Landlords often find themselves wondering about ways to maximize the value of their rental property through renovations. Renovations can help attract tenants and be the determining factor between your rental property and another choice. It may also allow you to charge relatively higher prices than before. And when you live in Philadelphia, where the real estate market is constantly growing, with prices increasing by 5.5% since last year (source: Bright MLS T3 Home Demand Index), it is essential to maintain a modern house with relevant accessories.
By revamping your current place, you can easily enhance its visual appeal and functionality, making it a desirable option for potential renters. From straightforward kitchen repairs to the inclusion of innovative technology, there are multiple renovation options to attract tenants to your property.
So, let’s explore the most practical ways to renovate your property and leave it looking like a brand-new space.
- Bedroom Remodeling
49% of households in Philadelphia are families, with 47% of them having children under the age of 18, according to The Pew Charitable Trusts. It means most tenants in this city are looking for a property that can accommodate their potential future needs. In that case, adding a bedroom or renovating your current one can increase your property’s value and make it desirable for renters.
Speak to a few different contractors, and hire one that understands your vision. They can create a bedroom that blends with the current theme of your house and can provide some valuable insights on how to make it better for the tenants.
After applying the paint and installing the lighting and electrical outlets, you can focus on accessorizing that bedroom. Focus on the basics, such as a sturdy bed with a comfortable mattress. You can do some research on different manufacturers to find a reliable Philadelphia mattress company that creates products that last, are relatively affordable, and are comfortable. Don’t forget to also include chairs, side tables, and a wardrobe in the bedroom.
- Kitchen Upgrade
The kitchen gets a lot of foot traffic in most homes. No one can deny the appeal of having a nice kitchen that compliments the house’s overall look. Even if your potential tenants are students who barely get time to use a kitchen, they will appreciate having a modern one with appliances that can make cooking relatively convenient.
Renovate your kitchen by changing the color of the counters and cabinets. You can opt for a quick solution, such as adhesive stickers that look like wood or marble and can be applied on cabinets and countertops. If you want a significant change, replace your current fixtures with newer ones.
Smart items such as a cooking range with sensors, dishwashers, and cabinets are also great additions to any kitchen. However, you may need to stretch your budget to accomplish this. Houses with smart innovation are highly appreciated among well-paying tenants and give you your money’s worth.
- Make the Property Energy Efficient
Energy-efficient house appliances can be attractive to potential tenants in so many ways. For starters, they greatly reduce the utility costs around the house. Additionally, these appliances also give you peace of mind that you are contributing towards the cause of saving the planet.
Opt for electrical items marked with an Energy Star logo to get similar performance without using a lot of electricity. Household appliances such as ovens, fridges, dishwashers, washing machines, and inverters come with an Energy Star logo.
Besides electrical appliances, consider replacing the current lighting with energy-efficient LEDs that are brighter, long-lasting, and easy on the bills. Sensory HVAC systems and water providers are also great buys but can be expensive and may require a lot of maintenance.
Lastly, install low-flow water outlets in the house that significantly reduce water consumption but do not sacrifice the performance or make you feel deprived of using basic facilities.
- Increase and Modernize Storage Options
Everyone loves additional storage space. Your potential tenants will appreciate your time and effort in installing storage units around the house. From floating shelves in the living room to a walk-in closet in the bedroom and cabinets in the kitchen, there are plenty of ways to add extra storage space to the house. Practical storage solutions add value to your property and also make it convenient for the renters to adjust their belongings in a more organized and convenient way.
Look for storage ideas that neither look clunky nor insignificant. For instance, if you have a smaller unit, wall-mounted or vertical options make more sense than something horizontal and massive.
- Revamp the Exterior
First impressions are truly the last impressions when renting out your property. By making changes to the exterior of your rental building, you can make a positive first impression in the eyes of the renters.
You can pick neutral colors to suit most people, which is usally a better option than something bold because bold colors may deter some potential tenants.
Apart from painting the walls, consider changing the garage doors’ color or design. A new gate can make your humble abode look like a brand-new building.
You can also install smart technology such as automated door opening or an outdoor camera for further convenience. Hire a landscaper to organize and fence the boundaries of your house, including the outdoor garden, to improve the aesthetic appeal in the eyes of the renters.
Lighting is also an important component of the outdoor part of the house. It evokes a sense of safety at night while increasing the aesthetic appeal. Both the interior and exterior of your house should look cohesive and complimentary.
Conclusion
Renting out property is not an easy task. To attract renters, it is essential for landlords to keep up with the modern standards of housing. Everything from simple paint to innovating the building with modern technology can help add value to your rental property.
Make a budget and stick to it so that you do not go overboard with the entire renovation process. You can renovate after five years to keep the rental property in its best condition.