Owning rental properties is a great way to earn passive income, but managing them can be challenging. In particular, you have to make sure that each of your properties is in excellent condition to make them appealing to potential guests and long-term tenants.
This sometimes requires you to make renovations to upgrade facilities and add modern features that can then attract more renters. A good renovation project can also increase the value of your rental properties, which means you can raise your prices and earn more.
However, before you proceed with any kind of renovation, you have to keep two things in mind. The first is that you have to have qualified builders Dunedin residents trust leading the charge. This ensures that any changes made are done professionally and completed on time.
The second is to select renovations that give your properties the most value. That being said, here are some renovation ideas to consider:
Spruce Up the Exteriors
First impressions matter significantly in the rental market and a well-maintained exterior communicates your professionalism and that you care about potential renters. Moreover, sprucing up the exterior appearance of your rental properties increases their curb appeal.
This can make your vacation house or BnB more attractive to prospective tenants. A simple exterior upgrade you can easily do is applying a fresh coat of paint on the façades and trims. It’s an easy enough DIY project that can instantly give your rental properties a renewed look.
You can also update landscaping with low-maintenance plants and a neatly manicured lawn to create a welcoming, homey atmosphere.
Finally, inspect and repair any structural issues such as roofing or siding damage to ensure the property remains in top condition, protecting both its aesthetics and longevity.
Replace Old and Worn-Out Flooring
Updating the flooring in your rental properties is a crucial renovation that can significantly enhance appeal and durability. Old and worn-out flooring not only looks unattractive, but can also pose safety hazards and affect the overall comfort of tenants.
When replacing old flooring, choose one that’s made from a durable and easy-to-clean material. Some of the best options are laminate, vinyl, and engineered hardwood, as they’re known for being cost-effective and resilient to wear and tear. They also come in a wide range of colours and styles, so you can select flooring that suits the interior designs of your rental properties.
Remodel the Kitchens and Bathrooms
Many potential tenants look at the kitchens and bathrooms of a rental house or BnB, especially for longer stays. Thus, the state of these rooms can influence a customer’s decision-making process. This simply means that renovating the kitchens and bathrooms in your rental properties can increase their desirability, as well as their rental potential.
You can start by updating outdated fixtures such as taps and sinks to improve functionality and aesthetics. Next, replace worn cabinets with modern, durable materials that are easy to maintain. For the kitchens, consider upgrading to energy-efficient appliances.
Doing so not only appeals to environmentally conscious tenants, but also reduces utility costs over time. For the bathrooms, on the other hand, install stylish water-saving toilets, showers, and taps. Furthermore, ensure that renovations are done with durability in mind.
Select high-quality and heavy-duty kitchen and bathroom upgrades to ensure that they can withstand frequent usage and constant exposure to water and moisture.
Expand Storage Space
Adding more storage spaces and options in your rental properties is a practical renovation that can improve functionality and tenant satisfaction. This is particularly true for those travelling in large groups.Evaluate your rentals to identify underutilised spaces such as closets, attics, or basements that can be converted into additional storage areas.
You can install built-in shelving, cabinets, or wardrobe systems to maximise efficiency and organisation. You can also utilise multifunctional furniture such as beds with pull-out drawers underneath or ottomans that double as storage units to optimise bedrooms and living areas.
Additionally, enhance outdoor storage options with sheds or lockable storage units to accommodate tenants’ seasonal items or recreational equipment.
Install Modern Security Systems
Last but not least, enhancing the security of your rental properties with modern systems is a wise investment that can both attract tenants and protect your assets. A comprehensive security system not only deters potential intruders but also provides peace of mind to would-be renters.
Consider installing a combination of security cameras, motion detectors, and smart locks to monitor and control access to the property effectively. Get systems that allow remote monitoring and notifications, enabling you to respond promptly to any security concerns.
Moreover, ensure that all entry points, including doors and windows, are secured with robust locks and reinforced frames. With these modern security measures in place, you demonstrate a commitment to the well-being of your customers while safeguarding your rental properties against potential risks and liabilities.
Investing in strategic renovations for your rental properties can significantly enhance their appeal, functionality, and value. With these rental property renovation ideas, you can transform your properties into sought-after homes that tenants will be eager to lease.
