Seattle home remodeling tips to increase the rental value
HI AGAIN EVERYBODY, CHRIS TOWN HERE, OWNER OF TOWN CONSTRUCTION AND DEVELOPMENT AND HERE WITH SOME GREAT ideas to help improve your home REMODELING AND increase the rental value.
Remodeling your home always sounds like an exciting prospect. You get to redecorate rooms and add features that weren’t present before. When you remodel, you get to breathe new life and beauty into existing properties. However, it’s not all fun and games. Remodeling requires you to invest time and money. If you are renting out a property, you need to be smart when you invest to see a return on what you have spent. Here are some remodeling tips to increase the rental value of your property.
Make your property stand out in the market:
Looks can be more important than functionality when it comes to remodeling a rental property. The bottom line is simple: if you want to rent the property, it needs to stand out. Add to your home’s curb appeal and make sure that any work you put in will be easily visible. A well-maintained garden and porch lights don’t cost too much but immediately add to the appeal of your property. Use clever lighting to accent features both outdoors and inside your home. Colorful cushions and rugs will grab the attention of visitors but will also stand out in online photos.
Remodel the kitchen and bathroom
People who look at homes they want to rent or buy always focus on the kitchen and bathroom. Realistically, tenants can decorate a bedroom, but they can’t really change a kitchen layout. Remodeling the kitchen is a great way to increase the value of your home. Keep things simple and functional. Have matching appliances and make sure everything works properly. All of the faucets need to be clean and sparkling. When remodeling the bathroom, try to maximize the space and provide storage by using tall cabinets and hanging shelves. Replace drain covers and invest in modern showerheads. Neither of these additions costs much, but they will significantly impact how your bathroom looks.
Add new features
It’s easy to go overboard and add too much. Take things slow and know what to avoid. When remodeling a rental property, you need to remember that you are doing this to increase the rental value. Always think about visibility and the cost-effectiveness of what you are doing. Of course, there are going to be exceptions to any rule. Adding a few features that aren’t present in other rental homes can make yours stand out. Install things like an AC or a dishwasher to improve the life quality of your tenants. When adding features to your home, it’s essential to know what renters want.
Talk to your previous and current renters
To find out what tenants need, it might be a good idea to talk to the people who were renting your property. This can be especially important if you have never lived on the rental property yourself. It’s hard to know what’s missing if you’ve never felt the lack of certain features or amenities. Talk to someone who has. Your previous renters will have an easy time pointing out the weak spots of your home. Ask them for ideas on what they would change around the place. This will give you a sense of how renters are thinking and provide detailed insight into your property. Another idea would be to spend a few nights there and get a feel for the home yourself.
Hire a real estate agent
Hiring an agent might seem obvious since you will probably need someone to advertise your home. However, there are a few more things to consider. Your agent deals with properties for a living and is bound to have tips on what people want. Knowing what’s trending is a great way to stay ahead of the competition. Our advice would be to get an agent even before you are ready to put up a listing for your property. Have a quick consultation before you start remodeling to know what’s missing on the market. Adapt your home to answer the current demand.
While you are remodeling, it is essential to avoid clutter and make as much space as possible. Smaller homes and apartments are especially prone to feeling cramped, so you should try to create tons of space. Your rental property will need to have enough storage space while avoiding a claustrophobic and confined feel. Maximize storage by using vertical solutions. Whenever you can, go for tall instead of wide options. By offering enough storage space, you will also keep the property free from clutter. A sense of spaciousness can be created by open floor designs and having plenty of natural light. Multifunctional areas are a blessing for smaller homes. Have plenty of large surfaces that can be used for different purposes. A big kitchen island is suitable for cooking, dining, and work.
Make your property low maintenance
By adding features that require constant maintenance, you will drive away potential tenants. Instead, you should strive to make your home maintenance-free. We talked about making your home stand out, but features like a koi pond are expensive and require frequent cleaning. Avoid fancy carpets that are expensive and difficult to clean. Laminate flooring is a cheap and easy-to-clean alternative.
Pick the right time to remodel
Most properties get rented or sold in the spring. Thus, winter is a great time to remodel, and there are many advantages to doing the work in the colder months. Make sure the work is going according to schedule, and you’ll put your house on the market come springtime.
Remodeling a rental property is very different from doing work on the home you live in. Your primary focus should be to achieve a return on your invested time and money. To do this, you should follow our remodeling tips to increase the rental value. Low-cost, high-impact renovations are what you should be doing to get the most out of your home. By doing the right kind of work on your property, you will quickly see an increase in interest. It’s high time you plan your budget and get to work!
Meta description: Don’t do unnecessary work on a home you’ll be renting out. Follow our remodeling tips to increase the rental value and get the most out of your investment property.
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