Amazing rental properties are a dime a dozen nowadays, and the industry is quickly becoming oversaturated and highly competitive. Nowadays, prospective tenants have plenty of options to choose from, so making your rental property stand out in functionality and aesthetic appeal can be quite a challenge. This is why renovating the interior and the exterior is one of the most effective ways to breathe new life into the property.
However, this task goes far beyond adding a fresh coat of paint, or fixing a pitched roof, and instead requires careful planning and execution in order to bear the right fruit. With that in mind, here are the five property renovations that will add value and attract long-term tenants.
Redo the flooring
Worn-out flooring and old carpeting will portray nothing but a dated image no one will want to look at every single day. Regardless of how much you clean it or try to buff it up, the scuffs, chips, bumps and bruises will always make themselves apparent to every potential tenant looking for an aesthetic living environment.
Replacing the old flooring or restoring it up to its former shining glory is, therefore, one of the best things you can do to revitalise the interior of the property. Brand-new hardwood floors will emanate a feeling of luxury and portray an image of unhindered beauty, and a new rug underneath the seating area in the living room, for instance, will bring a much-needed sense of warmth and intimacy into the mix. An image tenants are bound to love.
Embrace the open layout
Back in the day, house, as well as city flats, were built with a distinctly different approach than you would find in most modern homes. Not a few decades ago, every architect was designing a room-by-room floorplan, a living environment that valued complete privacy in every space around the household. Nowadays, though, everything is different.
Modern homes that are inviting boast a unique, open-layout look that cherishes freedom of movement, spaciousness, light, and unimpeded connectivity. Don’t be afraid to break down a wall or two in order to extend and fuse different spaces, and create a grand living space that will appeal to the modern tenant. Of course, you should preserve complete privacy in the bedrooms and the bathrooms.
Update and fix the pipe network
Amidst all of the aesthetic renovations that are going on, landlords and homeowners tend to neglect the importance and ROI potential of a well-kept, functioning pipe network. After all, some of the most cost-effective long-term renovations are the ones that will prevent costly problems down the road. So first off, be sure to inspect the drainage system.
You can start by having experts from Pipe Relining Solutions unclog blocked drains in order to ensure the system is running smoothly. Next, you can fix all leaks around the household and replace pipes as needed. For maximum ROI, consider insulating the pipeline in order to produce long-term savings as well.
Go green across the board
Environmentalism is no longer a pastime topic people discuss over tea, but rather it has become a pressing matter every homeowner and tenant should take quite seriously. So much so, in fact, that mindful tenants are increasingly looking for properties with a high number of eco-friendly features that will lower the property’s CO2 emission.
To make the property more eco-friendly and attract new tenants, consider replacing all light bulbs with energy-efficient LED counterparts. Next, choose eco-friendly appliances for the kitchen and the bathroom. Lastly, an excellent investment would be to convert the household’s energy usage from traditional energy sources to sustainable ones such as solar energy. You can achieve this by installing solar panels, however, don’t forget to introduce passive saving solutions as well, such as wall and attic insulation.
Don’t forget about the exterior
The interior of the property needs to dazzle and bewilder the visitor, yes, but if adequate attention is not given to the exterior, chances are that the potential tenant will not dare venture inside. This is why exterior renovations are equally important and should hold top priority in your renovation strategy.
Start by fixing the roof as well as any deteriorating wooden elements such as balustrades, the front porch, and window and door frames. Don’t forget about the power of meticulous landscaping either, as it has the potential to completely transform the aesthetic appeal of the property.
Renovating a property is an investment into an affluent future, so while the time might never seem right for it, you shouldn’t postpone the process if you want to attract amazing tenants to your doorstep. With these essential renovations taken care of, you will have rejuvenated the property and created an image no modern tenant will be able to resist.
About the author: Mike Johnston is a home improvement blogger and DIY enthusiast from Sydney. He is a regular writer at Smooth Decorator and contributor on several interior design, lifestyle, real estate and eco blogs. Mike’s goal is to create and share meaningful content that helps and inspires people.