A rental property can be a great income stream under the right circumstances. To demand a higher monthly rent, however, you may be looking at remodeling your rental property. This guide will tell you where to spend your money to command premium rent. If possible, look at some other properties around yours to see what they are charging for rent. A lot of the time, you can see photos of the interiors to see how modern it is. You want to check out three key areas: the kitchen, the bathroom, and the flooring.
Everyone wants a beautiful kitchen. However, in a rental property, you must be economical. Therefore, your best course of action is to update the countertop and backsplash. You want to do this for two reasons. First, depending on your property’s area, granite or quartz countertops instantly make any kitchen look more modern. Second, adding a neutral backsplash will protect the wall behind the stove and help you avoid having to repaint that area when your tenants move out.
Aside from the countertop and backsplash, take a look at the cabinets. If your cabinets are cheap and falling, you may have no choice but to replace them. Cabinets that are solid but perhaps an ugly color can be refaced instead. Refacing involves replacing the doors and drawers and covering the cabinet boxes in a veneer. Refaced cabinets look brand new but come at around half the cost of new cabinets.
The bathroom is the most used room in an entire house. The area you want to look at first in the bathroom is the tub surround. Replacing the tile can instantly give a bathtub a needed facelift. In addition, the tub might be in good enough shape to refinish rather than replace. If the tub is beyond saving, however, replace it with an acrylic tub rather than porcelain. Acrylic tubs last forever and won’t chip or scratch like porcelain tubs.
What’s the storage situation? Some rental properties have a linen closet, but many do not. Consider replacing a pedestal sink with a vanity or adding some shelving. In addition, be sure there is enough ventilation to prevent the build-up of mold.
The floors in rental apartments are essential for more than simply their look. Unfortunately, flooring takes a beating, especially in rental properties. As a result, many landlords will decide to install carpet in most units and put tile in the kitchen and bathroom. Carpeting is a good option, but it needs to be replaced every few years and maintained through vacuuming and shampooing. A more maintenance-free option would be luxury vinyl plank (LVP) or going with tile throughout. LVP can be pricier but will last forever, while tile has the risk of cracking.
Remodeling a rental property can be a great option to bring in premium rent prices. Start by looking at some of the other units for rent in your area to gauge what to expect. For example, the kitchen countertops and bathroom surround is an excellent place to start your renovation because they offer the most bang for your buck. Next, replace or reface the kitchen cabinets. After that, add storage in the bathroom if it is practical, and decide what you want to do about the flooring.
Envy Home Services is a premier home remodeler for the Chicagoland Area. We offer kitchen and bathroom remodeling, as well as sunroom additions. We cover areas such as Arlington Heights, Palatine, Mount Prospect, Barrington, and Crystal Lake.