Generally speaking, kitchen and bathroom renovations add more value to your property than any other upgrades you’re considering. Increasing your rental value is an excellent reason to undertake improvement projects, but make sure you’re earning the ROI you expect.
Our experience as Santa Rosa property managers has shown us that these 5 home upgrades in particular will accomplish three important things. You’ll charge more rent, you’ll rent your home faster, and you’ll attract high-quality tenants.
Consider Hard Surface Flooring
There are so many reasons that hard surface flooring is better than carpet. It’s easier to clean and maintain. Allergens won’t get trapped in any fibers. Pet odors are more likely to be avoided and eliminated. If you invest in high-quality flooring, you’ll get many more years out of it than you would from carpet.
Tenants prefer hard surface flooring and if you’re willing to make the upgrade, you’ll find that it’s a better deal for you. Hardwood or tile floors would be great, especially when you’re thinking about long-term value, but they also come with a higher price tag. You can find some great laminate floors as well, including faux wood.
In-Unit Laundry for Multi-Family Rental Homes
A huge upgrade and a great selling point in your multi-family units is laundry. Tenants will be willing to pay more for the luxury of doing laundry in their own homes. If you have several properties, you should consider installing the washers and dryers all at once, that way you’ll get a volume discount when you buy the appliances. Stackable machines are space savers for apartments and condos, and they are often more affordable.
Energy Efficient Appliances
Take a look at your appliances in the kitchen. If they don’t match or they’re older and deteriorating, replacing them is an excellent upgrade that will get the attention of good tenants. Stainless steel is attractive, but it’s also expensive. What you really want to look for is energy efficiency. Tenants will appreciate keeping their energy costs down and contributing to less environmental waste.
Countertops in Kitchen and Baths
Granite counters are probably unnecessary, but you want to get rid of those faded white laminate counters or anything that’s chipping or discolored. Laminate counters have to be replaced too frequently to be worth the money. Instead, install some higher quality counters in both the kitchen and the bathrooms. Quartz is a solid material that looks great and doesn’t cost as much as granite or stone. You can also find durable materials like ceramic tile for countertops or even acrylic blends that are affordable and elevate the look of your surfaces.
Better Faucets and Fixtures
Updating your faucets, lighting, drawer pulls, and other fixtures are pretty easy and not very expensive at all. This is a great place to make some cost-effective upgrades and updates. A chrome finish is shiny and looks modern, and you might also want to consider bronze fixtures or brushed nickel for something different. Make sure everything matches.
These five upgrades will not cost you too much, and they’ll earn you better rents. This is a good starting point, and we’d be happy to share more resources and ideas about how to improve the investment experience with your Santa Rosa rental property. Contact us at Redwood Residential Property Management.