Are you thinking about remodeling your rental property?
Remodeling your investment property can have many benefits for you as an owner. With the home sales market skyrocketing over the past few years, more and more people are turning to rentals for the time being to see if the market will change in their favor. This means there is more of a competitive market for renters. When your property is up to date, you can attract home seekers who are willing to pay higher rents and tend to have more appreciation and care for the home.
Below you can find some of the ways in which you as an owner can benefit by remodeling your rental property:
Increased Property Value
This is one of the most beneficial reason for considering a remodel on a rental property and provides an immediate return on investment! Remodeling a rental property to match the demands of regional renters can attract tenants with higher incomes who are able to pay higher rents.
Remodeling things like kitchens and bathrooms can give an outdated property instant appeal. Simply updating things like flooring or paint can also give a property a fresh look that renters are searching for. Additional giving a little attention to the exterior of your property by updating landscape and paint can add a great deal of curb appeal to a home.
Increasing Energy Efficiency
Another way you can benefit by remodeling your rental property is by increasing energy efficiency. This is particularly important for those owners who are paying for the property’s utility costs. Some ways in which you can increase energy efficient are by replacing old windows, exterior doors, HVAC units and improving or replacing old insulation to save on heating and cooling costs.
If appliances are provided for a tenant, updating those appliances to energy efficient models would also help save on energy costs.
In addition to becoming more energy efficient you can also decrease water usage by updating toilets, sinks, shower heads and sprinkler systems with low-flow products. Improving current landscapes to become more low maintenance or drought tolerant can also help drastically lower watering costs and possibly reduce or eliminate gardening service bills.
These improvements can help increase renter satisfaction. And when renters are happy with the property they are renting, retention rates are higher and turn-over is lower. All good things for you as an owner!
Below are a sample of some of the remodel projects Golden Key has completed!
If you are interested in making changes to your rental property, please reach out to your property manager for recommendations!
Golden Key Properties may charge a supervision fee depending on the size of the project conducted. Please consult your Property Management Agreement and discuss with your property manager.
