Renovations of all sizes and price ranges can add value to your home. In turn, the increased value allows you to rent your property at a higher rate. Tenants want to feel at home when renting, so think of what you would want out of a home and consider renovating accordingly. Most individuals want a fresh and new feeling home (even if the building is older). In fact, older homes are even more important to update or the competition will always win. Use the renovation tips below to give your Bucks County rental property a competitive edge.
Top Renovations to Improve your Bucks County Rental Property
The kitchen is proven to be one of the most important items prospects are looking at during a tour. A renovated and clean kitchen can increase your asking price quite a bit.
Lower Budget: Some low-budget suggestions to add value in the kitchen include; a deep clean, new appliances, such as an updated microwave, or refinishing cabinets.
Higher Budget: If you have a bigger budget to work with, consider a total remodel. A remodel would consist of appliance upgrades (stainless steel if possible), new cabinets, granite countertops, and updated tile or wood flooring.
The bathroom is also quite important to prospects when considering options. Keep in mind the bathroom should be well-lit and as updated as possible.
Lower Budget: Small budget items like new lighting fixtures, a new faucet and upgraded plumbing fixtures are a great place to start.
Higher Budget: For larger budgets, consider a remodel as well. Replace old countertops, toilets, flooring and the bathtub. Consider adding a soaking or jet tub — bath lovers will be looking for this!
Give the exterior of the property a facelift! The outside is where your property makes its first impression, so it needs to look good.
Lower Budget: Painting the front door, installing new shutters, and power washing the siding are some low-budget ways to update the exterior.
Higher Budget: Lots can be done if you’re working with a higher budget! New landscaping, updated roofing if it’s old or damaged, re-painting the entire exterior and brick repair when applicable are a few more costly options that go a long way.
We touched on the more important items, but the rest of the house could always use some renovating as well. Again, the newer it looks, the higher your asking price can be.
Lower Budget: Get the carpets cleaned and hardwood floors polished. Paint the walls a new and inviting color and fix any dings along the way. These options are affordable and truly make homes more enticing.
Higher Budget: Higher budget items around the house could include changing carpet to hardwood, completely replacing carpeting, and adding “smart home” features. Smart home features might include an Amazon Alexa/Google Home-compatible security system, light bulbs, microwave/oven and more.
Other Ways to Increase Rental Value
Keep it well lit, clean and smelling fresh for showings
When showing the property, make sure it is always clean and well lit. Some say candles or air fresheners with neutral but nice smells could make someone feel at home. These three easy steps will show the care you put into the property and will validate the cost.
Start with a higher rate
Always start out with a “goal” rate when marketing your property. This way, it looks like it has value and will give you flexibility to reduce the price along the way if need be. Do market research and price high, but not too high!
Thoroughly screen tenants to be sure you aren’t renting to anyone with an eviction history, a criminal background or individuals that don’t meet the income requirement. This will help ensure you get paid monthly and always have a steady rent roll.
Allow short-term and month-to-month rentals
Allowing short-term and month-to-month rentals does offer a few perks. Landlords tend to avoid these due to the frequency of potential vacancies, but if you market the unit properly, you’ll likely be able to fill those vacancies soon. Military stays and soon-to-be homeowners sometimes need short-term rentals and offering your rental as such may be beneficial. Either way, allowing short-term and month-to-month lease options will allow you the freedom to add a short-term “premium” and set higher asking prices.
Offer a furnished option
There are plenty of furniture stores that sell high-quality furniture at affordable prices. There are also furniture rental companies that can assist with this as well. This can be an attractive option for some renters, such as military personnel or recent graduates. Do the math and add a premium to make up the cost. This can be an easy way to boost your rental income.
Allow pets (and charge for them)
Allow pets to live in the rental property, but charge for them. Not only can you charge an initial pet fee or deposit, but you can also charge “pet rent.” Allowing animals in the unit will not only increase your chances of renting the unit sooner, but it will bring in more rent roll. We recommend adding a solid pet addendum to the lease to be sure the owner is responsible for all pet-related damages.
Need help with increasing your property’s rental value, filling a vacancy or any other property-related need? Contact us at the Bay Property Management Group of Bucks County.