6 Renovation Ideas for Transforming Your Property Into a Rental Property
Over a third of Americans are currently renting, which means there’s a huge market out there for those considering becoming landlords. Unfortunately, most properties aren’t outfitted for tenants and need some work in order to get ready for them.
This doesn’t mean you have to change or replace everything about your real estate: a full remodel isn’t always within budget. Instead, consider some of these renovation ideas that can increase your property’s intrigue to renters!
1. Adding Security Precautions to Prevent Theft
The security and safety of your buildings are of paramount importance since the property and tenants will be your main source of income. If someone feels unsafe in a living situation, they will do anything they can to get out of it. This could hurt you in the long run. Instead, consider adding safety precautions to protect your tenants.
USPS mail theft is a problem many face, so try to include mail lockers and have packages delivered to the office instead of being left outside the tenant’s doors. This will cut down on how much mail goes missing while allowing for your tenants to feel secure.
2. Removing Unsightly or Out of Date Decor
Although older properties are often less expensive: they also require more work. Take the time necessary to look up simple information, like repairing drywall after removing wallpaper, and save yourself some money.
Being a DIY pro and replacing hideous old wallpaper with fresh paint can increase the value of your home almost immediately. Although you can return it with newer and in-style wallpaper: keep in mind that you’ll more than likely have to repaint or wallpaper between tenants because they tend to scuff and ruin walls.
Although this means that you can take it out of their deposit: wallpapering is far more time-intensive and expensive than simply painting.
3. Taking Time To Make The Interior Feel New
Why settle for just updating the walls? Most renters are looking for the same perks they’d want if they were buying the home. Of course, one of the most popular perks is beautiful flooring and large open windows.
For your windows, you can either replace the current ones, deep clean them: or cut a larger hole and then put in new windows. This is a lot of work, but natural lighting is extraordinarily popular and can make nearly any space feel more spacious.
The best flooring for a rental property is something both sturdy and beautiful. Although you should still keep the carpet in the bedrooms, a sturdy faux-wood laminate can look amazing for the rest of the home. Make sure that you invest well in the flooring so that it will last longer while still looking attractive.
4. Remove and Avoid Any Personal Touches
If this was your home before you decided to rent it out, it’s not unusual for there to be personal touches. Whether this is height charts for your kids or pictures used to stage the home from your personal life: remove them. Although these are sentimental and important to you, you’ll have to remove them before renters move in anyways. Taking them out before listing the home for rent will allow prospective renters to look at the house as a blank slate instead of thinking about who lived there before them/
5. Repairing or Replacing any Older Features
An enclosed garage can add a lot of value to a home. Unfortunately, that value goes down if the garage door is older or the garage itself is out of date. Consider looking into a new garage door’s cost and deciding whether or not it’s within your budget. Another issue with an older door is that it could leave you with tenants having to call you for help when it doesn’t open. A new door adds security, aesthetic appeal and protects you from having to go out to the property as often.
6. Ensuring There’s Good Curb Appeal
The beauty of your property matters! Does the siding have a green tinge to it from years of pollen? Is the porch peeling paint and looking shabby? Before you list your home, you need to take care of the curb appeal. Renters want to live somewhere beautiful that they’re proud of, just like anyone else. You can install metal plank siding to take care of the looks and ensure that the rental property looks brand new. Painting any peeling paint on the home’s exterior can also make the property look more contemporary and well maintained.
Preparing for Renters Is A Large Commitment
Unfortunately, becoming a landlord isn’t easy work. Although the almost-passive income is nice, there’s a lot you have to do to get the building up to code and then maintain it after you find good renters. Taking care of your property and maintaining it will be easier if you set yourself up for success early on.
Ryan Shure is an editor for the Innovative Building Materials blog and a content writer for the building materials industry. He is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that save money, improve energy efficiency, and increase property value.