Renovating an investment property requires an entirely different approach than renovating your personal home. While renters will appreciate an updated home, chances are they will not treat it as well as if the home was their own. However, the nicer the home, the better chance you have of keeping renters. So, with both of these in mind, here are some smart renovation projects for your investment property:
Paint
Add a fresh coat of paint to the entire interior of the home. To appeal to renters, and give the home an open and inviting feeling, consider painting the whole house a light neutral shade. Gray, beige, and greige are popular options amongst renters because they complement any design style or accent colors.
Flooring
While carpet may seem like a good option because it is inexpensive and lasts for years, think again. Renters look at the carpet as a place where germs and odors go to stay. Opt instead for wood laminate flooring. Cheaper than hardwood flooring, laminate flooring is sturdy and easy to clean between renters. But, don’t use laminate in the bathrooms or kitchens – wood and water don’t mix well!
Plumbing
Consider bringing a plumber in to inspect all plumbing areas of the home. With renters, it’s better to be safe than sorry! Plus, your tenants will appreciate that you took the time to consider the home’s plumbing.
Bathrooms
An updated bathroom is incredibly appealing to renters. With this in mind, consider upgrading the following: towel bars, toilets, and faucets. If you wish to go a step further, replace the vanity, medicine cabinet, and light fixtures. None of these updates costs too much money. However, if the home is old, it may be a good idea to replace the shower, tub, and tile flooring.
Kitchen
Updating the kitchen can be pretty costly. To keep cost to a minimum, consider re-facing or repainting the kitchen cabinets and add some new hardware. Also, if you purchased a home with florescent lighting, consider removing it from the kitchen and the bathroom. Switching out the lights is a minor cost and makes a world of difference to the home’s overall atmosphere.
Are you looking for a contractor to help with your project? We have an extensive database of contractors and home maintenance experts we trust in the Austin area. Give us a call; we would be happy to send you our recommendations.
Resources:
https://www.zillow.com/blog/practical-renovations-for-investment-properties-117464/
