When you own rental property in Ormond Beach, you should routinely evaluate whether it’s earning as much as it could be. One way to increase your income is by minimizing expenses, and you should always look for those opportunities.
You can also increase your income. The best way to do this is with smart renovations and cost-effective upgrades that require a minor investment but deliver impressive returns. You’ll attract better renters who are willing and able to pay higher rents for a modern, updated rental home. Those high quality renters are also likely to take better care of your property, potentially saving you money on repairs and damages in the future.
Making rental property renovations can also boost the value of your investment and increase your equity, which helps you build your personal wealth.
Here are some of the renovations we recommend.
Fresh Paint and New Fixtures
To freshen up your property, there’s really no need to add a bedroom or gut the kitchen. Instead, focus on the affordable and manageable updates that can be done quickly. Fresh paint is a great place to start. Many landlords will touch up the paint between tenants, but a complete paint job will breathe new life into the home and make it more appealing to tenants. You also want to invest in high quality cleaners who will make the place shine.
Replace small fixtures and features that often deteriorate without landlords noticing. Tenants notice, however. Take a look at drawer and cabinet handles and replace your faucets. Even switch plate covers on your lights and door knobs can make an older home look newer. Take a look at your window coverings. Are the blinds bent and faded? Replace them.
Consider Laminate or Hard Surface Flooring
Carpet and vinyl are typically popular choices when it comes to rental home floors. They’re inexpensive and standard, but if you want to increase the value of your rental property and attract tenants who are looking for attractive, low-maintenance flooring, consider laminate or faux hardwood.
Wood and tile flooring are a fantastic idea if you’re willing to make the investment, but you can often get the same sleek and modern look with laminate. It’s more affordable and far more durable. You won’t have to replace carpet during turnover periods and you’ll attract much better tenants. The floors in your Ormond Beach rental property are a great place to make an investment when you’re upgrading what you offer and what you earn.
Focus on Kitchen and Bathroom Spaces
The kitchen and the bathroom are the two rooms that you should really focus on when you’re making improvements to your investment property. These are the spaces that will quickly grab the attention of potential tenants. Start with energy efficient appliances in the kitchen. If your stove is older than social media, it’s time to replace it. Not only will this be attractive to environmentally conscious tenants, you’ll also be able to bump up your rent while lowering your tenant’s energy bills.
In the bathroom, make sure there’s excellent lighting, storage space around the vanity, and a tub and shower that’s both functional and attractive. You don’t need a garden tub or a swim spa, but ensuring the tub is clean and free of any mold or mess in the grouting and the drain is a good way to attract tenants. Make sure the shower head is a comfortable compromise between a slow drip and an aggressive hose.
There’s a lot more you can do, depending on your unique property. Perhaps updating the landscaping will help or power-washing the exterior. We’d be happy to take a look at your Ormond Beach rental home and make some additional recommendations. When you need help increasing your rental income, contact us at Oceans Luxury Realty.