The question of whether to remodel rental property is easier to answer when you know which projects will bring the best return on your investment. Although the money you spend cuts into your profit, using it on the right renovations can actually make you more money in the long run. With minimal expense, you can make your property more attractive to renters and increase the value of your rental management in Arvada portfolio.
1. Add more closet space.
No one has ever said, “I have too much storage space.” No one. Everyone needs a place to store their stuff. This doesn’t mean you have to install walk-in closets in every room, but it won’t hurt to expand the existing storage even if it means giving up some square footage in a spare room. If you can’t add closets, look for ways to make the available storage more accessible. You may add sliding shelves, organization units, rods and hooks to reach previously unused space in the corners and toward the ceiling.
2. Replace the carpet.
Carpet is a great floor covering. It’s affordable, easy to install and feels good under your feet when the temperatures drop. However, it can be a problem in a rental. Carpet can aggravate allergies in sensitive individuals or become so stained and worn that you have to replace it—even if you have it professionally cleaned between tenants. Consider a more hypoallergenic floor covering like ceramic tile, laminate or wood. These floorings are durable, attractive and easy to clean.
3. Update the kitchen.
It’s easy to spend more money on a kitchen remodel than you’ll ever be able to recoup. Fortunately, a complete kitchen makeover usually doesn’t make sense for a rental property unless it doesn’t meet code requirements. Instead, spruce up this room with a fresh coat of paint and new backsplash. At the very least, replace the existing hardware and faucet with something a bit more modern. If the budget allows, consider resurfacing the cabinets or replacing the countertops to give them a new look.
4. Replace drafty windows.
Drafty windows are a nuisance for property owners and tenants. They let in street noise and make it difficult to maintain a comfortable temperature inside the home. As a property owner, you may not see an immediate benefit to this renovation, but it’s a simple way to boost the property’s marketability. A less drafty home helps tenants save on heating and cooling costs. This also helps you in the future if you decide to sell the property. Buyers will appreciate not having to replace all the windows after closing.
If it’s time to renovate your rental property, it may be time to evaluate the system you’re using to manage it. The professionals at Woodruff Property Management understand what it takes to be successful in rental management in Arvada and the rest of the Greater Denver area. Call today to speak to one of our representatives about how we can help you.