A very important skill for landlords to master, is knowing how to attract and retain tenants. One way of doing this is ensuring that your rental property stands out from the competition in regard to its attractiveness and functionality.
But a successful investor knows there are a variety of things you could do to spruce up the appeal of your property. Which is why we at Evolve Nevada have put together the following 7 best renovations that are guaranteed to increase the value of your Nevada rental property.
Update the Kitchen
Updating the kitchen is a surefire way to get a great return on investment. After all, the kitchen is the heart of any home. If the kitchen looks outdated, it may prompt some prospects look for better alternatives. On the other hand, if it looks new, you’ll have an easier time renting it out.
If you’re working on a tight budget, then there are a couple of inexpensive yet impactful improvements you can make. Such as installing a pair of pendant lights or floating shelves. Also, you could give your cabinets a fresh coat of paint. Finally, a new dishwasher or a stove could also help, too.
Remodel the Bathrooms
Another renovation that is sure to boost your property’s value is the bathroom. Quality tenants want bathrooms that are fitted with new fixtures, practical mirrors, and modern vanities. Other high-value renovations you could make include:
- Installing shelves to add more space.
- Converting the bathtub into a walk-in shower.
- Installing a barn door.
But if you’re working on a tight budget, then you may want to consider simple bathroom improvements, such as:
- Adding a new shower head.
- Replacing the toilet seat.
- Painting the walls.
- Re-glazing the bathtub.
- Installing a new vanity.
- Replacing light fixtures.
Improve the Curb Appeal
First impressions are incredibly important when it comes to renting out a property. So, if your property is lacking in curb appeal, then a prospect may not have the motivation to look inside.
On the other hand, if your property has an alluring exterior, a prospect will want to see what the inside has to offer. This will maximize your chances of landing a quality tenant.
Landscaping the front lawn is a great way to spruce up a home’s curb appeal. You could do things like plant new grass, trim back shrubs, and add a small low maintenance garden. But even as you do so, make sure not to go too far, you don’t want to force undue maintenance on your tenants.
Other things you could do to renovate your rental property’s curb appeal include the following.
- Update the lighting.
- Replace the mailbox.
- Clean and pressure wash the concrete areas.
- Paint the front door.
Install a Hardwood Floors
Considering carpeting the floor is relatively inexpensive, it is high maintenance and traps odors over time. So, hardwood remains one of the most popular materials for its aesthetic appeal and easy maintenance.
According to Bobvila.com, installing hardwood flooring averages between $6 and $12 per square foot. For a budget-friendly option, you may consider installing luxury vinyl flooring.
Repaint the Walls
Go round the property, both on the inside and outside and examine the condition of the paint. Has it peeled or looks faded, streaked or dingy? If it does, it may be time to replace it.
In such a case, consider neutral colors such as beige, grey, and white. You may also want to offer to paint the walls a color that a prospect chooses. This will help personalize the space to their tastes, improving their comfort levels.
Use an Open Floor Plan
Do you have the budget to give your home a serious overhaul?
If you do, then creating an open floor plan can be a great idea to give your Nevada rental property an inviting feel. Open concepts are popular with tenants as they a space feel larger and brighter.
Please note, that turning your property into one with an open plan can be a difficult process. So, if you need to knock down any walls or change any socket positions, its best to contact a professional.
Install New Amenities
Installing new amenities can be a great way to set your rental property apart from others. In addition to making it attractive to prospects, it could also give you an opportunity to increase the rent amount.
The following are some options you could consider in this regard.
- Dishwasher. Anything that adds convenience to a tenant’s life will help make a unit desirable.
- Washer and dryer in-unit. A study found that about 77 percent of tenants would not consider renting a unit that doesn’t have an in unit washer and dryer.
- Fenced-in yard for pets.
Other amenities you may want to provide your tenant with include outdoor living areas, air conditioning, and off-street parking.
Bottom Line
There you have it, the best renovations for your rental property. These will help you get the most out of your Nevada rental property. Set a budget aside and hit the ground running.
For expert help, Evolve Nevada can help. We’re a full-service property management company in Northern Nevada, specializing in helping property owners realize their investment goals.
