Key takeaways:
- Know the top 10 renovations to boost rental property’s value and streamline rental income.
- Associate with professional property management services, which can streamline your rental business operations.
According to a 2022 report by Property Mark, 73% of agents reported an increase in tenants renewing their rental contracts over the last year.
But do you want to attract a high tenant demand in this wave?
Do you want to increase the value of your rental property?
Then you must choose renovations to boost the rental property’s value.
Let’s find out how you can transform a rental property.
10 Renovations to Boost Rental Property’s Value
You can choose multiple renovations to boost your rental property’s value and attract high-quality tenants. Here are the best 10 renovations we have shortlisted.
1. Outdoor living space
A well-maintained patio or deck can improve the property’s overall desirability. You can also include comfortable seating and a grill to add an extra touch to your rental place.
Focus on designing and planning your outdoor space to ensure it is inviting, versatile, and accommodating to different property preferences and activities.
2. Security features
You can improve the security features of your property by adding smart locks, security cameras, and alarm systems. These security renovations can enhance the safety of a property and hold significant appeal for security-conscious renters.
Not just that, these security measures can also reduce insurance premiums and give you a competitive edge in the rental property market.
3. Storage solutions
Try to integrate state-of-the-art built-in storage solutions, such as:
- Well-placed shelving
- Strategically designed cabinets
- Efficient closet organisers
These storage options can improve your property’s appeal and help you accommodate potential tenants’ needs and preferences.
4. Upgrade your lighting
Consult professionals who can help you with modern lighting fixtures to enhance your overall property ambience.
A great way is to replace outdated fixtures with stylish options available in the market. The switch can improve your property’s aesthetics and enhance its functionality.
It can also improve the space’s mood, and the views can be more conducive to various activities.
5. Address curb appeal
The first impression of your property has a lot of value. Ensure your curb appeal is great and it can attract more eyeballs.
Start with creating an inviting environment in the front yard. Also, add vibrant visual appeal to your outdoor space.
Having an inviting and warm entrance sets a positive tone throughout your property.
6. Energy efficiency
You should invest in energy-efficient appliances, windows, and insulation to make energy-efficiency improvements, which can be valuable for your property.
These improvements can appeal to environmentally conscious renters seeking sustainable living options.
By reducing tenant utility expenses, you can ensure your property contributes to a greener future.
7. Bathroom Remodeling
Renovate your bathroom and associate with professionals who can replace outdated fixtures and enhance the overall aesthetic and functionality.
You can add new breath to your bathroom area by updating the tiles, providing you the bandwidth to use contemporary patterns or colours. Also, you can integrate a fresh vanity, adding a sense of modern luxury.
These elements can redefine your bathrooms and help you increase the overall rental value of your property.
8. Kitchen Upgrades
Once you have finalised your bathroom, don’t forget to work on your kitchen, which can help convert your potential clients seamlessly. Upgrade your countertops, cabinets, and appliances.
Modern renters want their kitchens to be modern and functional. A well-maintained kitchen with contemporary finishes and modern appliances can serve as a compelling selling point and deliver a great tenant experience.
9. Floors are a must
If your floors are outdated, potential tenants can resist choosing your rental space, which can shrink your overall property value.
You have to choose flooring options like hardwood, laminate, or vinyl flooring to ensure you have an aesthetic look at cost-effective pricing.
These low-maintenance flooring materials are also durable, which can balance long-term savings and attractiveness factors.
10. Wall Paint
A new paint job can easily refresh your rental property. Choose neutral, classic colours that appeal to many people. These shades help create a welcoming, neat atmosphere and suit different decorating styles.
These neutral tones have several advantages:
- First, they serve as a blank canvas, allowing tenants to envision their furniture and decor. This flexibility is key in appealing to various personal tastes and styles.
- Second, light and neutral colours can make rooms appear more spacious and brighter, a desirable feature in any rental property.
These are the top 10 renovations that can boost your rental property’s valuation.
But if you want to escape the hassles of property management, you can trust Pluxa Apartments for tailored solutions.
Pluxa Serviced Apartments Got You Covered
As a luxury service apartment provider in Birmingham, we, at Pluxa Serviced Apartments, control multiple apartments. We offer 24/7 customer support, cleaning, admin, and a virtual assistant team.
Our expert team can help you address major renovation issues you might encounter with your rental property. We can also assist you with a renovation plan that provides a detailed outline of your expenses.
With years of experience, we have a professional team to help you with all your holiday stay and travel queries in Birmingham. Connect with our team to get the best deals for your stay in Birmingham.
FAQs
1. What adds the most value to a rental property?
Renovations that enhance a rental property’s appeal and functionality can add value. You can upgrade kitchens and bathrooms, improve the property’s curb appeal, add or upgrade outdoor living spaces, and ensure the property is well-maintained and modern.
2. How do you add value to renovations?
Improving modern kitchens and bathrooms, spacious and functional living areas, and attractive outdoor spaces can add value to renovations. Prioritise quality and durability to ensure long-term value. Also, staying informed about current trends and tenant preferences can guide renovations to meet market demands.
