When it comes time to upgrade or renovate your rental property, it can be hard to know exactly which upgrades to take part in and where your money would best be spent. Plus, with the changes you make, you want to be sure they stay within the trends so you will be able to draw in more clientele and applications. People like to see more up-to-date properties because, if they are looking to rent out the home, a house that is clean and nicely upgraded will better stand out and create a higher chance of getting rented out. By keeping your rental property up with the trends, you will be able to create a greater draw to those higher class tenants. To help you better know what to renovate, we’ve put together the following list of ideas for upgrades.  

  • Add a Fresh Coat of Paint

Painting your property is one of the highest returns on investments for any rehab budget, and instantly brightens the property and makes it appear updated and fresh. When looking for a color to buy, we suggest using a more neutral color. Anything such as grey, light brown, white, etc., will look great. Just be sure to use a lighter color to really make the room feel bigger and brighter. Pro-tip: Buying the paint in bulk can save you lots of money. So, if you have multiple properties you are looking to renovate, buy the paint in bulk.  Also, try negotiating the price as well. Lots of times if you open up a company account, you may be able to secure a greater discount.

  •  Install Wood Flooring

Choosing carpet for a rental property is a huge mistake. Carpet is never a good option when it comes to rental properties. It can easily get stained and tends to look more worn after minimal wear and tear. It also tends to need replacement after only five years. Instead, consider using wood-look tile in gathering rooms and high-traffic areas. The wood-look tile is more durable and doesn’t cost as much as traditional hardwood flooring that can easily get scratched or warped. Look for colors in lighter grey or brown as they are the most common flooring of the year. You might also consider adding patterned tile flooring in bathrooms and laundry rooms. 

  • Replace Cabinet Doors

Lots of individuals typically consider replacing their worn-out cabinets entirely, however, you may be able to just replace the cabinet doors. Replacing only the cabinet doors can be a huge saving on your renovation expenses and save you lots of time as well. Try replacing the cabinet doors with high-quality, solid wood doors and add new hinges and knobs. Then you can paint the doors any color you feel is appropriate. Doing this can make a huge difference to any kitchen or bathroom in a home. 

  • Add Backsplashes

Adding a backsplash to your kitchen can add value to the property. They are also both durable and easy to clean. Just be careful with the type of backsplash you end up choosing. Some backsplashes can really date a property. So choosing a more classic look that is more timeless and not necessarily up to trend could be the best way to go. 

  • Upgrade Appliances

If the appliances in your rental property are beginning to see the end of their day, consider upgrading them. While you may have been able to catch some issues the appliances had while doing regular inspections, there comes a time when they really should be replaced. Upgraded appliances makes the property feel more up to date. New appliances increases your chance of drawing in higher quality tenants and helps to rent out properties quicker. Pro-Tip: You can usually find some great deals and discounts on appliances around Black Friday, so assess the current appliances and make plans to buy and replace when the appliances go on sale.

These upgrades can really help breathe new life into your rental property and open up your pool of potential tenants. It’s always a good idea to keep your rental in tip-top shape. If you are looking for a few other ways or ideas to renovate your rental properties or need help with where to start, contact Keyrenter Merrimack Valley today!