A lot of Birmingham rental property owners groan at the idea of making renovations because it means spending some of the money you’ve earned on your investment. While you will have to put a few dollars into the renovations we’re talking about today, remember that not every update and upgrade has to burst your budget. There are plenty of cost-effective things you can do that will increase your property’s rental value and maximize your rental income.
Remember that you’re renovating an investment property, not the home you’re living in. You might have some pretty specific things that you like to see when you’re in the middle of a renovation. High end granite in the kitchen or bamboo floors in the living room are nice for the house you’re living in, but your Birmingham rental properties don’t need that kind of investment.
Pay attention to the minor adjustments that can be made. They’ll cost the least and still have the largest impact.
Start with Repairs and Replacements
The most obvious renovations are those that are necessary. Make any repairs that are needed and replace anything that’s old, deteriorating, or simply unattractive. Instead of fixing the refrigerator for the third time in six months, why not replace it with a new, energy-efficient refrigerator? Tenants will appreciate it and your entire kitchen will get an immediate cosmetic boost. Matching all of your appliances is even better.
Look for any work that may be needed with your electrical systems, plumbing, or HVAC system. Check the roof and the landscaping. It’s the easiest place to start your renovations, and well-maintained homes always rent faster and for more money.
Tenants Care about Kitchens and Bathrooms
Your tenants are going to spend the majority of their time at home in the kitchen. Sure, they’ll need to sleep and watch television and do their video gaming, but the kitchen is where they’ll gather, cook, prepare for their days, and eat. The bathroom also needs to be a source of comfort as it’s the hub of self-care.
Take this into consideration when you’re deciding which rooms in your rental home to update and upgrade. Good lighting is important, water-resistant flooring is a must, and even shiny and new hardware details like faucets, drawer pulls, and knobs will have an impact. These aren’t expensive items on your renovation list.
Let There be Light
Do not underestimate the power of good lighting, both inside the home and outside. On the exterior, good lighting is a safety feature. You’ll want your tenants to feel secure walking from their car to the front door. Consider installing motion lights on garages and in the back.
A bright, well-lit home will show better and attract higher rental values. Paint your walls and ceilings, clean your windows and install better window treatments. Accent lighting can be installed so that overhead lights aren’t the only option when it’s time to turn on the lights.
Consider Hard Surface Flooring
Many rental homes have carpet, and it’s rarely the best carpet. Instead of cleaning and replacing carpet year after year, consider tearing it up and installing hard surface flooring instead. You don’t have to put down ceramic tile or hardwoods; you can find some affordable laminate or even vinyl to make the kitchen, dining areas, and living room look clean, modern, and bright. Tenants will appreciate the flooring upgrade because it’s easier to clean and maintain than carpet, especially if there are children or pets in the home.
These are just a few of the cost-effective renovations you can make to increase the value of your Birmingham rental property. For additional advice or any help at all, contact us at Decas Group.