When you are committing dollars with the intention to sell, the purpose of renovations is generally to make it appeal to the largest possible number of potential buyers. The more potential buyers who are interested in your property, the higher the offers are likely to be.
There’s no reason not to think about tenants in the same way.
Make improvements that might appeal to most and that elicit an emotional response from renters. They can easily picture themselves living in the environment you have created.
Increasing your investment property’s value can take time, effort, money and may even have it out of the rental market for a period, so it is best to look for affordable and easy home improvement ideas that will help you to achieve the best return.
Improve the outside appearance
The front of the property is the first thing potential renters see whether in person or virtually. Window shutters, a great front door, clean windows or even a good-looking letterbox can make a huge difference. Keeping the lawn mown and the hedges trimmed should be a given.
Check the roof
A new or refurbished roof looks better and more modern. It could also be safer too as a good secure roof protects the home and helps prevent severe weather impacts.
Fresh coat of paint
First impressions mean a lot! A fresh coat of paint, outside and indoors, can make a difference. Faded and cracked paint outside makes a home look older, while scuffs and chipped paint on the inside walls show a lack of care.
Upgrade the plumbing
The plumbing should work well and be up to date, of course, but the appearance of tapware, basins, sinks etc might also make a difference to the value a tenant sees in your property.
All appliances should be up to date and working properly but if any are shabby looking, consider replacing.
Storage is often a top priority for people looking to rent so increasing the amount and nature of storage solutions may be an inexpensive and effective way to make the home more appealing.
While replacing flooring can be a good way to boost value, it’s a significant expense. That said, high-quality, easy-to-clean floorings such as wood, tile or stone are appealing to renters and tenants can personalise with rugs.