Renovating a rental property sounds like an expensive and arduous undertaking.
It doesn’t have to be.
There are plenty of cost-effective renovations you can make to increase the value of your rental property, attract great tenants, and limit the amount of time your property is vacant. We’re always looking for ways to help our owners earn more on their investment properties.
One way you can increase monthly income and long-term ROI is by providing a rental home that’s modern, updated, and attractive to tenants.
Upgrade Your Appliances in Albuquerque Rental Homes
There’s no need to buy stainless steel for all of your kitchen appliances nor do you have to provide industrial-sized, front-loading washers and dryers in your laundry area. However, you should be aware that tenants are looking for:
- Matching appliances. You don’t want a stove that’s white and a fridge that’s stainless.
- Energy-efficient appliances. Tenants care about their carbon footprint and want to keep their utility bills low.
- Convenience. Replace the dryer that takes three cycles to adequately dry towels. Pull out the dishwasher that leaks. Repairing appliances is fine once or twice, but if they’re starting to deteriorate to the point that you’re repairing them every year, it might be time to replace them instead.
Appliances are a big deal to Albuquerque tenants. When you’re looking for cost-effective ways to renovate, this may be a great starting point.
Consider Hard Surface Flooring
One of the best improvements you can make to your rental property is better flooring.
Carpet is outdated, generally. While it may work fine in the bedrooms, the common areas of your home will look better with hard surface flooring. Tenants prefer it, as well. It’s easier to clean and maintain. It’s also healthier because it does not trap the dust, allergens, and pet dander that carpet fibers seem to collect. It’s cost-effective for you because you won’t need to replace it as frequently as you replace the carpet.
There are some expensive flooring types out there, but there’s no need to install sustainable bamboo. Instead, look for laminates. They look great and they cost a lot less.
Renovate Your Fixtures and Faucets
Installing new faucets, shiny drawer pulls, and elements like a tile backsplash can update your kitchens and your bathrooms cost-effectively and with dramatic results. The entire room will look brighter, new, and modern.
Take a look at your mirrors in bathrooms, too. Door knobs and switch plates can make a difference. These are minor, inexpensive updates and improvements that will help you earn more on your property and attract well-qualified tenants.
Pay Attention to Curb Appeal
Don’t forget to renovate the outside of your property.
Check the lighting and make sure it’s adequate. You want the lights to be aesthetically pleasing, but you’re also thinking about tenant security. Spruce up the front door with fresh paint or a new door knob. Power wash the home and the driveways and walkways if necessary. Renovate the outdoor space so it’s clean, well-maintained, and uncomplicated.
These are just a few cost-effective renovations we recommend to owners who are looking for ways to increase their rental value and make their properties more valuable. If you’d like a personalized list of suggestions, contact us at Bruni Karr Agency. We provide rental management in Albuquerque, and we can evaluate your property and identify potential renovation ideas.