When you’re investing in a Memphis rental property or preparing to rent out a home that you already own, it’s rare that major renovations will need to be made. Typically, the homes we welcome into our portfolio are well-maintained and in good shape.
This does not mean you shouldn’t make some strategic upgrades and improvements that will maximize your rental income. You want to ensure your rental property stands out from all the other competing properties in the rental market.
Some simple renovations can help that.
Good tenants want to rent a property that’s appealing, safe, and habitable. Make your home more attractive and earn more rent. You’ll find you’re also going to attract better residents and likely retain them for longer.
Here are the renovations and upgrades we recommend.
Start Simple: Fresh Paint
Fresh paint is always going to be worth the investment. This is a simple update that will make a huge difference to tenants and help you collect higher rents.
Don’t rent out a property with scratched, faded, or chipped paint. Check every wall before you list your rental home and instead of small touch-up jobs, do a complete paint of any walls that need it. This will create a home that looks fresh, clean, and modern. Tenants will notice the new paint when they come to view the property.
This is a cost-effective project that owners rarely regret.
Consider Your Options for New Floors
Floors are also worth your consideration. Most property owners will simply clean the carpet between tenants. That’s fine, but if you really want to increase your property’s rental value, consider ripping up the carpet and installing hard surface floors.
It doesn’t have to be expensive – bamboo hardwoods are rarely required in a Memphis rental home.
However, there are some excellent cost-effective options such as faux hardwoods, laminates, and even plank vinyl. This is going to make your property look better to tenants – not only aesthetically, but also because hard surface flooring is easier to maintain. There are fewer allergens to worry about, and if you’re renting out a pet-friendly home, you don’t have to worry as much about odors, stains, and fleas.
Most Renovations Belong in Kitchens and Bathrooms
Good tenants care about kitchens and bathrooms. These are the areas where you should invest most of your money if you’re planning some renovations to increase your earnings.
Don’t be afraid to make changes that increase space and storage. Instead of repairing old appliances, replace them with newer, energy-efficient models. Make small changes to hardware around the sinks. New drawer pulls are inexpensive and can provide an immediate boost to the way the kitchen looks.
Bathrooms should look clean and modern. Remove any old, worn, or stained showers and replace flooring that’s peeling or scratched. Installing new hardware like faucets and drawer knobs can give the space a huge and value-added makeover.
Memphis Rental Property and Lighting
Lighting is easy to forget about, but it makes a big difference to the way tenants feel in your property. Exterior lighting helps them to feel safe. Interior lighting creates a mood, and contributes to the welcoming and inviting feel of your property. Make sure it’s bright and modern, especially in the kitchen and the bathrooms. Ceiling fans are popular, especially in bedrooms and living rooms. Take a good look at your lighting and make upgrades wherever you can. It doesn’t have to be expensive, and it will make your home look good to potential renters.
These are just some of the renovations we’d recommend. They’re cost-effective and strategic. Your Memphis rental property is unique, and we might have some ideas specific to your own property or multi-family building. For an in-depth review of what you can do to earn more rent, please contact us at CrestCore Realty. We’re your best Memphis property management solution.