{"id":27757,"date":"2022-07-21T10:21:59","date_gmt":"2022-07-21T10:21:59","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=27757"},"modified":"2022-07-21T10:22:01","modified_gmt":"2022-07-21T10:22:01","slug":"5-important-renovations-for-your-rental-property","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/5-important-renovations-for-your-rental-property\/","title":{"rendered":"5 Important Renovations for Your Rental Property"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n\n<p><span style=\"font-weight: 400;\">If you own <a href=\"https:\/\/www.thehouseshop.com\/property-to-rent\" title=\"rental properties\">rental properties<\/a>, ensuring that the units are in good condition and attractive to renters is the only way to increase your ROI. Renovating rental units increases property value, minimizes repair requests, encourages long-term stays, and makes them outstanding. Unfortunately, unlike<\/span><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/what-house-upgrades-to-do-first-when-renovating\/\"> <span style=\"font-weight: 400;\">home renovations<\/span><\/a><span style=\"font-weight: 400;\">, renovating rental property requires some additional considerations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Apart from deciding if you should renovate the rental units, you should also identify the crucial areas to renovate. You should also ensure that you are renovating the units for the right reasons. Below are five essential renovations you should prioritize in your rental property.<\/span><\/p>\n<h2><b>1.<\/b><span style=\"font-weight: 400;\">\u00a0 <\/span> <b>Upgrade the HVAC<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Upgrading your property\u2019s HVAC units is beneficial for you and the tenants. Even though you should be conscious of any money spent on rental units, upgrading heating and cooling systems is better than dealing with major problems later. HVACs are complicated and technical, so hiring professional<\/span><a href=\"https:\/\/thomasgalbraith.com\/\"><span style=\"font-weight: 400;\"> heating and cooling Cincinnati<\/span><\/a><span style=\"font-weight: 400;\"> company is essential. Below are a few reasons you should make HVAC upgrades:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u00b7<\/span><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><b>Rent Out Units Faster<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Modern tenants are getting smarter and evaluating rental units before moving in. Unlike before, most tenants currently request to see utility bills incurred by the previous tenant before signing the tenancy contract. Upgrading your commercial property HVAC unit significantly reduces utility bills and improves indoor air quality. HVACs are also an additional marketing tool that attracts more renters.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u00b7<\/span><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><b>Saves on Repair Costs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Ageing HVACs undoubtedly require frequent repairs. Unfortunately, tenants won\u2019t be willing to deal with heating and cooling systems that break down frequently, and you\u2019d have to cater to the costs of emergency maintenance and repairs. New systems can\u2019t easily break down, saving on the costs of having them fixed frequently over the year.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u00b7<\/span><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 <\/span><b>Increases Potential for Profit<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Like any other business, you should improve the bottom line of your rental property. While upgrading or installing new HVAC units is costly, it eliminates repair and lowers utility bills. That aside, you can charge premiums on your apartments because of these benefits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tenants will appreciate that you are saving their utility costs and improving their indoor air quality. If you install energy-efficient systems, you can market these rental units as green alternatives, which allow you to charge premiums.<\/span><\/p>\n<h2><b>2.<\/b><span style=\"font-weight: 400;\">\u00a0 <\/span> <b>Renovate the Kitchen<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The kitchen space is essential to all tenants because of obvious reasons. However, you shouldn\u2019t spend a lot improving the condition of your kitchen. The main goal of<\/span><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/how-to-remodel-your-kitchen\/\"> <span style=\"font-weight: 400;\">kitchen renovations<\/span><\/a><span style=\"font-weight: 400;\"> is to increase the functionality of this space. You shouldn\u2019t necessarily install high-end products. Simple changes, such as matching the finishes of refrigerators, microwaves, the oven, and the dishwasher, can make a huge difference.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Below are a few fixes that can improve the outlook of your kitchen:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Appliances \u2013 invest in quality, modern kitchen appliances<\/span><span style=\"font-weight: 400;\"><br \/><br \/><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cabinets \u2013 instead of installing new cabinets, paint or change the handles of the existing cabinets.<\/span><span style=\"font-weight: 400;\"><br \/><br \/><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Countertops \u2013 granite, limestone, quartz, and marble countertops can improve the appearance of your rental property\u2019s kitchen.