What Features Should You Focus on When Renovating a Rental?
Category RealADVICE
"While much of our attention has been focused on the housing market, the rental market has also been on the rise. If you own a rental property and don't currently have tenants, it's worth considering some renovations. These can not only increase your property's rental value but also help attract higher-quality tenants," says Gerhard Kotzé, CEO of the RealNet property group.
"However, it's important to focus on the right renovations, as it's easy to overcapitalize and achieve little return on your investment. With that in mind, here are some of the best renovations to prioritize:
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An Appealing Entrance: First impressions matter. One of the best ways to attract prospective tenants is by presenting an inviting entrance. Start with the front door-it should be your first priority. If it looks shabby, consider replacing it with a bold, robust door that complements the interior design.
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Practical Upgrades: Focus on practical improvements in areas like the kitchen and bathrooms that enhance both aesthetics and functionality. You don't need to spend a fortune. Start small by replacing cabinet handles, installing new cabinet doors, upgrading old showerheads, and adding downlights. If you have a larger budget, consider replacing countertops, flooring, basins, and sinks.
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Eco-Friendly Modernization: Energy-efficient homes are appealing to tenants, as lower energy use translates to reduced utility bills. You don't need to go all-in on solar right away. Start by sealing cracks around doors and windows, switching to energy-efficient lighting, and installing smart wall sockets. Consider adding water-saving features such as low-flow taps and showerheads or dual-flush toilets.
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Security Features: Security upgrades like armed response alarm systems, security cameras, burglar bars, and motion-sensing lights can put tenants' minds at ease and make your property more attractive. Smart locks are another excellent addition, allowing tenants to unlock doors via smartphone apps or codes. This eliminates the worry of lost keys and simplifies access for trusted individuals.
By focusing on these upgrades, you'll likely see a return on your investment in the form of higher rental income and better-quality tenants.
Author: RealNet
