If you are in the market for a rental property, you might find a relative bargain by looking for one that needs a bit of work. After all, unsightly houses often stay on the market for longer and sell for less than beautiful ones.
Saving money on the purchase price, of course, might give you funds to make some renovations. Still, if your primary goal is attracting tenants, you want to get the most bang for your buck. So, what renovations are most attractive to potential tenants?
Most tenants want a residence that is easy to inhabit, including a space that is a breeze to keep clean. As you know, carpet can hold both stains and odors. Consequently, if you want to appeal to tenants, you might want to invest in new tile, wood or laminate flooring.
According to Home Light, adding new flooring can also increase your property’s value, provided you make a smart selection.
While adding additional windows might be beyond your budget, you can attract tenants by upgrading outdated and dim lighting fixtures. Indeed, choosing fixtures that offer warm and bright light can make your space feel both larger and more welcoming.
If you have the funds in your renovation budget, you also might want to increase storage space. Adding cabinets and closet organizers can appeal to tenants. Likewise, tenants tend to appreciate air conditioning, washers and dryers and dishwashers.
Ultimately, because you want your property to attract and retain good tenants, making smart renovations is one of the more effective ways to become a successful landlord.