It's that time again: your property has been vacated and is due for an upgrade. You may have an opportunity to raise your rental price in the current market, or you may be struggling to retain good quality tenants. Whatever your reason, it's helpful to know which renovations will have the greatest impact. Take a look at your property and ask yourself if any of these five popular renovation projects could improve its appeal.
1. Give the kitchen a full-face lift
The kitchen is the heart of a home, and therefore is one of the most scrutinized elements of a rental. If a potential renter doesn't feel comfortable in a kitchen at your property, they are likely to keep looking.
Does your unit have a dishwasher and continuous disposal? Residents appreciate convenient appliances like these that save time on chores. According to HomeAdvisor, installing a continuous disposal costs about $170. Adding tools and appliances that help residents keep the kitchen clean benefits both them and you.
Also consider installing full-size, energy-efficient appliances when possible. It can be a major inconvenience for renters to not have enough storage in the freezer or realize that full size cookie sheets don't fit in the oven. Sizable, Energy Star refrigerators don't break the bank either at around $600.
You don't have to gut the kitchen (or your budget) to improve its appeal. The following upgrades would do wonders to turn a tolerable kitchen into an ideal one:
- Switch up hardware such as faucets and handles,
- Paint, stain or replace cabinet doors,
- Install a modern back splash,
- Install attractive, durable countertops.
With each decision you make, keep in mind that the kitchen also experiences the most traffic. Do open appliance doors block paths? Shoot for a marriage of visual appeal, accessibility, and durability when looking at possible improvements.
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