Tips for remodeling a rental property

Have you been renting a property for the same rate for what seems like a very long time? What if we told you that the rate could go much higher with a few simple steps on your part (and maybe a couple of the more complicated ones)?

Remodeling a rental property is about as sound of an investment as you can make – the property’s already making you money, so you don’t have to fear a lack of ROI. The only outcome is you earning even more once the place becomes more appealing to the eye – here are some tips to do it.

 Tips For Remodeling

  • Hire an interior decorator. None of that Feng Shui stuff – the positive effect a talented interior decorator can have on a property is staggering. Even if you think you have everything set up nicely, you better believe that a pro could prove you wrong and surprise you with just a few modifications to the layout and the color scheme.
  • Invest in some new furniture. Easy to say, right? You don’t need to empty your pockets for this to work out. For starters, you’ll want to check every piece of furniture for issues – tenants hate living in broken or squeaky beds, and they absolutely loathe having an armchair they can’t sit on because it would collapse unto itself. With each day spent in such an environment, your tenants will be more inclined to look for better rental alternatives and are sure to jump to the first one they see. Prevent this by giving them an attractive and functional living environment. No need for an expensive set of leather furniture and glass tables – fully functional and cozy does the trick just fine.
  • Consider an alternative flooring option. Carpets are nice and all, but they can be difficult to clean and stain easily, making them less-than-ideal for rented property, especially when having multiple tenants. Use pricey carpets and you risk having them ruined by one too many parties. Use inexpensive carpets and you’ll give the whole place a cheap look and maybe even make it seem as if you’re hiding some flooring mishap. Instead, consider adding some tiles to improve the floor’s appearance and durability – tiles look great and are very easy to clean, making them ideal for tenants of all sorts. The trick with tiles is to not overdo it – while they can go on any floor, you don’t want a whole home covered in them. Bathrooms, kitchens, hallways, utility rooms – all of these can make great use of some good-looking tiles.
  • Add some entertainment and leisure objects for your tenants. Don’t give your tenants an empty room and ask them to fill it. How about a flat-screen TV in the living room that will allow them to relax better, or fancy lighting that will make evenings more pleasant and encourage social gatherings? These types of additions are small, but can mean a world of difference when looking to rent your property to someone and keep them as your tenant for a long while.