Choosing high-impact decor can give your property a significant boost as it can also add value to your rental. Owning real estate can be a lucrative venture but it also requires a lot of work to keep your property in top-notch condition and attractive enough to attract new renters. As a result, landlords always have to stay updated on what tenants want in a rental property so they can create high-value spaces that keep vacancies low and income steady. With so many ways you can elevate a home, it can be difficult to figure out where to start your next renovation. Continue reading below as we’ve together this walkthrough on the best high-impact decor upgrades that appeal to most tenant demographics.
High-Impact Decor Upgrades that Boost Your Rental Property’s Value
Enhance Kitchen and Bathroom Fixtures
Prioritize spaces that are key selling points to all renters. Across the board, every renter values the benefits of a modern kitchen fitted with the latest appliances, or a bathroom with excellent lighting and stylish walls. If you’re working with a limited budget, it would be best to focus on these rooms as their upgrades are more likely to yield a high ROI. There are simple and easy kitchen upgrades that can boost property value, such as replacing outdated cabinet fixtures and adding a backsplash. On the other hand, if you can afford to splurge a bit more, consider getting brand-new energy-efficient appliances that appeal to eco-friendly tenants. In the bathroom, opt for a vanity to add a touch of luxury to your rental, or change your showerhead to a low-flow version that saves more water.
Incorporate Smart Home Technology
Invest in smart home features to attract more tech-savvy tenants. Aside from giving you a competitive advantage, buying smart gadgets also boosts your rental property’s value in the long run. For example, smart locks make a house more secure, which you could market as a selling point to prospective renters who prioritize safety. Additionally, devices like a smart thermostat or light improve your home’s energy efficiency, cutting down your utility bills and letting you save more money. Even if your rental agreement requires the tenant to pay for electricity, you can still sell your property as the more economical choice in a crowded market.
Built-In Storage Solutions for Practicality
Increase your home’s utility by adding in-built storage spaces that give tenants room to store their belongings. Rental properties are notorious for having limited storage spaces, and that makes homes that are the exception a rare commodity and more desirable to potential renters. Thus, instead of letting your tenants figure out the best way to keep their homes in order without feeling cramped, invest in building practical storage spaces. You can create an organized kitchen by maximizing space and adding cabinets that can store non-perishable food, or incorporate under-stair storage solutions with a wooden barricade and built-in shelves.
Potential ROI from Upgrading your Rental Home
High-Perceived Value
Upgrade your rental’s value with strategic updates that appeal to quality tenants. Modern fixtures and brand-new vanities don’t just add to your home’s aesthetic appeal. They also increase the perceived value of your property and allow you to charge more rent to tenants willing to pay a premium for the extra perks. As a result, the right upgrades could create a lasting impression that reduces your vacancy rate and boosts your rental income.
Improved Functionality
Save tenants the hassle of buying multi-purpose furniture by investing in updates like added storage space which increase your home’s functionality. Beyond making your home look good, you can improve your rental property value by prioritizing practical upgrades. After all, what good is a house with pretty fixtures if it’s always cluttered because your tenants have limited storage space? Creating built-in storage spaces gives renters room to store their belongings, making your property feel less like a temporary stop and more like a home. Adding more functionality to your home can significantly increase tenant satisfaction, and also encourage them to renew their lease. Aside from that, it also stops tenants from illegally putting nails in your wall to hang up stuff, preserving your home’s value in the long run.
Conclusion
Invest in high-impact decor upgrades to enhance your property’s appeal and boost its value on the real estate market. While regular renovations are essential to keep your house modern and attract newer tenants, you have to be strategic with spending your money to get the most out of your renovations. For instance, why splurge on a fancy duck pond when you can invest in upgrading your rental’s kitchen and bathroom to appeal to more tenants? Additionally, more renters are searching for homes with smart home technologies that can make their lives easier and more comfortable. It would also be wise to create built-in storage spaces that make your home more functional and increase its perceived value.