With the real estate market being out of reach for many in this economy, a lot of young people are opting for rentals instead. If you have a property you can rent out, it can be the perfect source of passive income. However, you cannot expect to reap the benefits if you aren’t ready to invest in your property. Regular maintenance and renovations are important to match the expectations of today’s tenants. The right upgrades will also increase the value of your property in the long term. To get the most out of your rental apartment, here’s a checklist for home renovations you should tackle.
Start with important fixes
Whether there were previous tenants or your property was simply empty for a while, the first and most important step is checking whether there are any critical fixes to be made. As a landlord, the safety of your property is your responsibility, so you should inspect the apartment thoroughly. Check the detectors, be on the lookout for signs of mould or pests, and see if there is any damage that needs to be repaired. If previous tenants listed anything as broken, don’t forget to include those things in your list, too. Note that there may be mandatory property inspections in place as well depending on where you live.
Check the electricity and plumbing
Making sure the property is safe is paramount. The issue with electricity and plumbing is that problems can go undetected if you’re not living on the property. So, before you rent it out, it’s important to check these utilities and make sure everything is working safely, that there are no leaks or clogs, and that all the lights are in working order. Make sure you call professionals if you experience any issues with electricity since this is not something you should DIY.
Spruce up the kitchen
Tenants first look at bathrooms and kitchens, so if you don’t want to scare them away, these are the places where you should invest your money. Everyone likes to have a comfortable experience when preparing food, so focus on modern and practical solutions. Upgrading your appliances can be a particularly good idea. Smart, energy-saving appliances are what eco-conscious and money-smart people are looking for nowadays. In addition, mismatched appliances ruin the cohesion of the kitchen, so consider tackling this issue. Other kitchen upgrades that are worth considering are changing the worn-out countertops and breathing new life into kitchen cabinets by refinishing them and changing their hardware.
Invest in the bathroom
As just mentioned, the bathroom is one of the key rooms that will make your rental more desirable to tenants if you give it enough love. After checking for any potential mould issues, evaluate if the bathroom could do with a pick-me-up. The bare minimum you could do is changing the toilet seat and the showerhead. However, going the extra mile and calling in professionals to handle home renovations is a good idea, since bathroom upgrades have the potential to improve the property value. For instance, modern tenants might dislike an outdated bathtub that takes up too much space in a small bathroom. Removing it and replacing it with a modern shower cabin is thus a good idea. Adding more storage to this space can only work in your favour, too.
Mind the HVAC
Another critical point tenants take into account when looking for a rental is the HVAC system. A pleasant indoor temperature regardless of the season is a prerequisite for spending comfortable time at home. However, if your apartment has not been renovated in a while, tackling this issue might take more than just getting the units cleaned and maintained. If the insulation of the place is less than ideal, then focusing on this aspect makes more sense than changing your AC.
Make it pretty
While practical upgrades are necessary, it cannot be denied that the first impression the property is going to make on tenants heavily depends on its looks. Therefore, do a few small upgrades that will paint your apartment in the best light and make sure everything is sparkly clean when you receive your first potential tenants. A fresh coat of wall paint is the best way to liven up space and make it look newer, cleaner, and more modern. It will also make it apparent that the property is tended to and well-maintained, which is another plus. As for cleaning, hiring professional cleaners is the best course of action.
Change the locks
Finally, when everything is ready, the last step will be changing the locks to the apartment. Since you cannot be sure that previous tenants did not make a spare key, this is the only way to give complete peace of mind to new tenants. Do not forget to make a spare key for yourself in case of an emergency. Installing additional deadbolts will also increase the security of the place, and thereby its appeal, so consider this extra.
Renovating your rental is quite different from renovating your own home, and you should not forget about this for a moment during the process. Don’t let your own taste dictate what you do but try to think like today’s tenants. Do everything with a purpose and you’ll be able to improve your rental.
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