Best Renovations to Increase Rent
If you are renting out a property you may have wondered what repairs and upgrades are more effective at increasing the rental value of your home. Also, what upgrades decrease the chances of future problems and damage to your property by the renters. All in all, you should not only be looking to maximize your profit with each property but also to minimize your expenses and headaches. This is part of the reason why it is recommended to hire a good property manager. They are experienced in the most common problems, damages, and what attracts tenants to value a property higher which can depend on each neighborhood as well.
Let’s dive into some suggestions for smart and affordable rental property upgrades by our property management Honolulu company.
Change old Carpet to nice and durable Flooring
Nothing is more a turn-off than walking into an empty home with an old, yellow, stained carpet. If you have pets, the smell can stay there forever, not to mention the likelihood of allergies to your kids. Although people in Hawaii are pretty okay with carpet, the floor is more and more popular. It’s a step up and people will notice it. Mainlanders prefer floor over the carpet as well. If you pick an affordable, simple, waterproof, and durable floor such as some life proof vinyl planks, you will increase your rental asking price from the get-go. Just be sure to look for a type that does not scratch easily. If tenants don’t go crazy with furniture, this flooring should last many years and be very easy to clean and maintain.
Upgrade Old Appliances – look for Energy Star certified
Kitchen appliances are always a hit. A modern and sparkling clean stove and fridge is a plus. Meanwhile, an old, rusty, and greasy stone will turn away anyone looking to cook. When upgrading, look for stainless steel appliances as they are more attractive as well. The main thing is to also make them match. In another word, it is not recommended to have different colored appliances in the same room (e.g. kitchen). When shopping for new appliances, look for Energy-Star certified appliances. They follow strict energy efficiency standards provided by the EPA and the US Department of Energy and can save hundreds of dollars to your tenants. Saving them money will be a way to make sure they are happy and will continue to be interested to stay in your place. In addition, you will have fewer maintenance issues when you replace your older appliances.
Walls can get scratched easily, especially if your tenant has kids or much furniture. A new fresh coat of paint is a classic way to make a home look good. Not only it will hide any scratches and stains, but it will bring life to your home, making it look clean and inviting. Moreover, paint is affordable and quick to do. Normally, we recommend painting the entire home, so it all looks alike. However, it is not uncommon that only the kitchen, living room, and bathrooms need painting for example. It really depends on how your tenants use the house. It is advised to go for neutral tones, so you allow tenants to bring their own color to the home. Light gray has been a popular color recently. You could also create an accent wall, but don’t go crazy in the color choice since that can be quite personal.
Create a Simple Landscape
Hawaii has the most beautiful weather to have a nice yard. Granted that not everyone values it the same way, it is always nice to have the opportunity to do so. If you are lucky to have a small front or back yard, you should keep it nice with grass and perhaps some local bushes and fruit trees. Papaya trees are pretty easy to maintain and don’t need too much space. If you have space go for avocado, lychee, and mango. Those are favorites in Hawaii and some families will gladly pay a higher rent to be in a home where they can grow these amazing fruits.
Keep it Clean
Finally, keep it clean. It is by far the cheapest and most dramatic improvement you can make on a rental property. When your old tenants move out, make sure there they are professionally cleaned. Of course, you have no control over how clean your tenants are. So hopefully they are clean and kept it in good condition. That delays the need for any other upgrades. Keeping it clean in between tenants will hopefully help you minimize that wear and tear.
We hope that these tips make sense and help you prioritize what to do with your rental property. As always, feel free to ask our Oahu property managers for any additional recommendations specific to your unit. Keeping your unit clean and upgraded is well worth the effort as it will keep it profitable and decrease the chance of high expenses in the long run.