Remodeling Ideas to Increase Your Rental Property Income
Upgrading your rental home with property improvements can lead to increased income. The better your property looks and functions, the more people will be willing to pay to live there. If you're thinking about remodeling this spring, these tips will help you select improvements that will maximize your profits and provide the greatest ROI.
Updating your rental home's siding can boost curb appeal almost instantly, especially if the current siding is in a dated color or in poor condition. When picking a siding color for your rental property, consider the following:
- Medium-toned colors will show the least amount of dirt and therefore may be easiest to maintain.
- Neutrals like beige and gray are likely to appeal to a wide range of renters.
When it comes to boosting your curb appeal, landscaping is just as important as your home's siding. The best landscape features for rental properties are those that require little maintenance and care from your tenants, such as:
- Low-maintenance perennials that will look good even if your tenants choose not to take care of them.
- Pathways that prevent tenants from wearing tracks through the yard.
- Garden bed lights that will make the rental property easy to find at night.
Ensuring that your rental property is safe is a good way to attract families with small children and other stable tenant groups. These tips will help you improve your rental property's security:
- Add security lights activated by timers or motion detectors.
- Install security screens that enable tenants to sleep with the windows open while still maintaining security in their home.
- Upgrade locks on the doors.
- Install a home security system.
Tenants appreciate properties that have built-in spots for entertaining. The following upgrades will make your rental property a place where tenants can relax and visit with friends:
- Install a backyard deck. If the property is high-end, consider installing an outdoor kitchen or grill with the deck.
- Install a patio or pergola. This will give your tenants a place where they can sit back with a drink after work and on weekends. If you choose to install a pergola, consider covering it with a fast-growing vine or twinkle lights.
- Consider an addition to provide space for indoor entertainment. If your rental property doesn't already have a dining room where your tenants can eat and receive guests, adding a dining room is a smart choice for your renovation.
Get Started On Your Rental Property Remodel Today
If you're thinking about remodeling your rental property this spring, now is the time to get started. If your rental property is in the New Haven area, contact Litchfield Builders. With over 20 years in the business, we're happy to advise you on the next steps for your upcoming remodel. We're also here to give advice if you're not sure what type of remodel would be best for your rental property. Contact us today!