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In this article, we will show you 14 renovations and upgrades that can increase the value of your rental property. Most property owners are only focused on maintenance and repairs. They are also not lucky enough to have a property manager who sees beyond that. This error has limited most rental properties from making their maximum returns.
Housing in Alabama is changing. Technology and eco-friendly initiatives are becoming the real deal. And these are some of the things we expect property owners to start looking into.
Renovations and upgrades that increase property value vary depending on the market and neighborhood. However, we have listed some enhancements we have helped our clients carry out that increased their property value.
1. Kitchen Remodel
Kitchen Remodelling can increase the value of your rental property. This is true, especially for a family house type. Updating the kitchen with modern appliances, countertops, cabinets, and fixtures can significantly increase property value. Focus on functionality and aesthetics.
2. Bathroom Renovation
A neat and well-lighted bathroom can add extra value to your property. Modern bathrooms are a major selling point. Consider updating fixtures in your bathroom with the more trending options. Add a new vanity and install a luxurious shower or bathtub.
Simple things like these will enhance the appeal of the property. You can also consider energy-saving heaters as an addition. The more comfortable the bathroom looks the more value it adds to your property.
(Also read; 8 Budget-Friendly Bathroom Decor Ideas to Promote Property Value in your rental property)
3. Energy-Efficient Improvements
Utilities are one of the major concerns for tenants. So, a building with lesser utility costs will appear more appealing. Install energy-efficient windows, HVAC systems, insulation, and LED lighting. This will reduce utility costs for the tenants and add value to the property.
(energy efficient improvement for rental properties)
4. Curb Appeal Enhancements
First impressions matter. Invest in landscaping, and fresh exterior paint, and modernize your entryway. This will attract potential buyers or tenants right from the start. The increase in demand for your property will also cause an increase in the valuation.
Some other landscaping improvements include; lawn maintenance, flower beds, tree planting, and upgrading the house siding. These upgrades can make a difference. We have put together some tips to improving your rental curb appeal.
5. Outdoor Living Spaces
The No 5 on our 14 renovations and upgrades that can increase the value of your rental property is the Outdoor Living Spaces. Alabama's mild climate makes outdoor living spaces desirable. Enhance your property with a deck, patio, or landscaped backyard. This will create additional living and entertaining areas.
6. Enhanced Security Features
One of the core features of a home is security. The safer the house is the more desirable it becomes. Enhance your home with modern security systems. This will increase the confidence of renters.
Examples of security systems to look into are; Security cameras, alarm systems, and sturdy locks. Highlighting these security systems will increase renters' desire and the property's value.
7. Smart Home Technology
Controlling your home from your phone is a luxury people are willing to pay for. Smart home features like thermostats, security systems, and lighting can increase convenience and appeal to luxury renters or buyers. This integration will increase the rental value of your property.
8. Renewable and Eco-Friendly Initiative
One of the biggest trends in the major cities of Alabama is sustainability and green technology. Your property value can skyrocket by adopting renewable energy and sustainable practices.
One such installation that can increase the value of your property is a solar panel. This comes with its initial cost but eventually becomes cheaper in the long run. Yo can learn more here on several eco-friendly and sustainable initiatives you can add to your property upgrade
9. Fresh Paint
The impact of a fresh coat of paint can be so underrated. A fresh coat of paint can work wonders in refreshing the look of your property. Neutral colors will appeal to a broader range of tastes.
(Also read; 100 Bedroom Wall Decor Ideas)
10. Upgraded Fixtures and Hardware
One major spoiler to valuing a home is outdated fittings and hardware. Only a few persons are okay with renting a home with fixtures and hardware similar to that in their parent's house.
Make sure to replace outdated light fixtures, door handles, and faucets. Install modern and stylish options to enhance the overall aesthetic of your property. This will increase your bargaining power.
11. Structural Repairs
Cracks appear when a building is getting older. Door locks and other fittings also wear out as a property is aging. These are the results of wear and tear. These are things you should look out for and fix regularly to maintain the value of your property. You can learn more on the importance of regular property maintenance and repairs.
12. Improved Storage Solutions
Ample storage space is always a plus. Add built-in shelving, closet organizers, or extra storage areas to maximize functionality and appeal.
13. Flooring Upgrades
The Alabama flooring trend has completely moved to hardwood flooring. Replace outdated flooring with hardwood, laminate, or tile to give your property a modern look and feel. Durable and low-maintenance flooring options are desirable to tenants and buyers.
14. Outdoor Living Spaces
Lastly of the 14 renovations and upgrades that can increase the value of your rental property is the outdoor living spaces. Adding a deck, patio, or outdoor kitchen can increase the property's appeal. This is true especially in Alabama's climate where outdoor living is popular.
(Also read; 10 Real Estate Asset Management Best Practices for Landlords)
Conclusion
There are more renovations and upgrades that you can do to increase the value of your rental properties. However, these are the ones we have found to have a greater effect on our clients' properties. Feel free to contact us for more information or to inquire about your rental property. We are happy to help.
