Renovating your rental property can be an expensive and overwhelming process. Yet regular maintenance of rental properties is a must, especially when attracting new tenets.
A periodical rental renovation can offer you a ton of benefits, such as attracting potential tenants, offering better property selling costs, and even increasing your property rental value.
Besides such cases, if you have an aged rental property in San Diego that shows lackluster, there you need to urgently consider renovating your property to get better ROI, luring your prospective tenants, and renting homes at increased property rental prices.
Here’s our list of tips and design trends that can help you get a better value on your renovated rental property.
Prerequisite for Rentals and Renovations To Increase Property Value
Take a look at the below-mentioned two essential steps that should be taken as prerequisites before performing rentals renovation:
1. Know Your Rental Property Requirements
Evaluating your property’s condition before renovations is the primary task that you must perform in the first place. Consider the below points initially:
Cost Efficiency: Prioritize repairs and upgrades to maximize returns and avoid unnecessary expenses.
Preserving Value: Assessing the property prevents over-renovating, preserving its value.
Tenant Satisfaction: A well-maintained property attracts and retains tenants, enhancing income stability.
➤ Inspection Checklist:
- Electrical: Check the safety and functionality of outlets, switches, and wiring.
- Plumbing: Check for leaks, water pressure, and drainage.
- Interior: Consider paint, flooring, and fixtures for a polished look.
- Exterior: Examine the home foundation, walls, and roof for stability.
- HVAC: Test cooling and heating systems for proper operation.
2. Set a Budget
The next step is to set a practical budget. As a rule of thumb, while remodeling your property you should consider going with 10 to 15 percent of the spending of your home’s value depending on your property and the budget.
➤ In order to set a budget consider the following:
- Understanding your renovation project duration and required changes.
- Decide and divide the expenses by allocating funds for materials, labor, and further expenses.
- Research about costs charged based on location and products, compare prices and don’t forget to negotiate with contractors.
- Opt for cost-effective options with high returns.
- Be flexible and reserve an amount for unforeseen expenses, ensuring a smooth process.
3. Determine Target Tenant Demographics
Creating a renter profile is essential as it helps to tailor renovations that suit your target tenant preferences.
➤ To do that you can perform the following:
- Demographic research for identifying target renters like- families, young professionals, or students.
- Perform requirement upgrades by incorporating features like child-friendly family spaces, study areas for students, or sleek modern amenities for young professionals.
- Design and craft renovations aligning with their lifestyle needs and aesthetic tastes.
Tips and Design Trends For Renovating Your Rental Property in 2023
Now let’s take a look at the list of tips and design trends that you can follow to renovate your rental apartment:
1. Timeless Pure White
White is more than the symbol of purity. Try adding white wall lights, white hanging pendant lights, shapes, materials, or fabrics. As these can go with everything, returning to the touch of the seventies.
With the palette of caramel tones, tan browns, and warm taupe tones add white and see the sharp interior rental home renewal on your own.
2. Gold Hues In The Kitchen & Bathrooms
Gold hues are all in the interior designer’s book as top bathroom & kitchen trends in 2023. If you want to add some elegance and class to your kitchen, gold touch is all you need.
Consider it to go with accessories, upgraded hardware, or maybe a gold kitchen appliance or two to upgrade your kitchen part.
3. Art Deco Style For Luxury
Whether you’re on a tight budget or want to make small changes, the art deco style could be your savior. Characterized by stylized forms, sleek geometric patterns, and by the use of man-made materials. This amazing design style is influenced by the 20s and 30s style, fast-forwarding it to 2023.
Try some gold fixtures along with classic pendant lights and wall lights or some geometric pattern wall mirrors on your sitting areas to add a classic look to your space. By adding art deco elements you can easily improve your rental property to make it more timeless for your tenants and gain a better return on your investment.
4. Add Energy-efficient Appliances
Energy-efficient appliances are great add-ons that will save your utility expenses, are environment-friendly, and help reduce greenhouse emissions.
Although replacing your rental property’s older appliances with energy-efficient ones could cost you higher upfront costs. But these addons are worth investing in as they then have longer lives and require less timely services compared to normal appliances.
Refrigerators, dishwashers, and dryers are some of the green appliances you can consider adding to your rental property.
5. Install Hardwood Flooring
If you want a great replacement of carpets, installing hardwood flooring is a great alternative. Wood flooring is easier to clean and prevents stickiness which is commonly found in carpets.
Since many people consider carpets outdated and easy to absorb dust it’s better to go with flooring that is easy to clean and maintain. Also, it’s a better way to cut costs by installing it in low-traffic areas such as the bedroom or the guest room. You can prefer to go with hardwood flooring that includes options such as vinyl, laminate or
Many people consider carpets outdated and dirty and prefer hardwood. Besides if you are looking for the best hardwood alternative flooring then you can simply go with – laminate, vinyl, terrazzo, or bamboo options.
6. Cork Flooring
Cork flooring is an eco-friendly alternative to hardwood. Cork flooring has gained popularity over time and if you’re into this flooring then this could be your great investment.
This flooring comes pricey yet eco-friendly and highly durable which makes it for someone looking for fancy yet long-lasting renovation for irresponsible tenants.
7. Installing Smart Windows/Smart glass
Replacing older windows with smart windows is a great way to save energy when it comes to renovating tenant rental property. These glasses could save you hundreds of dollars, bringing you a great return on investment.
Smart glass such as Electrochromic Glass, Thermochromic Glass, and Suspended-Particle Glass are a few great alternatives to traditional windows. The only thing is these windows come a bit pricey, however, privacy, energy, and convenience are three core elements for which you can consider these.
8. Simple Bathroom Vanity Style
Renovating the bathroom vanity if it’s damaged, outdated, or worn is a must especially when it is about your tenant rental property.
A simple and clean bathroom style is something that attracts anyone. Clean bathroom style is the bathroom vanity trend of 2023 that will surely get you better ROI if you’re planning to give a minimalist pump to your rental property bathroom.
Although, bigger or fancy vanities come a bit expensive, if you want to save a good amount then you can go with small yet simple vanities that are relatively budget-friendly and the best part is you can easily find them in your nearby retail stores or home depot.
9. Smart-Home Technology for Smart Rental Solution
Adding smart home solutions to your rental property is one of the smartest renovations you could even do to your rental units.
Since a growing number of tenants are seeking rental properties that are well-equipped with smart home technology, that includes home cameras, monitors, lights, security door locks, etc. Renovating your home as a smart home will be a profitable investment if you’re planning to give your home a modern update.
Speak with Property Management Professionals For Better Guidance
When in doubt, reach out to the property management experts. There should be no scope for doubt when it comes to renovating your rental property, especially when you need clarification and clarification about your expenses and renovation moves.
As these professionals are experts in handling such projects, they will give you a better insight into what additions and deductions are required for your property.
Conclusion
Attracting new tenants for your rental property requires something more than careful planning, screening, and strong tenant-landlord relationships, i.e. a great secured renovated rental property that comes with all types of modern amenities and delivers you great ROI.
By following above mentioned tips and design trends for rental properties, you can easily attract good tenants, minimize vacancies, and ensure a successful rental experience. Remember, a well-maintained property, correct listings, thorough screening, and clear communication are the key ingredients to finding perfect tenants for your rental property.