Renovations help improve the appearance and functionality of a property, all which can help attract tenants and influence current tenants to stay longer. Renovations can also increase the value of a property.
However, renovations can be quite costly and therefore you should ensure that you get maximum return on such an investment in your rental property. A way to guarantee that your renovations increase value for your property is through understanding the needs of your tenants.
As a reputable property company, known for its expert property management services in Winnipeg, Manitoba, Pillar Property Management will go over some common needs and expectations from tenants regarding residential property.
Repainting is one of the common renovation ideas that works wonders for any property. A space with old and chipping paint is unattractive and could be a deal breaker for any tenant. To avoid this, ensure that your space is always repainted once a tenant has moved out. You will be surprised at the drastic change a fresh cover of paint can do to any space.
When repainting, it is safer to stick to neutral colors as they easily blend with other colors and have an appeal to most people Avoid bright and loud colors as they may be off putting to some. Also ensure that the painting job is done by a professional to avoid bumps and uneven lines on the wall.
Repainting is a low cost way to transform spaces and make them seem more appealing.
2. Update Curb Appeal
Curb appeal is what makes a space stand out or unique from other spaces in the neighborhood. You remember the old adage on first impressions? The great news is that to enhance the appeal of your space does not have to cost you money. It often involves maintaining the look of the property in a neat and tidy manner.
Ways to ensure that your property and the garden is always inviting could include: planting some flowers in the garden, trimming the fence and mowing the grass. You can even set up a postcard box or a comfort area that has a shade, seats, and a table.
3. Install A/C
The Canadian weather can be unforgiving at times and therefore having an air conditioner is an essential amenity to any property. Actually, having an air conditioner is considered a basic standard and most tenants look for air conditioners when searching for rental spaces to occupy.
It is therefore important that you have a functional air conditioner in your units. Have a technician inspect the air conditioner every once in a while to prevent it from breaking down.
4. Update Appliances
When making decisions on renovations ideas, you can also add attractive amenities such as modern appliances to your space. Such appliances include dishwashers and washing machines, among others. These appliances are a great addition to your space as they are attractive to tenants and also increase the rental value of the spaces.
However, making such an addition may be costly and it’s therefore prudent to have a budget and various professional advice while undertaking this project. You want to make sure you stick to good brands and aren't incurring any profit losses.
5. Upgrade the Kitchen
Another idea when renovating your space is modernizing the kitchen. The kitchen area has become a popular checklist over the past year. Since the beginning of the Covid 19 virus and the restrictions on restaurants, most people prepare their meals from home.
This explains the sudden interest in the kitchen space. In the current market, tenants appreciate kitchen spaces with convenient amenities. A way to improve the kitchen space would be the replacement of faulty taps and sinks, installation of new counter tops, kitchen cabinets or even changing the design of the kitchen to give it a modern feel.
If the appliances are in good condition and have no visible damage just ensure that the space is clean.
6. Replace Furniture
We know that there are landlords operating in the furnished apartment niche. For such property owners, the condition of the furniture is one that should not be compromised. If the furniture is looking a bit ragged, consider visiting your nearest outlet and making an investment.
Alternatively, you can polish up the existing furniture that is slightly worn out. In addition, always check for worn out appliances and furniture before showing the property to tenants.
7. Refurbish Floors
It is recommended that you check on the condition of your floors after a tenant is moved out. Depending on the footfall and type of tenant, you might have to deal with stains, pet scratch marks, and other destruction to your floors.
How to go about refurbishing the floors depends on the type of flooring in the spaces. Tiles and wooden floors have different care requirements, so it is important to refurbish according to your specific floor type.
8. Stick to Modern Design
Spice up your rental and appeal to modern tastes by redesigning the space. You can follow the latest trends in properties such as large windows, open kitchens and bathroom shower screens. You can also engage the team at Pillar Property Management to help you change the layout of your property. Having a modern look to your property will make it more attractive to potential tenants.
9. Renovate the Bathrooms
The bathroom is also an area that would be greatly transformed once renovated. Some ideas that can be used in bathroom renovations include retiling, addition of storage units, and replacing fixtures.
The Bottom Line
Renovations are a great way to rejuvenate your property. By renovating your property, you can greatly improve the value of your property to tenants and investors. However, you should always ensure that your property is well maintained as it will greatly reduce the need for constant renovations and repairs.
Before venturing into any renovation program, it is also best to plan ahead and budget for the project. The tips above are just a few of the many ways you can renovate your space to make it more attractive to potential tenants. For more information regarding real estate management, please reach out to Pillar Property Management for professional and sound advice.