The proportion of individuals and families renting properties instead of buying them is on the rise across the globe. This is good news for landlords who are planning on listing their homes for renting. However, just as modern home buyers, today’s renters are very demanding when it comes to property’s functionality and décor. So, if you are planning to rent your house, you should consider remodelling it to suits your future tenants’ needs and so you can ask for a higher rent, which is, in the long term, a very good investment. In this article, we’ll go through everything you need to know about remodelling your rental property.
First, check for issues
Regardless whether your house is five or twenty years old, you should still do a thorough examination of the house’s current condition. The first things to check are the ones that can backfire the most. Those are the foundation, electrical wiring and outlets, plumbing and water valves. Do this while the property is still empty, and if there is any need for repairs and replacements, do it before the other works start.
Establish a likely rent, and see where to make improvements
Avoid overspending. Not everything needs to be remodelled or upgraded. Try to establish the best assets of your property and how would you use them to get a good price, and see where you need to improve it to get an even better price. The usual selling-points are the kitchen and the bathroom, and these two already make substantial investments.
Remodelling the kitchen can bring you the most thumbs up from potential renters, and it can be decisive when it comes to the height of the rent. While you should definitely install new kitchen elements if the old ones are dated, you should stick to a simple design and colour palette that can appeal to the average tenant. Since the most frequent renters are millennials which are demanding on trendiness, you should get informed about most popular appliances, and stick to energy-saving units.
Spruce up the bathroom
The bathroom is another room that can make or break the renting agreement. It is also a very expensive investment, but if your plumbing is in good shape, this will be much easier and more affordable. As with the kitchen, you should go with a neutral colour palette and a clean style. There are some ways to save on the bathroom renovation, such as getting lightly used or recycled fixtures, installing a sun tube instead of a window, using subway tile (much more affordable, and with the right décor, very chic), and limiting the tile to “water-sprinkling” areas, while painting the others with moisture-resistant paint.
Invest in floors and paint
If the house isn’t lived in for some time, it is highly likely that the floors and the walls aren’t looking very well. This is something that catches the eye of the potential tenants really fast, so it is a good place to invest.
- Some affordable and durable options for flooring are wood laminate, bamboo and vinyl.
- Paint should be bright and neutral so that the future tenants could decorate it according to their taste.
Subtle, but livable décor
Your tenants may decide to bring their own furniture and accessories, but it’s up to you to present them space as welcoming, and an empty house says everything but that. This includes some basic furniture, such as the living room sofa and coffee table, and details that will make the house inviting, such as greenery and fresh flowers.
Put the house on the market
Now that everything is done, it is time to get informed about the local tax laws and property rules. If everything is by the book, move on to setting a competitive price by comparing with the other rentals in the neighbourhood. Be realistic, don’t set the price too high. Expect that the tenants will be scouting around for better deals. Remember that being a landlord is a huge responsibility, so you have to screen tenants carefully because you need to be sure that they will treat your property responsibly and pay the rent on time. Once you find the tenant that you like, ask for a security deposit.
While it does bring a secure monthly income, being a landlord also brings many obligations, including adapting your home to the needs and desires of the people who are going to live there. Hopefully, these tips will help both you and the tenants have a mutually beneficial relationship.