Renovating a rental property is good for your rental value, your property value, and your ability to attract and retain high quality tenants.
It doesn’t have to be expensive.
While the cost of labor, supplies, and materials has definitely gone up, you can still be selective about the improvements and upgrades you make, ensuring that you’re not overcapitalizing but still adding value to your investment.
It all starts with a clear plan. Are you making structural improvements or simply adding to your cosmetic appeal? Assess your property's current condition and decide on the renovations that will yield the highest return on investment (ROI). Focus on upgrades that are known to appeal to tenants, such as a modern kitchen, updated bathrooms, or enhanced curb appeal.
Here are our best property renovation tips for your
Arlington rental property.
Always Choose Kitchen and Bathroom Updates
Money spent on your kitchen and your bathrooms is money well-spent. These are the areas of every rental home that get the most traffic, usage, and attention. When tenants decide to rent your property, it’s often because of the kitchen space. They’ll need to feel good about the bathroom, too.
Kitchens and bathrooms sell homes – and they also
attract renters. You don't need to gut the entire room to make an impact. There are some simple and easy upgrades that can be made without giving up too much capital and cash.
Consider making selective upgrades that bring the most visual and functional impact. Here are our suggestions:
Tenants are more interested in energy-efficiency than ever before. This is due not only to a wider concern around environmental sustainability and green living, but also the need to
save money. Keeping utility bills low is a huge priority for your renters. They’ll appreciate those appliances with the ENERGY STAR rating. You don’t have to invest in stainless steel. That’s potentially overcapitalizing. However, if all of the competing properties in your area are offering stainless appliances, you might want to meet that demand. Otherwise, just make sure the appliances match, look clean and new, and offer an energy efficiency bonus.
Tile backsplashes behind stoves or sinks is a great way to brighten up your kitchen without spending a lot of money. Tenants will appreciate the detail and the ease with which they’re able to keep that backsplash clean. It’s much easier to wipe away sauce stains from the backsplash than a painted wall. Choose a neutral but interesting tile that compliments the kitchen and captures the attention of your prospective residents. Other details include cabinet hardware and drawer pulls. Instead of replacing old and worn cabinets, save money by painting those cabinets. Fresh paint with new, shiny hardware will be attention-grabbing and affordable.
In the bathroom, take a look at the condition of your lighting, your vanity, and your mirrors. Make sure the grout in your shower and tub is fresh. Since we were talking about
eco-friendly upgrades with the appliances, this is another good way to be efficient with energy and water. Low-flow showerheads and sinks can be a great way to showcase your sustainable sensibilities. Tenants will appreciate that as well as lower water bills. Modern toilets use about 1.5 gallons per flush, whereas older and outdated toilets use up to seven gallons per flush.
Hard Surface Flooring is an Investment Worth Making
Carpet has lost a lot of favor with many tenants, especially those with children and pets. It carries allergens and odors. It gets dirty easily. The fibers trap dust and pet dander and who knows what else.
This is why it’s important to think about hard surface flooring instead, especially in common areas like hallways, living rooms, and dining rooms.
Hardwood floors would be great, but they’re also pricey. Take a look at laminates and faux woods. Even some types of vinyl look great and don’t cost a lot. These floors will increase your earnings because they’re cleaner and easier for tenants to maintain. You’ll also have a longer lifespan, which means you won’t be cleaning and replacing carpet every year.
Upgrade the Curb Appeal of Arlington Rental Homes
First impressions count – as you surely already know. Those first impressions are especially important when you’re
marketing your rental property in Arlington. Prospective tenants will make decisions about whether or not to see your home based on how it looks on the outside. So, when you’re thinking about the upgrades that will bring in more money than they’ll cost, consider the importance of your curb appeal. You can make some improvements such as:
- Fresh exterior paint, especially if the existing paint is chipped or faded from the sun. Take a look at your trim, as well, or your front door. Perhaps painting the front door and simply power washing the rest of the property will be enough to brighten up the outside of the place.
- New
landscaping that’s attractive but also simple and easy to maintain. Tenants won’t want to worry about keeping up with extensive gardens or delicate rose bushes. You want the grass to be cut and the weeds to be pulled, but save the complicated topiary garden for your
own home.
- Attractive lighting.
All of these things are simple, affordable, and can help to boost curb appeal and attract potential renters. Remember that your property's exterior is a reflection of what's inside, so make sure it looks the part.
If you’re not already contracting with a landscaping service, you might want to consider it. By having someone mow the lawn, clear away any lawn debris and leaves, and keep your weeds pulled, you can present an attractive and welcoming home at all times. This will help you attract good tenants, raise your rents, and retain the residents you have, who appreciate living in a home that looks great from the street. You can roll the cost of your landscaping service into the monthly rent, ensuring you and your tenants are contributing to this upkeep.
Tenants are Looking for Smart Home Tech Upgrades
We’ve promised cost-effective upgrades that don’t over-improve your property, and while smart home tech might have been a bit too much several years ago, it’s absolutely essential now. Tenants are looking for better technology in their rental homes. In fact, they’re expecting it.
When you pick and choose the right smart home tech to invest in, you’ll find that you’re able to raise your rents, attract and retain tenants, and provide a property that’s more competitive on the Arlington rental market. Some of the most popular smart home tech updates will include security features such as alarm systems and video doorbells. When tenants have a video doorbell installed, they can see who is at the door before they open it. They can also see when packages are delivered.
Smart thermostats are also popular and also meet your goal of providing a greener and more energy efficient rental. Tenants can leverage the intuitive and predictive nature of a smart thermostat to keep their home comfortable without wasting money on high electric bills.
Lights that can turn on or off via an app or a pre-set control panel are also a
wise investment. When tenants can simply tap their phones to turn on their interior lights as they approach their home, they’ll feel safer and they won’t have to leave those lights on all day.
Vendor Relationships and Renovations
