Many property owners are wary of spending money on renovations due to the high upfront cost and the potential for tenants not taking care of the updates that have been made. However, with a renovated unit, you open yourself up to the potential of higher quality clients - the kind that is willing to pay more for upgraded amenities. By making the necessary upgrades now, you save yourself from more emergency maintenance and repairs later. When the unit is in good condition and relatively problem-free, your tenants will want to renew their lease each year, becoming a long-term and dependable source of income as vacancies are a rental owner’s worst enemy.
When renovating your rental, you still must be careful what you choose to put money into. Focus on things that either raise the overall value of the home or simple renovations that hold a higher perceived value to the tenant. For instance, all new cabinetry would be extremely expensive, however, sanding and painting the cabinets would be a much more cost-effective means for brightening and livening up the kitchen. If needed, even just the doors could be replaced, leaving the majority of the cabinets as they are. Other simple renovations include updating the door handles, faucets, cabinet pulls, and a fresh coat of neutral paint on the walls.
If you are interested in maximizing your rental’s potential, we can provide you with renovation options that are suitable to your particular property’s needs. This can be evaluated upon a tenant vacating per your request. You would also get access to special pricing with our preferred vendors and, if so desired, professional interior designers that can help rework the space you have. If you are interested in talking about the potential of renovating your properties, contact us at email@example.com.
Check out more renovation ideas here: https://www.appfolio.com/blog/