You’ve made the plunge into the rental market and all has been well for the last few years. But as of late, you’ve begun to wonder if you should renovate your property. It could and probably will help draw in new tenants and you could make more money in rent with the added amenities. If you’re on the fence about renovating your rental home, here are some tips to help you make a decision and get it right.
Make a Conscious Decision
As any renovation will cost you money, a good plan will ensure you evaluate the job from all angles. What are you capable of doing yourself and what will you need to pay others to do? Plus, there’s always the idea of doing too much and digging too big of a hole for yourself. Be sure to take all aspects of your potential renovation job into account as you’ll want to know where each and every cent is spent, so you can recoup that capital down the line. In the end, you’re updating your rental property in order to make more money, not lose it.
An Outdoor Update to Bring in the Money
Having a stunning indoor kitchen is an amazing prospect, but imagine how an outdoor kitchen will look. So the question is, should you do it? Should you aim your renovation outside in a kitchen? If you have space and the desire is there, then why not? There are so many reasons why you should invest your capital in an outdoor kitchen. Mainly because it will grab anyone’s attention right off the bat and you can gain from it.
Your future tenants will simply love the ability to entertain friends and family members outdoors when the weather’s nice. Be sure to weigh your options as there are many available styles of outdoor kitchen cabinets and appliances you can install. Take your time and make it a great space that will be loved by all.
Add Charm and Style to the Washroom
Another place to update in a rental home is the bathroom. Adding new fixtures and cabinetry can really transform the room, taking it from a drab humdrum room to a glorious space oozing peaceful vibes. You can really input a load of character into a bathroom. Varying color combinations and coordinating tub or shower options can create an eye-popping experience. So experiment with design ideas and see what works best for your space. Having a solid plan in place will help you hash out all of the specifics when the time comes.
Personal In-Home Retreat
If you’re a sports or movie fanatic, then the best has been saved for last. One way you can really boost your rental appeal is with a personal in-home retreat in the form of a multimedia room. Just imagine a space that will catch the eye of a movie buff and have them salivating at the opportunity to enjoy their favorite films in this room. Or, maybe your future tenant is a big sports fan and being able to watch live events on the big screen with friends and family around can be your selling point. Updating a room in your home to be a multimedia entertainment center is a great option for owners that have most of the other bases on this list covered. So why not splurge a little? Great entertainment space in any home is worth its weight in gold to the right person.
Renovations can be low-key or drastic, depending on your budget and how much you want to improve a space. Just make sure you keep functionality in mind as well as aesthetics. Also bear in mind the area the home is located, because you may not be able to recoup all costs if the locale doesn’t command it.