Are you a landlord considering ways to make your rental property stand out from others on the market in Salt Lake City, Utah? Being a landlord can be tough work but it can also be a source of extra revenue streams.
There are more than 100 million tenants in the United States! The sheer number of renters in the market means that you need your property looking its best when compared to the competition.
Read on to learn about the top five rental property renovations to make for landlords!
1. Update Appliances
New property amenities such as updating appliances can go a long way towards increasing interest from tenants. Many newer appliances such as washing machines and stoves use less energy than old versions.
Being more energy-efficient means your tenants can save money on electricity costs. This can be appealing for eco-friendly tenants that want to minimize extra cost above monthly rent.
2. Converting Bathtubs to Showers
Converting bathtubs to showers is a great way for you to make your home more appealing to a wider range of potential tenants. Bathtubs can be an important amenity for someone with a baby or young child.
If you aren't renting to a family, your home becomes more appealing without bathtubs. Walk-in showers are useful for your tenants and will be one of your most luxurious indoor and outdoor renovations.
3. Install New Kitchen Countertops
Renovations for kitchens can make a major difference in the rental income you generate from your property. Installing new kitchen countertops is a great way to increase visual appeal on a budget.
Before you pick new countertops, think about the kind of surface that will be most durable for tenants. Avoid picking a stone such as quartz which is heat resistant and can burn permanently if a hot pot is put on it.
Instead, consider finding a nice type of granite that complements your other kitchen colors and appliances.
4. Increase Curb Appeal
Increasing curb appeal is an effective way to advertise your home to prospective tenants and homebuyers alike. Did you know the average home with landscaping can improve a sales price by five to 11 percent?
Like potential homebuyers, prospective tenants will have more interest in a property with curb appeal than one without it. Don't overlook the importance of maintaining your lawn and plants to make the best impression on others.
5. Paint Neutral Colors
Painting the interior and exterior of your home can go a long way towards improving your property. That's because it can make your old and outdated home look like new!
Neutral colors will appeal to a renter because they will not clash with other decorating ideas a tenant may have. They are also colors that will maintain appeal for prospective tenants many years into the future.
The Best Rental Property Renovations
The best rental property renovations are the ones you can make with reasonable efforts at an affordable price. Before you begin to make changes to your rental property, consider your budget and how these costs will impact your cash flows now and in the future.
Hiring a rental agency can also be helpful as you search for the most qualified tenant. Contact Wolfnest to learn more about our tenant placement services in Salt Lake City!