When faced with renovating your income property, it can be difficult to choose upgrades that will not only attract tenants, but also increase the value of your rental.
We've created a list of the 5 best renovations that will attract new tenants while increasing your property value.
Updated kitchens create a wow factor that appeals to tenants. A few simple upgrades, like replacing the sink, updating the countertop, and refinishing the cupboards, will completely change the look of any kitchen. If the appliances are outdated, swap them out for new energy efficient models to attract tenants and increase the value of your rental property.
Another rental upgrade that will grab a tenant's attention is a bathroom renovation. In most cases, you won't need to do a complete bathroom renovation to make a difference. Replacing the vanity, upgrading the flooring, and adding a tile backsplash will make a huge difference in any bathroom. Vanities that provide extra storage will entice renters, and a light and fresh floor can brighten up most apartment bathrooms.
Updating your kitchen and bathroom fixtures will not only increase the value of the property but also offer a fresh new look that renters will appreciate. Replace the faucet and shower head in the bathroom with modern fixtures to create a quick alteration that adds a stylish look. In the kitchen, replace a single sink with a double sink and change out the standard faucet for one with a pull out sprayer.
LED light fixtures are a sleek way to upgrade the lighting in your rental property and lower the hydro bills. LED lights last longer, are more energy efficient, and provide a brighter light. Replace the bathroom light fixture with a dimmable unit, update the kitchen overhead, and add track lighting under the kitchen cabinets to give your rental a polished look.
For rentals, new windows appeal to tenants because they eliminate the worry of dealing with drafts. Replacing the windows will brighten the rental while providing essential protection against the cold and hot weather. Double pane windows offer added insulation against the weather and will muffle the outside noise better.