Renovations are great to not only attract high-quality tenants and long-term leases but also help increase the overall value of your property.
If your property is a fixer-upper, we’ve got some tried and tested renovation tips for landlords that will surely be worth your while.
Read on to learn some tips and tricks you can incorporate in your next renovation!
Specify tenant alterations in your lease agreement
Before anything else, make it clear between you and your tenant what they can and can’t alter in their apartment. Ensure that this is agreed upon by both parties and clearly stated in your lease.
Aside from what can and can’t be changed, indicate what needs prior consultation with you. This is to ensure that the property is altered according to your specifications and limitations.
Also, indicate whether they’re required to revert any changes they’ve made and return the rental space back to its original condition.
If ever their changes are irreversible or require extensive refurbishing, you can always use their security deposit to take care of that.
Be a proactive
Try to make it a habit to do property checks every few months. This is a proactive way to keep an eye on the condition of your property before things get too out of hand.
Though the first two tips may not be part of the actual renovation process per se, but they’re crucial preventive measures.
This’ll let your tenants know that you have a standard set for your property and that you actively care for it. This may even encourage your tenants to be proactive, too.
Invest in durability, practicality, and style
Remember, first impressions matter. Aside from showing them a clean space, show them that you invest in high-quality materials, too.
In comparison to you, the owner, some tenants aren’t as diligent when it comes to taking care of things. Hence, if it’s cheap, it’ll most likely get destroyed within the next few weeks.
If your space looks unattractive, they most likely won’t bother touring the rest of the property. So, you have to hook them in from the first moment they lay their eyes on your property.
There are certain furniture and fixtures that give your place an instant facelift. This includes beautiful fixtures, bright lighting, inviting colors, and so on.
If you’re having trouble choosing how to make everything work well together, you can call an interior designer to help you out.
Give extra love to the kitchen
One of the first things that tenants take a look at is the kitchen. Particularly, they check they check the overall condition and style.
Splurging a bit on updated hardware and newer appliances will definitely increase your property’s value. On top of that, they add to the overall desirability of your place, too.
Even if you try to slack off on this one, the styles of outdated kitchens are pretty obvious. So, you won’t be able to get away with this one.
Pay attention to the bathroom
Aside from the kitchen, an outdated bathroom is a dealbreaker for some tenants. It’s also easy to spot a bathroom that needs a facelift, too.
Bathrooms usually need the most attention, too. There could be mold, leaks, rusty pipes, and other repairs that need immediate attention.
A clean bathroom is also a desirable one. No one wants to touch slimy and gross faucets, right?
Though it may be a splurge, having shiny new faucets will definitely attract new tenants and keep old ones satisfied with the attention you’re giving to the property.
And that concludes our tried and tested renovation tips for landlords that you should include in your next property remodeling.
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