For property owners, making carefully calculated property renovations is one of the surest ways to increase your property value and monthly revenue. Of course, we all know the most obvious places to put our renovation dollars: the biggest returns on your investment are found in kitchen and bathroom remodels.
But where do you go from there?
For real estate investors, it’s important to remember that tenants aren’t like homeowners. They put value in different things because they aren’t usually planning a permanent stay. Your property isn’t their forever home.
They’re going to be less concerned with some things and more concerned with others because of that.
When it comes to renovations, if you’ve already taken care of the kitchen and the bathrooms, where else should you focus your attention? What’s going to help you attract and retain tenants? You might be surprised on how these often-overlooked details make an impact.
5 Overlooked Renovations That Matter
The driveway is the literal introduction to your property. It’s the first point of contact. Is it broken and cracked? Here’s the thing about driveways in general: they need to be in good condition. Not only does that first impression really matter, but a broken and cracked driveway can be a major safety hazard. People can easily trip over it, and children who are running and playing outdoors and the elderly can especially be put in harm’s way.
Even if the driveway is gravel, ensure that it’s not worn thin or spread out with years of use.
It’s possible to get creative here: you can make the driveway patterned, use brick, different stone, shell, or even recycled materials to give your property some personality. Either way, a nice driveway sets the stage for your tenants and, as always, safety should be a priority.
Floors are probably the least overlooked on this list, but they’re more put off in terms of actually renovating. We’d rather trying to buff, deep clean, and salvage them before actually renovating and replacing (and for good reason—it can be costly). Floors, however, are extremely important. If your property is stuck with ugly laminate tiles or dingy old carpet, please. Bite the bullet and replace them.
It will be so much easier on you to just rid of it. Not only will a wood (or wood alternative) flooring appeal to tenants, it will be much easier to clean than carpet. The property will show better, which will likely reduce vacancy time, and everything will just feel newer and cleaner...because it is.
Related Article: 3 Tips For Maximizing Investment Property Revenue
A little crown molding and trim can go a long way. If you’re looking to upgrade your property overall, consider the details that make the entire house a little more luxurious. They make all the difference in the world in making the property feel and look more expensive.
The same can be said for exterior trim. If you want to further upgrade your property, look to these little design features, both inside and outside. They boost your resale value and increase aesthetic appeal for your tenants.
The Windows and Doors
Windows and doors are crucial. Unless you live in the property, you probably wouldn’t notice a drafty window or a weak, light door. If you want to increase your property values and appeal, look to installing sturdier doors, both interior and exterior. Maybe they’re more than plain, too. Think about a fun color on the exterior!
For windows, consider energy efficiency. While your tenants may not notice a visible, aesthetic difference in the windows themselves, they’ll notice when they don’t have to constantly adjust the thermostat, or when they don’t have to contend with a draft during the winter. You’ll also reap the benefits of a smaller energy bill at the end of the month.
The inside of your investment property might be stunning, but does the outside tell the same story? It can be costly to update the exterior, there are ways to update and refresh the outside of your property to make it look fresh and new. Paint, updated fixtures, and new doors, for example, can all help.
Don’t neglect upkeep on the outside. Like the driveway, the exterior is your home’s first impression. While there will be some things you can’t change about it, you can make it the best version of itself with paint and careful upkeep.
The Value in Good Renovations
Curb appeal and renovations powerful tools in attracting and retaining tenants. As real estate investors, keeping vacancies reduced is one of the best strategies for keeping our cash flow steady. Done right, the investment is well worth it.
Making renovation decisions is never easy. The wrong contractor can turn your timeline into a disaster and your project into a money sink!
When you buy turnkey real estate with Memphis Invest, we guide you through renovating budgeting and scheduling, ensuring that the process is done efficiently and on time. Memphis Invest is all about doing the heavy lifting for you, every step of the way, from property acquisition to property management.
And the best part?
You can get started right now.
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