Which rental property renovation ideas give you the best return on investment
Kitchen and bathroom upgrades: These are two of the most important areas of a home that can impact its value. Consider upgrading the cabinets, countertops, appliances, and fixtures to create a more modern and functional space. Even just changing kitchen cabinet handles can give a kitchen a lift.
Flooring upgrades: Replacing old or worn-out flooring can dramatically improve the look and feel of a rental property. Consider installing hardwood or laminate flooring, which is durable and easy to maintain.
Painting: A fresh coat of paint can make a big difference in the appearance of a rental property. Choose neutral colors that appeal to a wide range of renters.
Energy-efficient upgrades: Upgrading to energy-efficient appliances, windows, and insulation can not only improve the value of your rental property but also help you save on utility costs over time.
Outdoor space improvements: Adding a deck or patio, landscaping the yard, or installing a fence can create a more inviting outdoor space that renters will appreciate.
Storage solutions: Adding built-in storage solutions such as shelves, cabinets, or a closet organizer can make a rental property feel more spacious and organized.
Smart home technology: Installing smart home features such as a programmable thermostat, smart locks, or security cameras can attract renters who value convenience and security.
But... if you had to choose just one of the above ideas, which should you choose?
In our experience, number 1 bang for your buck is spending a couple of weekends re-painting your investment property.
Paint is relatively cheap and it's a job that most owners can do themselves and avoid paying a contractor.
If you've got some renovation ideas for your property and would like to know what rent you will achieve post renovation, then please call 021 0832 1516 or email email@example.com to discuss your investment property with our BDM Michelle Pearson.