porch or plant some new grass in areas that need it. Replacing or painting the front door can also make a difference.
You want to be sure your updated curb appeal doesn’t require much attention. If you keep it low-maintenance, you won’t have to tend to it, nor will the renters. Keep the grass cut and plant a bush to provide shade that doesn’t need extra watering, and you should be golden.
Lighting is underestimated in the renovation game. New light fixtures can change the ambiance of an entire room. Exterior lighting matters also. Adding a motion sensor light to the front porch or driveway is expected nowadays. Ensure there is a light in the backyard as well.
Indoor light fixtures can aid in decor schemes and add dimension to any room in your home additions. Incorporate ambient and access lighting into your rental where it’s appropriate. Recessed lighting is also a way to add light to a space.
Outdated faucets can be hard to clean and keep clean. Water itself can leave a residue over time. Polishing older taps is an excellent way to revive older antique faucets to maintain the charm they add to the kitchen or bathroom in your rental.
If you have faucets that look a little rough around the edges, pay to replace them. It’s worth it in the long run. Older faucets can diminish the prettiest sinks or showers. Make an effort to replace the little things, like faucets, that can make your more expensive investments, like sinks or vanities, pop.
You might be surprised what a fresh coat of paint can do. Painting can add dimension to a room, depending on your color scheme. It is encouraged that renters paint the interior beige or neutral color to match most renters’ tastes. Painting the exterior is also an ideal way to upgrade your home.
While painting seems like a reasonably simple task, it’s not always best to do it yourself. Do some research on costs in your area for painting. It might be worth the money for you not to hassle with it unless you enjoy a good “DIY” project.
Upgrade Your Property
Remodeling doesn’t have to be as time-consuming as DIY projects tend to be. Starting a task only to finish it months later can be such a drag. Finding the time is sometimes the only obstacle standing in the way of your dream home or rental.
FKB Design takes your dream projects and makes them a reality. We offer free consultations and long-lasting warranties for your peace of mind, and we encourage a final walkthrough to ensure we did everything just the way you wanted.