<\/span><\/li>\n<\/ul>\n<h2><b>3.<\/b><span style=\"font-weight: 400;\">\u00a0 <\/span> <b>Update the Buildings\u2019 Curb Appeal<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Like your home, tenants will judge and make an impression of your rental units using their external appearance. Most tenants won\u2019t agree to move into an apartment that appears unkempt. Simple procedures like landscaping the front lawn and repainting or replacing the front door can improve your property\u2019s appearance. Other maintenance tasks to<\/span><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/top-tips-for-curb-appeal\/\"> <span style=\"font-weight: 400;\">improve curb appeal<\/span><\/a><span style=\"font-weight: 400;\"> include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Paint the exterior walls, siding, and roof<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Plant new grass<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Add a small garden<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Trim overgrown trees and shrubs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Install planters in walkways<\/span><\/li>\n<\/ul>\n<h2><b>4.<\/b><span style=\"font-weight: 400;\">\u00a0 <\/span> <b>Remodel the Bathroom<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Like the kitchen, most renters also look for and prefer updated bathroom designs. At the very least, some simple bathroom improvements include installing a new shower head, updating the cabinet hardware, changing the faucet, and replacing the entire toilet or toilet seat.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your rental units have small bathrooms, you should explore various ideas to maximize storage space. This gives tenants the much-needed functional space. High-value bathroom renovations include replacing the bathtub with a walk-in shower, installing shelves, and using a pocket door.<\/span><\/p>\n<h2><b>5.<\/b><span style=\"font-weight: 400;\">\u00a0 <\/span> <b>Install Popular Amenities<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">You should also consider making installations that differentiate your property from other rental units available during remodelling. Outlined below are a few valuable amenities that will attract more tenants and improve the value of your rental units:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Additional storage space \u2013 Tenants prefer rental units with a lot of functionality<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Outdoor living spaces \u2013 A patio or a balcony provides ample space for tenants to spend more time outdoors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fenced yards \u2013 This is specifically attractive for tenants with pets. The cost of constructing a fence is worth it<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Off-street parking \u2013 If your rental units are in a busy area, a carport or driveway makes a lot of sense. You should also consider covered parking for snowy climates.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Washer and dryer \u2013<\/span><a href=\"https:\/\/www.nmhc.org\/news\/press-release\/2017-nmhc-kingsley-renter-preferences-report-reveals-impact-of-online-reviews-and-short-term-rentals-on-leasing-decisions\/\"> <span style=\"font-weight: 400;\">77% of tenants<\/span><\/a><span style=\"font-weight: 400;\"> won\u2019t lease a unit without a functional washer and dryer<\/span><\/li>\n<\/ul>\n<h2><b>Endnote<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Landlords unanimously hate when there are vacancies in their rental apartments. Acquiring and keeping tenants is important for landlords to earn income. However, rental units should be attractive, functional, and comfortable to achieve this. Renovating your rental unit can spruce up this space for your tenants.<\/span><\/p>\n<h6><span style=\"color: #999999;\">Ref: THSI-291 |ZD. 25747<\/span><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>If you own rental properties, ensuring that the units are in good condition and attractive to renters is the only way to increase your ROI. Renovating rental units increases property value, minimizes repair requests, encourages long-term stays, and makes them<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/5-important-renovations-for-your-rental-property\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":45,"featured_media":27758,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[1],"tags":[],"wl_entity_type":[602],"modified_by":"Editor","_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2022\/07\/building-exterior-sun-garden.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/-27757","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/27757"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=27757"}],"version-history":[{"count":1,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/27757\/revisions"}],"predecessor-version":[{"id":27759,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/27757\/revisions\/27759"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/27758"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=27757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=27757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=27757"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=27757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}